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Updated: oil falls 5% upon settlement, with geopolitical concerns calm


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Oil prices fall as US production hits record high

Oil prices fall as US production hits record high

 29 August 2019 09:43 AM
Direct : Oil prices fell during Thursday's trading, with US production rising to a historic level, fears of a global recession and slowing demand for crude.

The US Energy Information Administration data showed yesterday that production rose by 200 thousand barrels per day during the week ending August 23 at the level of 12,500 million barrels per day.

On the other hand, inventories in the same period fell by 10 million barrels to 427.8 million barrels.

Along with increased US production, there are concerns among investors about slowing US economic growth, in conjunction with trade tensions.

Morgan Stanley cut its oil price forecasts this year and next due to slowing global demand for crude.

Brent crude futures for October delivery were down 0.7 percent at $ 60.02 a barrel by 6:20 am GMT.

US crude for October delivery fell 0.7 percent to $ 55.48 a barrel.

 
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  • yota691 changed the title to Oil prices hold above $ 60 a barrel
1567100104231307500.jpg
 

Kalkamsh Press / Baghdad  

LONDON (Reuters) - Brent crude settled above $ 60 a barrel on Thursday, resisting pressure from worries about economic growth, as a sharp drop in US inventories boosted West Texas Intermediate crude futures.

Brent crude rose two years to $ 60.51 a barrel by 12:15 GMT. WTI crude rose 48 cents to $ 56.26 a barrel.

In parallel, two oil industry officials told Reuters that the average crude oil exports from the ports of southern Iraq bordering the Gulf is about 3.482 million barrels per day since the beginning of August.

Basra's exports reached 3.435 million bpd in July, up from 3.39 million bpd the previous month.

Iraq is producing less than its maximum capacity of five million barrels per day, in line with an agreement to reduce production between OPEC and other producers such as Russia to support prices.

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OPEC recorded the first increase in oil production in 2019

 
 
 2019/08/30 14:26:39
 

OPEC's crude oil production rose in August for the first time this year due to an increase in supplies from Iraq and Nigeria that overshadowed a decline in Saudi supplies and losses from US sanctions on Iran, a Reuters survey showed.

The 14-member Organization of the Petroleum Exporting Countries pumped 29.61 million barrels per day (bpd) this month, an increase of 80,000 bpd from the revised July figure, the lowest level for total OPEC production since 2014, the survey showed.

The survey showed that Saudi Arabia was continuing its plan to restrict production more than required by an agreement to cut supplies led by OPEC to support the market. Despite calls this year from US President Donald Trump to OPEC to increase production, producers renewed the supply agreement in July.

In August, the 11 OPEC members covered by the deal, which now runs until March 2020, scored 136 percent to commit to cuts, down from 150 percent in July. Two of the three producers, exempt from compliance, have pumped their crude.

The biggest increase in supplies, 80,000 bpd, came from Africa's top exporter Nigeria, which is seeking a higher share in OPEC and continued in August to produce above its maximum margin.

The second biggest increase, 60,000 barrels per day, came from Iraq, which increased exports from its northern and southern outlets, according to the survey.

Small increases came from Libya, where Sharara, the country's largest oil field, resumed production around August 8 after shutting down. Kuwaiti production rose slightly but remained below the country's quota.

After making further supply cuts in July in an effort to reduce inventories, Saudi Arabia maintained a similar rate of production in August. The survey showed that the Kingdom's crude production reached 9.63 million barrels per day, down from the specified level of 10.311 million barrels per day.

The United Arab Emirates also kept output stable at levels below its quota.

Among the countries with declining production, Iran recorded the largest decline of 50,000 barrels per day.

In Venezuela, supplies fell slightly due to US sanctions on the state-owned oil company PDVSA and a long-standing downward trend in production.

Reuters surveys show that July production was OPEC's lowest since March 2014, excluding changes in membership that have occurred since then.

https://www.shafaaq.com/ar/اقتصـاد/بفعل-رفع-الامدادات-من-العراق-أوبك-تسجل-أول-زيادة-في-انتاج-النفط-بعام-2019/

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OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production

By Julianne Geiger - Aug 31, 2019, 6:00 PM CDT

OPEC’s production increased in August thanks to Iraq and Nigeria a Reuters survey found on Friday.

OPEC’s August production has been estimated at 29.61 million barrels per day, which is 80,000 barrels per day over July’s production level.

The production increase is surprising, given that Iran and Venezuela are producing less not by choice, and continue to face uphill battles when it comes to maintaining their oil production. Saudi Arabia, too, over complied with the production cut deal again as expected, but it raised production for August slightly over July. Overall, the group is still over complying with the production quotas.

