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

[yota691]

Great jump in oil prices

Release date:: 9/10/2019 9:51 • 702 times read

Oil prices rose on Tuesday in world markets since the first of August, where the price of Brent barrel exceeded $ 63.
 

The price hike comes after Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, announced his country's commitment to a policy of limiting oil production.
The Saudi monarch, King Salman bin Abdul Aziz, issued last Saturday, a royal order to relieve the Minister of Energy Khalid al-Falih from his position, and the appointment of Prince Abdul Aziz bin Salman bin Abdul Aziz Al Saud, succeeding him.
Prince Abdul Aziz is known in the corridors of the oil industry as an accomplished negotiator with long experience in the conclusion of agreements within the Organization of Petroleum Exporting Countries.
Relations between Saudi Arabia and Russia have developed since 2016 after OPEC and a number of non-OPEC producers formed an alliance called OPEC +.
Sources in the Russian energy industry have said that they do not expect a change in cooperation between Saudi Arabia and Russia, because the two sides are benefiting from these relations.

[ronscarpa]

3 minutes ago, yota691 said:

Great jump in oil prices

Release date:: 9/10/2019 9:51 •

 

Good News...!   Thanks for the post Yota.  Be blessed Brother.  Ron

[yota691]

Oil prices rise near 6-week high

 10 September 2019 10:38 AM
Mubasher : Oil prices rose on Tuesday near a one-and-a-half month high, as investors were optimistic OPEC and its allies could extend production cuts.

Prince Abdul Aziz, a longtime member of the Saudi delegation to OPEC, said that the pillars of Saudi policy have not changed and that the global agreement to reduce production by 1.2 million barrels per day will continue.

He also stressed that the so-called "OPEC and allies", which was established to include producers and non-producers in the organization will exist for a long period of time.

Brent crude futures for November delivery rose 0.4 percent to $ 62.83 a barrel by 7:25 am GMT, after hitting $ 63.12 earlier in the session, the highest since August 1. Last August.

US crude for October delivery was up 0.5 percent at $ 58.11 a barrel.

Preliminary US inventories data, released by the US Petroleum Institute, is due later in the day.

 

[Half Crazy Runner]

8 minutes ago, yota691 said:

the price of Brent barrel exceeded $ 63.

 

👍🏻 Feels odd to cheer the raise in oil prices, but... YAY!! 👍🏻 💰 

[yota691]

OPEC cuts its forecast for oil demand in 2020 and urges to seek a new glut

 

OPEC logo on its headquarters in Vienna. Reuters

Arabic and International Economy News - Baghdad OPEC on Wednesday lowered its forecast for global oil demand growth in 2020 due to an economic slowdown, which the organization says it highlights the need for ongoing efforts to prevent a new glut. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) trimmed its forecast for world oil demand growth next year by 60,000 bpd to 1.08 million bpd, suggesting the market could see a surplus. Weaker prospects in light of the trade dispute between the United States and China and Britain's exit from the European Union could reinforce the case for the organization and its allies, including Russia, to maintain their policy of cutting or adjusting production. Views: 14   Date Added: 11/09/2019

[yota691]

Oil rises after US crude inventories fell more than expected

 

Arabic and International Economy News _ Baghdad Oil prices rose on Wednesday after a sector report said US crude inventories fell last week, more than double the amount forecast by analysts in a Reuters poll. By 0643 GMT, Brent crude futures rose 40 cents, or 0.6 percent, to $ 62.78 a barrel, while US West Texas Intermediate crude futures rose 37 cents, or 0.6 percent, to $ 57.77 a barrel. Prices closed lower on Tuesday, pressured by speculation that Iranian sanctions would return to the market after US President Donald Trump moved to sack US National Security Adviser John Bolton and a leading hawk on the Iranian issue. But prices rose after data from the American Petroleum Institute on Tuesday showed crude and gasoline inventories in the United States fell last week, while distillate stocks rose. Crude inventories fell 7.2 million barrels for the week ending Sept. 6 to 421.9 million barrels, while analysts polled by Reuters had expected a 2.7 million barrel decline. Prices rose sharply before Bolton was sacked after receiving support after Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said the kingdom's oil policy would not change and an agreement with other producers to cut output by 1.2 million barrels per day would continue. Iran's oil exports have fallen more than 80 percent because of US reimposition of sanctions on Tehran after Trump decided last year to withdraw from the 2015 nuclear deal between Iran and world powers. Views: 16   Date Added: 11/09/2019

