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

[yota691]

IEA: Global oil demand will slow from 2025

 13 November 2019 02:40 PM
From: Sally Ismail

Direct: The International Energy Agency expects global oil demand growth to slow down from 2025, with improved fuel efficiency and increased reliance on electrical models.

The annual report by the Paris-based IAEA, released on Wednesday, showed that demand for oil is expected to rise by about one million barrels per day on average annually until 2025.

The IEA estimates that global oil demand will increase by about 0.1 million barrels per day per year on average to 106 million barrels per day in 2040.

The agency says there is a real slowdown after 2025, but this does not lead to a final summit in the use of oil, citing increased demand from the sectors of trucks, ships, aircraft and petrochemicals.

However, the use of oil in passenger cars is believed to peak in late 2020 as drivers shift towards electric vehicles.

The IEA estimates there will be around 330 million electric vehicles in use by 2040, higher than last year's estimate of 300 million mark.

The IEA believes that the big increase in oil production will come from the United States, the world's largest producer now, as well as Iraq and Brazil.

The IEA expects US oil production to increase to 11 million barrels per day (bpd) in 2035 from 6 million bpd in 2018.

The share of the Organization of Petroleum Exporting Countries (OPEC) plus Russia is expected to fall to 47 percent in most of the next decade, levels not seen since the 1980s.

 

[coorslite21]

I suspect with the recent missile attacks on Israel yesterday we will see an increase in oil prices.....MSM is under reporting this incident....

CL

[yota691]

OPEC expects: average demand for oil will reach 29 million barrels per day

Economy | 04:37 - 14/11/2019

 

 

 

 

BAGHDAD - Mawazine News
"OPEC" that the average demand for oil 29.58 million barrels per day, unchanged from previous expectations, and announces high oil production.
In its monthly report issued on Thursday, it said it expects oil supply from outside countries to rise 40,000 barrels from its previous forecast to 2.17 million barrels next year.
Citing secondary sources, it pointed out that its production increased by 943 thousand barrels per day from the previous month to 29.65 million barrels per day, supported by the recovery of Saudi production.

[yota691]

Energy Agency: OPEC and its allies will face major challenges in 2020

 15 November 2019 02:04 PM
From: Sally Ismail

Direct: The International Energy Agency believes that the Organization of Petroleum Exporting Countries and its allies will face major challenges next year, as demand for OPEC crude is falling sharply.

OPEC production is expected to stand at 30.2 million barrels per day (bpd) in the fourth quarter of this year, according to a monthly report from the Paris-based agency.

The expected oil production is higher than the 28.2 million barrels per day that the International Energy Agency believes will be required to balance the market.

Non-OPEC oil production growth is expected to accelerate from 1.8 million bpd this year to 2.3 million bpd next year.

This will bring total oil supplies from non-OPEC countries to 67.1 million barrels per day in 2020.

The agency said large supplies likely to accumulate in the first half of next year will not be supportive of OPEC and its allies, which are expected to meet in Vienna early next month.

OPEC members and non-OPEC producers are scheduled to meet on December 5 and 6 next year to discuss the current oil supply cut policy, which is due to expire at the end of March.

The IEA kept its estimates of global oil demand growth in the current and next two years unchanged at 1 and 1.2 million barrels per day, respectively.

The Organization of the Petroleum Exporting Countries has fixed estimates of global demand growth for crude in 2019 and 2020 in its monthly report released yesterday.

The IEA said today that global oil demand grew by 1.1 million barrels per day during the third quarter of this year, more than double the 435 thousand barrels per day growth recorded in the previous quarter.

China was the largest contributor with oil demand rising by 640,000 barrels per day in the third quarter year on year.

Global oil demand is expected to accelerate in the fourth quarter of this year to 1.9 million barrels per day. Oil demand from the Organization for Economic Co-operation and Development (OECD) fell 590,000 bpd on a year-on-year basis in August, before rising by 540,000 bpd in September, the biggest annual increase in almost a year, the IEA said.

 

 

[yota691]

Russia's oil revenues rise to $ 670 million a day

 15 November 2019 07:59 PM
Direct: Russia's oil revenues have increased this year, with its participation in the agreement to reduce the current levels of production for almost three years.

According to the monthly report of the International Energy Agency issued on Friday, Russia's oil revenues rose by about 170 million dollars this year to reach 670 million dollars a day, according to the agency "TASS" Russian.