This brings OPEC’s compliance for August is now estimated at 136%, no thanks to Iraq and Nigeria, who lifted production by 80,000 barrels per day and 60,000 barrels per day, respectively. And even though Saudi Arabia is still over complying, it lifted production in August to produce 9.63 million barrels per day.

While Iraq, Nigeria, and Saudi Arabia increased production in August, Iran’s production fell further—experiencing a 50,000 barrels per day loss for the month. US Secretary of State Mike Pompeo last week said it had successfully removed 2.7 million barrels of oil per day off the oil market since it first sanctioned the country.

Iran’s July oil and condensates exports for July fell to 120,000 barrels per day, Reuters said last week.  Iran’s production for July was 2.21 million bpd. This compares to an average daily production rate of 3.55 million barrels for all of 2018.

Oil prices fell sharply on Friday, and news that OPEC’s production increased this month may press further down on prices. At 3:26pm EST, WTI was trading down 3.14% on the day at $54.93 per barrel, while Brent crude was trading at $58.88, down 2.66% on the day.

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Analysts Cut WTI Oil Price Forecast Again

By Tsvetana Paraskova - Aug 30, 2019, 9:30 AM CDT

The protracted U.S.-China trade dispute and slowing economies and oil demand growth made analysts slash their forecasts for WTI Crude prices this year to the lowest outlook since January 2018, the monthly Reuters poll showed on Friday.  

According to 51 analysts and economists polled by Reuters, WTI Crude will average US$57.90 a barrel this year, down from the US$59.29 per barrel forecast in last month’s survey. WTI Crude prices have averaged US$57.13 this year and traded down 1.36 percent at US$55.94 at 08:17 a.m. EDT on Friday.

Analysts also slashed their forecast for the average Brent Crude price this year—to the lowest 2019 average forecast since March 2018. Experts now see Brent Crude averaging US$65.02 per barrel this year, down from the US$67.47 forecast in last month’s poll. So far this year, Brent Crude has averaged US$65.08 a barrel, while the international benchmark was down 0.6 percent at US$60.13 early on Friday.

Analysts cited the U.S.-China trade war and slowing growth in global economies as the key reasons for the significantly lowered oil price forecasts this month. Middle East tensions, monetary policies to support economies, the U.S. sanctions on Iran and Venezuela, and slowing U.S. shale growth could lend some support to oil prices, but right now the focus is on slowing economies and faltering oil demand growth, according to the analysts polled by Reuters. Related: BP Exits Alaska To Double Down On Shale

Several Wall Street investment banks have already warned that the escalating U.S.-China trade war raises the odds of an economic slowdown and subsequent low oil demand growth. Some banks have already cut their oil demand growth estimates for this year, saying that oil demand could grow at its slowest pace in at least half a decade.

The U.S. Energy Information Administration (EIA) lowered earlier this month its global oil demand growth outlook for 2019 to 1 million bpd.

The International Energy Agency (IEA) also revised its demand growth estimates for 2019 this month, down by 100,000 bpd to 1.1 million bpd, after seeing that between January and May demand growth was just 520,000 bpd, the lowest increase for the period since 2008.     

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Increased oil supply from Iraq, Nigeria boosts OPEC output for first time in 2019

6 hours ago
 

https://www.kurdistan24.net/en/news/440be77b-08b7-45d6-94de-edc4f9194ad3

 

Increased oil supply from Iraq, Nigeria boosts OPEC output for first time in 2019
An oil field in the southern Iraqi city of Nasiriya. (Photo: Reuters/Atef Hassan)
 
Iraq Baghdad Nigeria OPEC Oil 
A+AA-

ERBIL (Kurdistan 24) – August saw the first increase in output for the Organization of the Petroleum Exporting Countries (OPEC) as a result of higher supply from both Iraq and Nigeria, Reuters reported on Friday. 

The total amount for the month pumped by all 14 members of the intergovernmental organization equals 29.61 million barrels per day (bpd), up 80,000 bpd from July’s revised figure which was the lowest total since 2014. 

Iraq, OPEC’s second-largest oil producer following Saudi Arabia, almost entirely relies on oil to generate its revenue.  

In January, Baghdad reluctantly agreed to an output-cutting deal made by an alliance of oil giants known as OPEC+ that aimed to bolster petroleum prices and “restore balance between supply and demand“ in the market.  

A recent Reuters survey indicated that Saudi Arabia is not deviating from the plan to restrict output, but August's increases by Iraq and Nigeria was apparently enough to outweigh both this and additional losses caused by US sanctions on Iran. 

“Even the moderate demand growth that can be expected is likely – given the considerable production discipline shown by OPEC – to result in an ongoing tightening of supply and to support rising prices,” Commerzbank analyst Eugen Weinberg said. 

On Wednesday, Iraq announced it plans to build a new pipeline to transport crude oil from the disputed province of Kirkuk to Turkey. 