[yota691]

OPEC to raise oil production in August led by four countries

 11 September 2019 02:13 PM
Forbidden copper

Direct : OPEC raised its oil production last month by 136 thousand barrels per day, led by four countries.

The Organization of Petroleum Exporting Countries (OPEC) in its monthly report issued on Wednesday that the average production of its members recorded a level of 29.741 million barrels per day in August, compared with the level of 29.605 million barrels per day in July.

Saudi Arabia led production last month, up 118,000 bpd at 9.805 million bpd.

Nigeria came in second in terms of levels of production increase by 86 thousand barrels per day at 1.866 million barrels per day.

Iraq raised production by 43 thousand barrels per day to 4.779 million barrels per day.

The UAE also increased its oil production by about 11 thousand barrels per day to reach the level of 3.085 million barrels per day.

Venezuela, on the other hand, reduced production by 43,000 bpd to 712,000 bpd.

In Iran, output fell last month by 24,000 bpd to 2.194 million bpd.

By 11:05 am GMT, Brent crude futures for November delivery were up 0.8 percent at $ 62.87 a barrel.

US Nymex crude futures for October delivery rose 1 percent to $ 57.95 a barrel.

 

[yota691]

Saudi Energy Minister: All countries must comply with OPEC + production cuts

Saudi Minister of Energy, Prince Abdulaziz bin Salman

 12 September 2019 10:31 AM

RIYADH - All countries must commit to oil production cuts, the Saudi energy minister said on Thursday.

Prince Abdul Aziz bin Salman; according to Reuters, OPEC and its allies want to stabilize the oil market and cohesion among producers.

Prince Abdulaziz bin Salman said that OPEC + will announce the course of its future moves after meeting today in Abu Dhabi.

The Joint Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries (OPEC) and its allies, OPEC + , will meet on Thursday to discuss and follow up on compliance with the oil market cuts on the sidelines of the World Energy Conference currently held in Abu Dhabi .

The committee will review the situation in the oil market during its meeting today in Abu Dhabi, and then take recommendations to maintain the balance and stability of global oil markets; according to previous tweets by the "UAE Minister of Energy, Suhail Al Mazrouei ."

The fourth day of the 24th World Energy Congress, which is currently underway in Abu Dhabi , UAE , kicked off on September 9-12 with the participation of 71 ministers and 500 CEOs.

The minister pointed out, ahead of the meeting of the Ministerial Committee of OPEC +, which monitors compliance with production cuts in Abu Dhabi, that Saudi oil policy will remain unchanged.

The Russian energy minister said in previous statements that he was concerned about the slowdown in global demand for oil, noting that this dilemma will be discussed more widely when OPEC + meets on the sidelines of the World Energy Conference in Abu Dhabi .

The Organization of the Petroleum Exporting Countries (OPEC)  lowered its forecast for global oil demand growth in 2020 due to the consequences of the economic slowdown.

[yota691]

Energy Agency: America surpassed Saudi Arabia as the largest oil exporter briefly

 

Arabic and International Economy News _ Baghdad The International Energy Agency (IEA) said on Thursday that global demand for oil is facing adverse economic factors, supported by lower prices caused by abundant supplies as the United States briefly outperformed Saudi Arabia as the world's largest oil exporter. "With oil prices currently down about 20 percent from a year ago, consumers will receive support," the IEA said in its monthly report. “The boom in shale production allowed the United States to come close, and briefly outperform Saudi Arabia as the world's largest oil exporter… in June, after crude exports rose above 3 million barrels per day.” Views: 14   Date Added: 12/09/2019

[yota691]

Iraq pledges to reduce production to meet the objectives of the OPEC agreement

Economie

2019-09-12 | 07:02

 

 

 

 

 

114 views

 

 

Iraq pledged on Thursday to reduce oil production to comply with the target level of production in the OPEC agreement.