The increase in Russian oil revenues comes despite a decline in production by about 75 thousand barrels per day from 2016.

The agreement to cut oil production helped to push up crude prices during the last period, where the price of Brent crude rose by about 16 percent since the beginning of this year until the settlement of yesterday's session.

In terms of revenues, OPEC member countries amounted to $ 1.9 billion per day this year, which is about $ 350 million compared with the levels recorded in 2016.

This comes in conjunction with the Organization's production decline by about 3 million barrels per day compared to 2016, according to the report.

But the report points out that Iran and Venezuela are the only countries that have not registered an increase in their gains from oil production since their supply, subject to US sanctions, has dropped dramatically.

The IAEA said the negotiations to extend the production-cut pact, which runs until March 2020, which is due to be discussed at the OPEC meeting and its allies at the next meeting in Vienna on December 5-6, may not be easy.

Non-OPEC oil production growth is expected to accelerate to 2.3 million bpd in 2020 from 1.8 million bpd this year, according to the monthly report.

Growth in US oil production next year is expected to decline to 1.2 million barrels per day from 1.6 million barrels per day in 2019.

 

[yota691]

Report: Russia may reject further cuts in oil production

 19 November 2019 09:25 PM
direct : a press report said it is unlikely that Russia agree to further cuts to oil production during its meeting with OPEC in the next month.

The Organization of Petroleum Exporting Countries (OPEC) meets on December 5 in Vienna to decide the fate of production policy, after it agreed to continue to reduce crude production by about 1.2 million barrels per day until March next.

The Reuters news agency quoted unnamed sources on Tuesday that Russia may commit to extend the current production cut agreement in order to support Saudi Arabia.

Moscow believes it will be difficult for it to voluntarily cut oil production during the winter months, the report said.

The sources said: "We expect to be difficult talks in December as Russia will not categorically agree to deepen cuts in the winter."

Russian oil companies are seeking to boost their crude production next year to boost the state budget, the report said.

The sources added that OPEC and its allies are concerned about weak growth in demand for crude in 2020.

OPEC maintained its forecast for global crude demand growth in 2020 at 1.08 million bpd.

 

[yota691]

Putin: Russia's oil production is increasing despite the agreement to curb supplies

 20 November 2019 04:48 PM
Direct: Russian President Vladimir Putin said that his country 's oil production has risen despite the agreement to curb supplies with OPEC and other oil producers.

Speaking at a business conference on Wednesday, Putin said Russia wanted the oil market to be balanced and predictable.

The Russian president added that Moscow would continue to work with Saudi Arabia and the Organization of Petroleum Exporting Countries in this area.

The Organization of the Petroleum Exporting Countries (OPEC) and non-member crude producers are scheduled to meet early next month in Vienna to determine the future of the oil production cut agreement.

Under the deal to curb oil supplies, OPEC members and non-OPEC allies are committed to cutting oil production by 1.2 million barrels a day until March.

 

[DoD]

LMAO!!!! Does anyone in the world really think that ANY of these OPEC countries are cutting back on production? 
Their economies depends on the oil sales, further more where are all these corrupt people gonna steal from...

[yota691]

OPEC + OPEC to extend oil production cut deal

 

OPEC logo

Arabic and International Economy News - Baghdad TOKYO (Reuters) - OPEC and other producers are likely to agree to extend an existing deal to cut oil output by 1.2 million barrels per day when they meet next month, the head of the Japan Petroleum Association said on Thursday. Tsukyoka's remarks came after Russian President Vladimir Putin said on Wednesday that his country and the Organization of Petroleum Exporting Countries (OPEC) had a "common goal" in keeping the oil market balanced and predictable, and that Moscow would continue to cooperate within the framework of the global supply reduction agreement. OPEC meets on December 5 in Vienna, followed by talks with a group of other exporters, including Russia, in an alliance known as OPEC +. Views: 23   Date Added: 21/11/2019

[yota691]

Report: OPEC may extend the agreement to reduce oil production by mid-2020

 21 November 2019 08:27 PM
Mubasher : OPEC and its allies are likely to agree to extend the current production cut until mid-next year, according to a press report.

OPEC and its allies are due to meet in Vienna on December 5 to discuss the fate of a supply curb agreement after agreeing to keep output cut by about 1.2 million barrels a day until March.