Iraqi Oil Minister Thamer al-Ghadhban made the remarks in a press conference following meetings between Fatih Dönmez, Turkey’s Minister of Energy and Natural Resources, and several other officials. 

Ghadhban said Wednesday’s meeting was a follow-up to Iraqi Prime Minister Adil Abdul Mahdi’s agreement with Turkish President Recep Tayyip Erdogan in Turkey earlier this year and that it “focused on strengthening ties between the two countries and developing economic and trade connections, especially in the energy sector with gas, oil, and electricity.” 

On Nov. 16, 2018, the Federal Government of Iraq restarted exports of Kirkuk oil to Turkey through the Kurdistan Region’s oil pipeline at a rate of around 50,000 bpd. 

 
Edited by 6ly410
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Russia Aims For Full Compliance With OPEC+ Cuts This Month

By Irina Slav - Sep 03, 2019, 4:00 PM CDT

Russia plans to bring its crude oil production to full compliance with the OPEC+ production cuts agreed last December, Energy Minister Alexander Novak said, as quoted by Reuters.

Novak also said the country’s production in August was 143,000 bpd below its October 2018 level. The October 2018 production level made the baseline for the OPEC+ cuts. However, earlier Novak had admitted that the August production level was higher, albeit slightly, than the production level Russia had agreed to maintain as part of its commitment to the OPEC+ cuts.

Russia pumped an average of 11.29 million bpd in August, which was not just higher than the cap it had agreed with OPEC but also the highest daily average since March. However, it’s worth noting here that the country was forced to cut more production than its quota earlier, after an oil contamination suspended the flow of oil via the Druzhba pipeline.

Yet Russia was not the only member of the pact that increased its oil production in August. A Bloomberg survey revealed OPEC also pumped more than it did in July, with the 200,000-bpd rise led by Nigeria and Saudi Arabia. The Kingdom had been cutting more than it had to almost since the start but, apparently, August marked a departure from this tactic.

An earlier survey, from Reuters, suggested a smaller increase in the cartel’s oil production in August, at 80,000 bpd from July, to a total 29.61 million bpd. This still represented an over 100-percent compliance rate for the group though it did not help prices much. What helped prices even less were the production increase reports that suggest OPEC may be reconsidering its price control strategy.

Meanwhile, OPEC’s share of the global oil market fell to the lowest in several years in August, to 30 percent, not least because of the production drops in sanction-bound Venezuela and Iran, but also because of the cartel-wide cuts.

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  • yota691 changed the title to Oil prices continue to fall amid concerns about the global economy
Release date:: 3/9/2019 23:34 • 122 times read
Oil prices continue to fall amid concerns about the global economy
Oil prices fell on Tuesday, with US crude futures falling 2 percent after data in the manufacturing sector raised fears of a weakening global economy, while the US-China trade dispute has cast a shadow over investor confidence.
US West Texas Intermediate (WTI) crude futures fell $ 1.16, or 2.1 percent, to settle at $ 53.94 a barrel. The session low was $ 52.84, the lowest since August 9. 
Brent crude lost 40 cents, or 0.7 percent, to close at $ 58.26. It fell to $ 57.23 a barrel, also the lowest level since August 9. 
Prices extended losses after data showed US factory activity contracted in August for the first time in three years. Earlier, separate data showed euro zone manufacturing activity contracted for the seventh month in August. 
“This deterioration continues to undermine the outlook for oil demand growth,” said John Kildof of Agen Capital in New York.
Oil prices have fallen about 20 percent since the 2019 peak in April, weighed down by fears that a trade war could dent demand for oil. 
On Tuesday morning, US crude was up 26 cents, or 0.5 percent, at $ 54.84 a barrel. Brent crude was down 6 cents at $ 58.60 a barrel
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  • yota691 changed the title to Oil is rising and recovering from the lowest level in a month

Oil is rising and recovering from the lowest level in a month

Oil is rising and recovering from the lowest level in a month

04 Sep 2019 10:50 AM
Mubasher: Oil prices rose on Wednesday, recovering slightly from a one-month low recorded yesterday.

Black gold prices have been under pressure on fears that a weak global economy could reduce demand for crude.

Crude prices fell to a one-month low on Tuesday following data showing US manufacturing activity contracted in August for the first time in nearly three years.

On the other hand, investors are awaiting the release of preliminary US inventory data later in the day with the US Energy Information Administration to release official figures tomorrow.

A Reuters survey showed yesterday that US oil inventories will fall for the third week in a row.

By 7:23 am GMT, Brent crude futures for November delivery rose 0.5 percent to $ 58.55 a barrel.

US crude for October delivery rose 0.7 percent to $ 54.32 a barrel.