"It is important that all countries reach full compliance with the cuts," said an OPEC + statement .

The statement added that "market monitoring continues until the next OPEC meeting in December, noting that" trade tensions and uncertainty surrounding the macroeconomic continues. "

 

The oil ministers of Iraq and Nigeria have pledged to cut oil production to comply with the OPEC target .

[yota691]

Energy Agency: The United States is approaching the title of the world's largest oil exporter

12 September 2019 12:59 PM
Direct : The International Energy Agency believes that competition for oil market share between the United States and Saudi Arabia has become more fierce .

Preliminary data in June showed the United States briefly surpassed Saudi Arabia and Russia as the world's largest oil exporter, the IEA said in its monthly report on Thursday .

"The US shale oil boom has allowed the United States to approach and surpass Saudi Arabia as the world's largest oil exporter," the agency said.

The United States surpassed Saudi Arabia when Washington's oil exports rose to a level above 3 million barrels per day .

During the last three months of the year, the United States is expected to see a further rise in its export infrastructure, which would allow up to 4 million barrels per day of crude oil exports, the report said .

The IEA is questioning how well US oil sellers are able to price exports attractive enough to capture international markets as production increases strongly.

The IEA expects non-OPEC producers to increase production, with the implied market balance again, leading to a large production surplus and putting pressure on prices .

The International Energy Agency has maintained its forecast for global oil demand growth this year at 1.1 million barrels per day and about 1.3 million barrels per day in 2020 .

The report said oil demand growth would be significantly higher, supported by a relatively low base in the second half of last year, and lower oil prices compared to 2018.

 

[yota691]

Urgent Iraq announces its position on OPEC decision and three important oil ministers visiting Baghdad

Date: 2019/9/12 14:49 • 236 times read

Iraq announced its position on OPEC's decision to further reduce its production of crude oil.

Oil Minister Thamer Ghadhban said on Thursday Iraq would comply fully by October with OPEC-led oil production cuts and Baghdad would cut to 175,000 bpd.
He said the Organization of the Petroleum Exporting Countries (OPEC) and its allies, within the so-called OPEC + group, would have to accept and deal with the fact that Iran and Venezuela, whose exports have collapsed because of sanctions, would return to the oil markets "in a normal way."
He said energy ministers from Saudi Arabia, Russia and Kuwait were expected to visit Iraq on September 26

[yota691]

OPEC surprise Iraq

Release date:: 2019/12/12 12:38 • 1542 times read

The Organization of Petroleum Exporting Countries (OPEC) is considering cutting more Iraqi oil production.

Iraq cuts 210,000 barrels per day of production under the OPEC agreement.
The joint ministerial committee between OPEC and non-member states discussed insufficient oil production cuts in Iraq and Nigeria, the Russian news agency TASS reported, citing an unnamed source.
Saudi and Russian energy ministers called on all producers to comply with production cuts under the OPEC-led supply deal ahead of a joint monitoring committee meeting.
TASS quoted the source as saying that the OPEC + has no complaint about the level of compliance by Russia.
Oil Minister Thamer Ghadhban said on Wednesday that OPEC and its allies would discuss whether there was a need to deepen production cuts during the meeting of the Joint Ministerial Committee on Thursday.
Ghadhban said in a press statement from Abu Dhabi, "The decisions on production policy are collective decisions and that Iraq does not want to take the decision alone, adding that he would meet with the Saudi and Russian energy ministers."
He noted that the previous OPEC meeting discussed the reduction of production by 1.6-1.8 million barrels per day, but because of objection by some members have agreed to reduce it 1.2 million barrels per day.
Ghadhban also said the Kurdistan region must respect its commitments on oil exports and its share of the federal budget.
He added that the Kurdistan Regional Government is supposed to deliver 250,000 barrels of oil per day to the federal government, but is not yet committed to it.