There are two scenarios at the next meeting, either as OPEC members and their foreign allies, led by Russia, agree to extend the production cut deal until June, or postpone the decision until early next year, unnamed sources told Reuters on Thursday. ".

The report continued: "We are likely to extend the agreement in December to send a positive message to the market, Saudi Arabia does not want to lower oil prices, but set a minimum price because of the IPO of Aramco."

Market conditions in the first quarter of 2020 remain unclear amid concerns over slowing crude demand and poor compliance with output cuts by some producers such as Iraq and Nigeria, complicating expectations, the sources said.

Two sources said that announcing deeper cuts formally is unlikely at the moment, although a message about better compliance with current cuts could be sent to the market.

A press report said Russia was unlikely to agree to extend production cuts during the winter.

 

[yota691]

OPEC + will extend oil production cuts until June 2020

Friday 22 November 2019 39

 

Capitals / follow-up

 

OPEC and its allies plan to extend existing oil production cuts when they meet next month until midnight

2020.

According to media sources, the Organization of Petroleum Exporting Countries (OPEC) will meet on December 5 at its headquarters in Vienna, followed by talks with a group of other producers led by Russia, in the coalition known as "OPEC +", and the current oil supply cuts will continue until March

2020.

"So far we have two main scenarios: to meet in December and extend the current cuts until June, or postpone the decision until early next year, and to meet before March to learn about the market situation and extend the cuts until the middle of the year," an OPEC source said.

[yota691]

Oil prices drop .. and Nymex below $ 58

 26 November 2019 11:22 AM
Direct: Oil prices fell during Tuesday's trading, to drop Nymex crude below the level of $ 58 in conjunction with the anticipation of US crude inventories data.

Investors are awaiting the release of preliminary data from the American Petroleum Institute on US oil inventories last week later in the day.

This will be followed by the US Energy Information Administration's release of official oil inventories tomorrow.

On the supply side, the Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet on December 5 at its Vienna headquarters, followed by discussions with non-OPEC crude producers the next day, including Russia.

The meeting aims to discuss the policy of oil production, which is committed to members and non-members of OPEC decision to reduce 1.2 million barrels per day of oil supplies in an effort to balance the market until the end of the first quarter of next year.

On the other hand, there are positive features on resolving the main points of contention in trade talks between the two largest economies around the world, which will boost demand for crude.

By 8:03 am GMT, NYMEX crude futures for January delivery were down 0.1 percent at $ 57.95 a barrel.

Meanwhile, Brent crude for January delivery settled at $ 63.67 a barrel.

 

[yota691]

Expect oil prices to stabilize at around $ 60

Release date:: 2019/11/26 18:18 • 94 times read

Oil prices are on track to remain at around $ 60 a barrel in the short and medium term and are likely to increase later, Norwegian energy chief Equinor said on Tuesday.

"I think $ 60, more or less, is still a reasonable assumption in the short to medium term," Eldar Satterh told Reuters on the sidelines of an energy sector conference.
He added that the oil market has not yet felt the inevitable impact of supplies coming from investment cuts that occurred during the decline in the sector between 2014 and 2016. is over

[yota691]

US oil production is approaching 13 million barrels per day

 27 November 2019 09:17 PM
From: Sally Ismail

Direct: US oil production rose to a new record near 13 million barrels per day last week.

The weekly report issued by the US Energy Information Administration, on Wednesday, showed that US oil production rose by about 100,000 barrels per day to reach 12.900 million barrels per day.

Oil production in the world's largest economy stands at the highest level in its history at weekly levels, after stabilizing at 12.800 million barrels per day for two consecutive weeks .

According to the weekly report, US oil exports increased by 453 thousand barrels per day in the past week to record 3.480 million barrels per day.

US oil imports also rose to 6.190 million barrels per day last week, up 217,000 barrels per day from the previous week.

The increase in oil exports, more than the rise in imports, caused the decline in net US imports of crude by 236 thousand barrels per day last week to record 2.710 million barrels per day.

At the level of oil inventories in the United States rose by 1.6 million barrels last week compared to expectations for a decline to 0.5 million barrels.

By 3:51 pm GMT, Brent crude futures for January delivery fell 0.4 percent to $ 64.01 a barrel.

US crude futures for January delivery fell 0.6 percent to $ 58.06 a barrel.