 
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  • yota691 changed the title to OPEC oil exports rise 177 thousand b / d in August supported by a Saudi increase
 
948.jpg
OPEC
  

 Arabic and International


Economy News - Baghdad

Kepler, which monitors oil flows, said in a report that OPEC's seaborne crude exports rose 177,000 barrels per day in August compared with the previous month to 22.95 million barrels per day.

Kepler said Saudi Arabia's loading had increased by 204,000 bpd and was a major factor behind the overall increase.

The volumes exported from southern Iraq and Nigeria together increased 208 thousand barrels per day.

The average Iranian load did not exceed 160 thousand barrels per day, down 205 thousand barrels per day.


Views: 37   Date Added: 05/09/2019

 
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Oil prices rise to $ 61 a barrel

17:15 - 05/09/2019
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https://www.almaalomah.com/2019/09/05/427401/

Information / Follow-up…

Oil prices rose today as investors' confidence in hopes of progress in resolving the trade dispute between Washington and Beijing strengthened, although prices came under pressure after a report revealed an increase in US crude inventories.

By 15:30 Moscow time, Brent crude rose 0.70% to $ 61.40 a barrel, while US West Texas Intermediate crude rose 0.96% to $ 56.80 a barrel.

The rise was driven by positive economic data from China and Beijing said it had agreed with Washington to hold high-level trade talks in October.

The long-running trade dispute between the United States and China is curbing oil prices, but Brent is still up 12% so far this year, supported by OPEC-led production cuts and allies including Russia.

The American Petroleum Institute said on Wednesday that crude oil inventories in the United States increased 400 thousand barrels last week, while analysts expected a decline. Finished 25 h

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  • yota691 changed the title to Falling oil prices
Release date:: 9/19/2016 16:07 • 64 times read
Falling oil prices
Oil prices fell on Friday as trade tensions between the United States and China continued to put pressure on morale despite diplomatic progress.
Brent crude was down 45 cents, or 0.7 percent, at $ 60.50 a barrel by 1025 GMT. US West Texas Intermediate (WTI) crude was down 49 cents, or 0.9 percent, at $ 55.81 a barrel.
Brent is still heading for its fourth consecutive weekly gain, while US crude is on track for the second week.
Beijing and Washington agreed on Thursday to hold high-level talks in early October. The news was welcomed by investors hoping for an end to the trade war that led to reciprocal tariff increases between the world's two largest economies, hurting economic growth.
The long-running dispute is adversely affecting oil prices, although prices have risen over the year thanks to factors including OPEC-led output cuts and Russia's stockpile disposal.
But analysts warn that market fundamentals remain bearish and rely heavily on a settlement of the US-China trade crisis.
The US Energy Information Administration said that inventories of oil and oil products in the United States fell last week, with crude inventories fell for the third consecutive week despite a jump in imports.
Crude inventories fell 4.8 million barrels, nearly doubling compared to analysts' forecasts, to 423 million barrels, the lowest level since October 2018.
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  • yota691 changed the title to Official: Saudi policy towards OPEC not shift after the appointment of a new energy minister
 
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OPEC logo
  

 Arabic and International


Economy News - Baghdad

RIYADH (Reuters) - There will be no change in Saudi Arabia's policies toward OPEC after the appointment of Prince Abdul Aziz bin Salman as the new energy minister, a Saudi official said on Sunday, adding that the world's top oil exporter would continue to abide by the cartel.

Prince Abdul Aziz, the son of the Saudi monarch and a veteran oil official, was named energy minister to replace Khalid al-Falih, the first time a member of the kingdom's royal family has taken over the energy portfolio.

"There is no change in Saudi oil policy or OPEC policy. Prince Abdul Aziz will work to strengthen cooperation between OPEC and non-OPEC producers," the official said.


Number of Views 28   Date Added 08/09/2019

 
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Information / Baghdad ..

Middle East crude exports to Asia will rise to 20 million barrels per day (bpd) by 2040 due to increased expansion in the region's refining capacity and demand growth led by China and India, OPEC Secretary General Mohammad Sanusi Barkindo said on Monday.

“Middle East crude exports to the Asia-Pacific region are expected to increase by more than 5 million barrels per day between 2018 and 2040, to 20 million barrels per day by 2040,” Barkindo said in a video message to the Asia-Pacific Petroleum Conference (APEC) in Singapore. “.

“Therefore, in the long run, the Asia-Pacific region will be OPEC's main outlet,” he said. Done / 25

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 Arabic and International


Economy News _ Baghdad

The UAE's energy minister told CNBC Arabiya on Monday that the cooperation agreement between OPEC and independent producers to reduce oil supplies is continuing and that his country does not plan to leave the agreement.


Number of Views 43   Date Added 09/09/2019

 
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  • yota691 changed the title to Updated: oil falls 5% upon settlement, with geopolitical concerns calm

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