[yota691]

Iraq: Production cuts of up to 175 thousand barrels per day in October

Iraqi Oil Minister before OPEC + meeting to discuss the market situation in Abu Dhabi today

 12 September 2019 03:50 PM

ABU DHABI - Iraq will comply fully by October with OPEC-led oil production cuts, Iraq's Deputy Prime Minister for Energy said on Thursday.

Minister Thamer Ghadhban, on the sidelines of the meeting of the Ministerial Committee to monitor production in Abu Dhabi today, that the reduction will be conducted by Baghdad will reach 175 thousand barrels per day, according to Reuters.

Under the so-called OPEC + group, the Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to accept and deal with the fact that Iran and Venezuela, whose exports have collapsed because of sanctions, will return to the oil markets "in a normal way".

The minister noted that the energy ministers of Saudi Arabia, Russia and Kuwait are expected to visit Iraq on September 26.

[yota691]

OPEC stresses the need to abide by oil production cuts

Economy | 12:59 - 12/09/2019

 

 

 

 

Follow - up to the balance of News
confirmed that the Oversight Committee of Ministers of the agreement , "OPEC '" Thursday, the need for members ' commitment to the reductions stipulated in the agreement to cut production.
This came after a meeting held by the Committee in Abu Dhabi today to discuss the developments of the oil market, and this is the first meeting of the new Saudi Minister of Energy Prince Abdul Aziz bin Salman, who was recently appointed to succeed Khalid Al-Falih.
For his part, said Russian Energy Minister Alexander Novak, Russia is fully committed to its commitments and intends to fulfill its commitments within the framework of "OPEC +", noting the importance of commitment to the participants of the agreement.
He added that the next meeting of the Ministerial Control Committee of the "OPEC + agreement will be held in early December.
The commitment of OPEC countries to the agreement to reduce production in August last 131%, while the proportion of commitment of independent producers participating in the agreement.
OPEC, Russia and other producers have begun implementing an agreement to cut production by 1.2 million barrels per day from early January. In July, the alliance, known as OPEC +, renewed the agreement until March 2020

[Laid Back]

This will bring stability on oil prices, exactly what iraq is looking for.

just my opinion 

 

Go opec

Go oil prices stability 

Go RV

Go $1:1

[justchecking123]

5 hours ago, yota691 said:

OPEC stresses the need to abide by oil production cuts

Economy | 12:59 - 12/09/2019

 

 

 

 

Follow - up to the balance of News
confirmed that the Oversight Committee of Ministers of the agreement , "OPEC '" Thursday, the need for members ' commitment to the reductions stipulated in the agreement to cut production.
This came after a meeting held by the Committee in Abu Dhabi today to discuss the developments of the oil market, and this is the first meeting of the new Saudi Minister of Energy Prince Abdul Aziz bin Salman, who was recently appointed to succeed Khalid Al-Falih.
For his part, said Russian Energy Minister Alexander Novak, Russia is fully committed to its commitments and intends to fulfill its commitments within the framework of "OPEC +", noting the importance of commitment to the participants of the agreement.
He added that the next meeting of the Ministerial Control Committee of the "OPEC + agreement will be held in early December.
The commitment of OPEC countries to the agreement to reduce production in August last 131%, while the proportion of commitment of independent producers participating in the agreement.
OPEC, Russia and other producers have begun implementing an agreement to cut production by 1.2 million barrels per day from early January. In July, the alliance, known as OPEC +, renewed the agreement until March 2020

Good news. 

 

This should be getting more attention...