 

[yota691]

2019/11/28 12:43:53 PM 55

Russian Energy Minister on the future of OPEC +: in secret

 

Follow / tomorrow

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak has kept silent on Russia's stance on the future of the OPEC + deal ahead of a meeting of participants next week in Vienna.

 

 

"It is still under wraps," Novak told reporters when asked about Russia's position on OPEC +.

The Russian minister's comments come ahead of a forthcoming meeting of OPEC + countries, an agreement that includes producers from inside and outside the Organization of Petroleum Exporting Countries (OPEC), where the countries participating in the agreement next week to discuss the situation in the oil market. Cuts.

Lukoil, Russia's largest private energy company, said Russia's biggest oil companies had agreed with the Russian Energy Ministry to keep OPEC + production cuts as they are now and return to the issue by the end of March 2020. -The date of expiration of the agreement.

Russia and Saudi Arabia are leading a group of oil countries under the OPEC + agreement, which aims to reduce production to absorb the excess glut of supply and support prices.

As part of the alliance, the participating oil countries will reduce their crude production by 1.2 million barrels per day from the level of October 2018, and cuts will expire at the end of March 2020, and member states must decide before that date to extend the agreement or stop the cuts.

[yota691]

Oil prices drop as OPEC meeting awaits

 29 November 2019 12:02 PM
Mubasher: Oil prices fell during Friday's trading, as investors awaited the meeting of OPEC and its allies.

Investors are looking at the outcome of a meeting of the Organization of Petroleum Exporting Countries and non-OPEC allies next week, amid expectations of an agreement to curb supply until mid-2020.

The group and its allies agreed to cut production levels by 1.2 million barrels per day until the end of March.

US companies' activity data on oil exploration is due later in the day.

The performance of black gold comes amid weak volumes on the back of the Thanksgiving holiday in the United States, which suspended the doors of financial markets yesterday and closed today early.

By 8:40 am GMT, Brent crude futures for January delivery fell 0.4 percent to $ 63.62 a barrel.

US crude futures for January delivery fell 0.1 percent to $ 58.05 a barrel.

Brent and Nymex crude are poised for weekly gains of about 0.3 percent and 0.4 percent respectively, and are on track for a monthly rise of 3.1 percent and 3.2 percent, respectively.

 

[yota691]

Saudi Arabia threatens OPEC members to flood oil markets if they do not abide by the agreement

© AP Photo / Fernando Llano

ECONOMIE

12:29 30.11.2019(Updated 13:28 30.11.2019)

Follow us via

It seems that Saudi Arabia's 2030 vision will not leave any of the old legacy intact. Here are some sources talking about Saudi Oil Minister Abdul Aziz bin Salman, and that he will oblige OPEC + members to cut production or cancel the agreement.

What tools and mechanisms does Riyadh have to achieve this?

Saudi Arabia has endured more in the past two years than it has pledged to OPEC to cut production , knowing that there are member states that did not commit to the reduction Meager, which was agreed under OPEC.

In the opinion of the oil advisor, the situation now must go in another course, the Kingdom can not continue to bear the burden of reducing production while some member countries increase production, there are at least four member countries do not adhere to what has been agreed upon, such as Russia Nigeria, Iraq and others were alerted at the Abu Dhabi Production Control Committee meeting, all of whom confirmed they would abide, but the latest statistics in October confirmed their lack of commitment.

Sabban pointed out that Iraq is in an exceptional situation now and its lack of commitment may not be optional as a result of the crises that plague Iraq at the moment.

Sabban stressed that the Kingdom will clarify to OPEC members during the meeting of the Organization next week, whether the members are already serious in the implementation of this agreement, the Kingdom can not accept the presence of "free passenger", and I have already said this two years ago since the first agreement in early 2017 and warned "Either everyone lowers or not everyone commits to reduce."

He explained that the international oil adviser, I imagine that Saudi Arabia may not resort to the abolition of the agreement, but will warn against continuing non-commitment to the reduction by members, and in the absence of compliance, Saudi Arabia will flood the markets with oil if there is no discipline from all member states, pointing out that the ratios The illusion that some agencies had issued that commitment rates of 150 percent or more, which is illusory, did not take into account non-compliant countries and included Venezuela and Iran, whose output has fallen dramatically.