Edited September 12, 2019 by justchecking123

[ChuckFinley]

2 hours ago, Laid Back said:

This will bring stability on oil prices, exactly what iraq is looking for.

just my opinion 

 

Go opec

Go oil prices stability 

Go RV

Go $1:1

 

54 minutes ago, justchecking123 said:

Good news. 

 

This should be getting more attention...

Totally agree on both accounts. 

[yota691]

Oil Minister announces the upcoming visit of oil ministers of Saudi Arabia, Russia and Kuwait to Baghdad

By ahad5 12/09/2019 04:41 PM | Number Of Hits: 713

Al-Ahd News- Continue

Oil Minister Thamer Ghadhban on Thursday revealed the amount of his cut in oil production, while stressing the Organization of Petroleum Exporting Countries (OPEC) and its allies to accept the return of Iran and Venezuela.

"Iraq will comply fully by October with OPEC-led oil production cuts," Ghadhban said, according to Reuters. "The reduction in Baghdad will reach 175,000 barrels per day."

“Under the so-called OPEC + group, the Organization of Petroleum Exporting Countries (OPEC) and its allies will have to accept the fact that Iran and Venezuela, whose exports have collapsed because of sanctions, will return to the oil markets“ in a normal way ”and deal with it,” he said.

He noted, that "it is expected that the energy ministers of Russia and Saudi Arabia and Kuwait visited Iraq in September 26" .anthy 8

[6ly410]

 

Iraq is talking about sharp fluctuations in the oil market leading to instability

https://www.shafaaq.com/ar/اقتصـاد/العراق-يتحدث-عن-تذبذبات-حادة-في-سوق-النفط-تؤدي-الى-عدم-استقرارها/

 

2019/09/12 12:21:24

 

Deputy Prime Minister for Energy and Oil Minister said that the surplus oil in the global oil markets is still a major challenge for producers from within (OPEC) and outside, which led to the emergence of sharp fluctuations and instability in the market last August.
This came after the conclusion of the work of the Joint Ministerial Committee to follow up and monitor production of the Organization of Petroleum Exporting Countries (OPEC) and its allies outside Abu Dhabi.
The Minister of Oil Thamer Abbas Ghadhban said that the global demand for crude oil has grown at (1.1 - 1.3) million barrels per day, and the next stage requires more collective action and adhere to the agreement to reduce production, because it is a joint responsibility of all oil producing countries in order to ensure the stability and balance of the oil market He stressed Iraq's commitment to the decision to reduce production to reach the goal.
Ghadhban pointed out that this meeting is to review and follow up the agreement to reduce production and make recommendations to the ministerial meeting to be held in Vienna before the end of this year taking into account the changes and developments that may witness the oil market during the coming period.
For his part, the Saudi Minister of Petroleum and Mineral Resources Abdul Aziz bin Salman, Chairman of the Committee praised the cooperation and commitment of the member countries in this agreement and that the coming period will witness a greater commitment of the producing countries, praising the bilateral relations between Iraq and the Kingdom and the coming period will witness significant development and growth.
The deputy prime minister for energy affairs and oil minister attended a meeting of the ministers of Saudi Arabia, the Russian Federation, the United Arab Emirates, Algeria and Nigeria during which they discussed the developments of the oil market and the agreement to reduce production.
Jihad added that the meetings of the ministerial committee to control production are periodic meetings agreed upon in advance, aimed at studying the situation of the world oil market and its prospects in the short and medium term, and the levels of conformity of production adjustments with the obligations of members of the Organization of Petroleum Exporting Countries (OPEC) and allied countries outside Russia.
It is noteworthy that an agreement was signed in December 2018 between OPEC and non-OPEC producers, which provides for a joint reduction of oil production by 1.2 million barrels per day, including (800,000) thousand barrels per day for producers from within the Organization, and (400,000). One thousand barrels of allied countries, this agreement aims to restore the balance between supply and demand.