"These ratios are incorrect and incorrect," Sabban said. "There is a commitment count. We have to be more frank and everyone has to abide. The Saudi energy minister is very frank, but he will not accept that the kingdom should bear the burden of reduction while the others are free passengers."

OPEC + countries agreed at the beginning of July to extend the reduction of oil production for another 9 months in an effort to support crude prices, at a time when the global economy is weak and a rise in US crude production.

It was decided to extend production cuts in the agreement, led by Russia and Saudi Arabia, under the same conditions, that is, OPEC + countries will collectively reduce oil production until April 2020 by 1.2 million barrels per day of crude.

Russian Energy Minister Alexander Novak told a news conference after the sixth meeting of OPEC + countries in Vienna that the countries participating in the agreement voted unanimously in favor of extending the cuts. 

He pointed out that the joint position of Russia and Saudi Arabia was pivotal in taking the decision to extend, adding that the "OPEC +" countries, consisting of 24 countries, signed a charter for long-term cooperation in the oil market.

On the extent of compliance with the "OPEC +" countries, the Russian minister said that the rate of compliance reached last May 163%, praising the role of Saudi Arabia, which is one of the most prominent oil producers in the world, in this area.

As for the date of the next meeting of "OPEC +", Novak pointed out that the countries "OPEC +" agreed to hold in Abu Dhabi, UAE in December.

The OPEC + alliance has cut oil supplies since 2017 to prevent falling prices and to absorb excess glut from markets and stabilize the oil market.

The coalition's concerns coincide with the results of a Reuters poll, which showed that oil prices may face pressure from a slowing global economy, which reduces demand for crude, while US oil is flooding the market.

[yota691]

Before heading to OPEC .. Oil Minister expects to extend the agreement and increase rates

Date: 2019/12/1 16:00 • 41 times read

Deputy Prime Minister for Energy and Oil Minister Thamir Abbas Ghadhban reiterated Iraq's full commitment to the decision to cut production approved by the Organization of Petroleum Exporting Countries and allies outside the organization, expecting to extend the decision to reduce production for another period to be agreed upon and the possibility of increasing "It is estimated at 1.6 million barrels instead of 1.2 million barrels during the ministerial meeting to be held this week in Vienna."

"The meeting will include a review of reports and research related to the oil market and the most important challenges facing it in terms of an oil surplus and increasing the shale oil production of the states," Ghadhban said at a press conference on the eve of his departure for the OPEC ministerial meeting and the OPEC meeting. United as well as economic conflict _ China and the US , which is one of the important and influential key factors in the stability of the global oil market, and in the light of this review will be all to take the appropriate decision and what aims to achieve the balance of the oil market.
He added that " Iraq to support the resolution , which achieves our goals in the rebalancing of the oil market and lead to stability, and that Iraq has the flexibility and openness Maahakq convergence in the views of Member States in order to reach a decision aimed to achieve better stability of the oil market. "
Ghadhban pointed out that "Iraq has high flexibility in the implementation of the reduction decision to be approved from the fields produced by the national effort and does not affect the production of licensing rounds fields, noting that the ministry was able in the past few days to reach an agreement with the region on oil production and the commitment to deliver the amount (250 We have seen serious cooperation in this regard and they are committed to the specified production ceiling of 450 thousand barrels per day, which enhances the credibility of Iraq towards the Organization and the transparency of dealing with the quantities produced on the one hand, and achieve additional revenues to the Federal Treasury contribute to the Yale ratio of the budget deficit after the region's commitment to hand over 250 thousand barrels per day Oil Marketing Company SOMO. "
The oil minister explained that "the decision of the reduction, which was adopted in December 2018, achieved a rate of commitment of 100 percent, which led to the stability of oil prices, so the oil ministers in OPEC countries and outside the vision to continue this decision and increase the quantities of reduction."

[yota691]

Is America on the verge of full energy independence?

Economy | 12:16 - 01/12/2019

 

 

 

 

 

Follow - Mawazine News

In a recent pivotal shift, the United States is months away from achieving full energy independence.
By 2030, total primary energy production is likely to exceed demand for the same energy by nearly 30%, according to the latest forecast by oil and gas company Restad Energy.
Oil price will follow a strong period of growth in both hydrocarbon and renewable resources, and the US is expected to post a preliminary surplus, Oil Price said in its report. Energy by February or March 2020, depending on the winter season.
Energy independence
According to Knutson in the coming phases, the United States will be able to achieve energy independence in a monthly format, with total primary energy production rates going to exceed 30 percent of primary energy demand by 2030.
These developments have already peaked. Accordingly, Ristad Energy Oil & Gas expects that the next monthly release of the U.S. Energy Information Administration will reveal that the United States has always enjoyed self-sufficiency in primary energy for a full 12 months, from October 2018 to September 2019.
Knutson noted that this is the first time this has happened since May 1982, as this latest development illustrates some broad implications on a number of fronts.
In 2018, the US oil deficit was estimated at $ 62 billion, which is equivalent to 10% of the country's total trade deficit of $ 621 billion, including goods and services.

From deficits to growth,
these changes in the US energy balance could turn its $ 62 billion oil deficit in 2018 into a $ 340 billion surplus by 2030.
Knutson said the change could add up to a $ 400 billion shift. Dollars, within a period of not more than 12 years, thanks primarily to the dramatic rise in oil shale production in the United States.
Ristad Energy expects total primary energy production to rise from 95 quadrillion BTUs in 2018 to 138 quadrillion BTUs in 2030.
Both crude oil and natural gas production will be the main contributors to the growth Primary energy supplies in this period, with oil accounting for 75% of growth and gas accounting for 38%.
Crude oil production from the Permian, Bakken and Eagle Ford basins is also expected to grow from 21.5 quadrillion BTUs (10.32 million barrels per day) in 2018 to 39 quadrillion BTUs (18.73 million barrels per day) in 2030. .
growth in natural gas production due to the increased supply in the basins Marsells and Haansfiel basins Utica, as there is also a large amount of associated gas from Albermaan basins, which would make the total natural gas production of up to forty quadrillion British thermal units (about 1.1 Trillion cubic meters of medicine gas Aa) in 2030, compared to 29 quadrillion British thermal units (0.8 cubic tons of gas) in 2018.anthy 29 / p

[6ly410]

Anger: Sino-US economic conflict is a factor influencing the stability of the global oil market

Economie

2019-12-01 | 09:06

https://www.alsumaria.tv/news/اقتصاد/326683/الغضبان-الصراع-الاقتصادي-الصيني-الأمريكي-عامل-مؤثر

Source:

Alsumaria News

 

2,588 views

The oil minister in the government of resigned Prime Minister Thamer Ghadhban, Sunday, the Sino-US economic conflict as a factor affecting the stability of the global oil market.

" Iraq reiterates its full commitment to the decision to cut production approved by the Organization of Petroleum Exporting Countries (OPEC) and allied countries outside the organization, " Ghadhban said, according to a statement from his office received by Alsumaria News at a press conference on the eve of his departure for the OPEC ministerial meeting . He expected to extend the decision to reduce production for another period to be agreed upon and the possibility of increasing the rates to (1,600) million barrels instead of (1,200) million barrels during the ministerial meeting to be held this week in Vienna .

He added that "the meeting will include a review of reports and research on the oil market, and the most important challenges faced in terms of an oil surplus and increased shale oil production of the United States as well as the economic conflict China - US, which is one of the important and important factors affecting the stability of the global oil market, in light of this "All of this will be reviewed to make the appropriate decision in order to achieve and balance the oil market."

 

 

He explained Ghadhban, that " Iraq supports the decision to achieve our goals in the rebalancing of the oil market and lead to stability, and that Iraq has the flexibility and openness Maahakq convergence in the views of Member States in order to reach a decision aimed to achieve better stability of the oil market."

He pointed out that " Iraq has a high flexibility in the implementation of the decision to reduce the planned production fields of national effort and does not affect the production of licensing rounds fields," pointing out that "the ministry was able in the past few days to reach an agreement with the region on oil production and the commitment to deliver the amount (250 Thousand barrels per day within the 2020 budget. "

Ghadhban stressed, "We have seen serious cooperation in this regard and they are committed to the specified production ceiling (450) thousand barrels per day, and this enhances the credibility of Iraq towards the Organization and the transparency of dealing with the quantities produced on the one hand, and to achieve additional revenues to the federal treasury contribute to reducing the deficit In the budget after the region's commitment to deliver 250 thousand barrels per day to the oil marketing company Somo. "

He explained that "the decision of the reduction, which was adopted in December 2018 has achieved a rate of commitment of 100 percent, which led to the stability of oil prices, therefore, the oil ministers in OPEC countries and outside the vision to continue this decision and increase the quantities of reduction."