[6ly410]

OPEC Secretary General arrives in Baghdad

Political 08:03 - 13/09/20

https://www.mawazin.net/Details.aspx?jimare=64687

 

Baghdad - Mawazine News
 

The Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mohamed Barkindo, arrived in Baghdad on Friday.
"OPEC arrived in Baghdad today and will meet during his visit with Deputy Prime Minister for Energy Affairs, Oil Minister Thamir Abbas Al-Ghadban, Minister of Electricity and a number of officials in the three presidencies, in addition to attending sessions," ministry spokesman Assem Jihad said in a statement received. The Energy Conference, which will start tomorrow under the auspices of the Prime Minister. "
He added that he was received by Barkindo, Undersecretary of the Ministry of Oil for Extraction Affairs Fayyad Hassan Nehmeh and a number of officials at the Ministry of Oil

[6ly410]

OPEC Secretary General arrives in Baghdad

By Ali 13/09/2019 07:52 PM | Read

http://alahadnews.net/index.php/permalink/178187.html

Ahd News - Baghdad

The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo has arrived in Baghdad, the oil ministry announced.

"The secretary of OPEC arrived in Baghdad today and will meet during his visit with Deputy Prime Minister for Energy Affairs, Oil Minister Thamir Abbas al-Ghadhban, Minister of Electricity and a number of officials in the three presidencies," ministry spokesman Assem Jihad said in a statement received on Friday. For his attendance at the energy conference which will start tomorrow under the auspices of the Prime Minister. "

"He was received by Barkindo, Undersecretary of the Ministry of Oil for Extraction Affairs Fayyad Hassan Nehmeh and a number of officials in the Ministry of Oil."

[yota691]

OPEC Secretary General assures Abadi of the importance of Iraq's role in the organization and its commitments

Release date:: 9/19/2019 22:11 • 125 times read

The Secretary General of the Organization of Petroleum Exporting Countries, Mohammed Barkindo, stressed the importance of Iraq's role in the organization and its commitments.

This came during a meeting with the President of the Victory Coalition Haider Abadi in his office, on Friday, Barkindo and his delegation.
"Abadi welcomed Barkindo and his accompanying delegation, wishing him a pleasant stay in Iraq, praising his role in leading the organization," a statement from his office said.
During the meeting, Barkindo gave a presentation on the work of OPEC and its activities on world oil prices, stressing "the importance of Iraq's role in OPEC and its commitments."
The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) also praised the great role of Dr. Abadi during the past period in fighting terrorism and the economic aspect and his cooperation with the Organization of Petroleum Exporting Countries (OPEC) to control oil prices globally.

[yota691]

Jubouri confirms to the President of OPEC the need to take into account the reality of Iraq and the damage of battles with ISIS

Release date:: 9/13/201 21:52 • 130 times read

BAGHDAD (AFP) - The head of a rally in Baghdad, Salim al-Jubouri, received Friday at his office in Baghdad the head of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Snoussi Parkendo, who arrived in Baghdad on Friday evening.

A statement from the office of al-Jubouri received a copy of the agency (Euphrates News), that "during the meeting discussed the challenges of the economic reality of Iraq and the importance of the commitment of member states of the Organization of export agreements."
Al-Jubouri stressed that "the need to take into account the reality of the country OPEC after the security conditions and the liberation battles against ISIS, which led to a large depletion and damage in the Iraqi economy."

[yota691]

OPEC: demand for oil will increase to 112 million barrels per day

 

OPEC

energy Economy News - Baghdad: OPEC Secretary General Mehmet Barkindo said that the demand for oil will increase to 112 million barrels per day in the coming period. He added in his speech at the conference of the Iraq Energy Forum 2019, that the transport sector is witnessing great development and that until 2040, the wheels that use petroleum products are dominant. He pointed out that it is necessary to use technology in the oil sector and the use of appropriate competencies, stressing that it is necessary to make the right to energy is a human right. Views: 47   Date Added: 14/09/2019