 Editor: Saif Alhur

[6ly410]

[Rochester]

[yota691]

Iraq expects to extend the decision to reduce oil production for another period

Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas Al-Ghadhban

 02 December 2019 01:56 PM

Direct: Iraq expected to extend the Organization of Petroleum Exporting Countries (OPEC) and allied countries outside the organization, the decision to reduce production at its meeting in Vienna this week.

He reiterated Iraq's Deputy Prime Minister for Energy and Oil Minister, Thamer Abbas Ghadhban, Iraq's full commitment to the decision to cut production approved by the Organization of Petroleum Exporting Countries (OPEC) and allies outside the organization.

Ghadhban expected, according to a statement by the Ministry of Oil, to extend the decision to reduce production for another period to be agreed upon, and the possibility of increasing the rates of reduction to 1.6 million barrels instead of 1.2 million barrels; at the ministerial meeting to be held this week in Vienna.

Speaking at a press conference on the eve of his departure to attend the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries led by Russia, Ghadhban said the meeting will include reviewing reports and research related to the oil market and the most important challenges faced in terms of an oil surplus and increasing shale oil production. To the United States.

OPEC and its allies are due to meet on December 5 and 6 in Vienna to review the decision to continue production cuts by 1.2 million barrels per day until March 2020.

The Iraqi oil minister, it will also discuss China 's economic conflict - the US, which is one of the important and influential key factors in the stability of the global oil market; to take the appropriate decision and what aims to achieve the balance of the oil market .

The minister stressed that Iraq supports the resolution, which achieves its goals in rebalancing the oil market and lead to its stability, noting that his country has the flexibility and openness to achieve a rapprochement in the views of member states in order to reach a resolution aimed at achieving a better stability of the oil market .

Ghadhban pointed out that Iraq has high flexibility in the implementation of the reduction decision to be approved from the fields produced by the national effort, and does not affect the production of licensing rounds fields, noting that the ministry was able in the past few days to reach an agreement with the region on oil production and commitment to deliver the amount of 250 Thousand barrels per day within the 2020 budget.

The Minister continued: "We have seen serious cooperation in this regard and they are committed to the production ceiling set 450 thousand barrels per day."

He stressed the Iraqi Oil Minister, that this enhances the credibility of Iraq towards the Organization and transparency of dealing with the quantities produced on the one hand, and to achieve additional revenues to the federal treasury contribute to reduce the proportion of the budget deficit after the region's commitment to deliver 250 thousand barrels per day to the oil marketing company SOMO .

The minister pointed out that the decision to reduce, which was adopted in December 2018, achieved a rate of commitment of 100 percent, which led to the stability of oil prices, so the oil ministers in OPEC countries and outside the vision to continue this decision and increase the quantities of reduction .

OPEC and its partners agreed in July to  extend production cuts for an additional nine months,  ending in March 2020.

[yota691]

Oil confirms the commitment of the region to deliver 250 thousand barrels to Baghdad

Economy | 07:38 - 02/12/2019

 

 

 

 

BAGHDAD -
The Ministry of Oil, on Monday, the commitment of the Kurdistan region to deliver 250 thousand barrels, which will support the federal budget and achieve additional revenues were shortages cause imbalance in budget revenues.
"Iraq is committed to reducing oil production according to the decisions of the OPEC ministerial meeting and its allies," Oil Ministry spokesman Asim Jihad said in a statement seen by Mawazine News.
He pointed to "the existence of surplus oil countries to absorb, and this reflected on the balance and support prices in the world market," stressing "Iraq's commitment to reduce production according to the decisions of the OPEC ministerial meeting."

[yota691]

Oman Oil Minister: We recommend extending the oil production cuts until the end of 2020

 

Arabic and International Economy News _ Baghdad Oman's oil minister said on Wednesday his country's delegation to talks with major oil producers in Vienna this week would recommend extending production cuts until the end of 2020. Asked whether further reductions would help stabilize the market, Ramahi said on an occasion for Dubai's sector: "Whatever is required, I'm sure they (the oil talks) will make the right decision." The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies including Russia and Oman, the group known as OPEC +, meet in Vienna on Thursday and Friday. Views: 27   Date Added: 04/12/2019