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Iraqi-Saudi understanding to rebalance the global oil markets


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Former British managers convicted of corrupt oil contracts in Iraq

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Iraq and Saudi Arabia announced on Monday their full commitment to the OPEC + agreement to reduce production with a goal Rebalancing oil prices on world markets.

This came in a telephone call between Iraqi Oil Minister Ihsan Abdul Jabbar Ismail and Saudi Energy Minister Abdul Aziz Bin Salman.

According to a joint statement issued by the two sides, “The Kingdom of Saudi Arabia and the Republic of Iraq confirm their full commitment to an agreement OPEC Plus ».

In this regard, the Saudi Energy Minister praised "the performance of Iraq within the framework of the agreement, as it arrived." The level of commitment by Iraq in June to nearly 90 percent, as confirmed by that Secondary sources.

Bin Salman expressed his confidence that Iraq will continue and improve its level of commitment.

For his part, the Iraqi oil minister confirmed Iraq’s commitment to the OPEC Plus agreement, adding that Iraq would raise the level His commitment to 100 percent starting next month, with his commitment to compensation, during the months of July and August And September, about excess production quantities during May and June.

At the end of the phone call, the two ministers affirmed that “what is being done by the countries participating in the OPEC Plus agreement, From efforts towards adhering to the production reduction ratios established in the agreement, it will enhance the stability of global oil markets. "It expedites its balance." Last April, the OPEC + alliance reached a historic agreement to make cuts in Oil production is 9.7 million barrels per day with the aim of rebalancing crude prices in the market Globalism. Under the agreement, Iraq was to reduce its crude production by about one million barrels per day This past May and June.

On the other hand, Reuters reported, yesterday, Monday, that two former British managers working for a consulting company were convicted Energy is based in Monaco, by bribing Iraqi officials to seize lucrative oil projects contracts as the country tries to increase production After the occupation of Iraq in 2003. The head of the Serious Fraud Office, Lisa Usovsky, said that the defendants were used in a dishonorable manner A corrupt government is groaning under the weight of a dictatorship and occupation and trying to rebuild a war-torn country, excluding rivals and profiting.

It is noteworthy that the British jury convicted two former directors, the first British of Lebanese origin, in addition to a British director Another after marathon deliberations lasted 19 days.

He added that today, in order for the victory to be complete, the current government must hold accountable those responsible for the loss and ruin of the humpback and place them behind bars. And retribution from the corrupt and the killing of demonstrators and the end of militia activity and its unavoidable weapon, blessed to the Mosulis on the anniversary of the liberation of their city From the ISIS terrorist and our wishes for her return to its bright past.

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On Monday, Iraq and Saudi Arabia confirmed their full commitment to the OPEC Plus agreement to reduce oil production.

And she said Iraqi Ministry of OilIn a statement, Alsumaria News received a copy of it, that "today, a phone call took place between the Minister of Oil, Ihsan Abdul Jabbar Ismail, and Prince Abdulaziz bin Salman bin Abdulaziz, the Saudi Minister of Energy," explaining that "the conversation between the two ministers focused on following the developments of the oil markets, and improving The market is witnessing the global demand for oil, and the course of action in the current production cut agreement for countries OPEC Plus. "
 
 
The statement added that "Kingdom of Saudi Arabia And The Republic of Iraq They confirm their full commitment to an agreement OPEC Plus, "noting that" the Saudi Energy Minister praised Iraq’s performance in the framework of the agreement, as the level of commitment by Iraq in June reached nearly 90%, as confirmed by secondary sources. "The statement quoted Ismail as affirming

" Iraq’s commitment to an agreement OPEC Plus, "adding that" Iraq will raise the level of its commitment to 100% starting next month, with its commitment to compensate, during the months of July, August and September, for the excess production quantities during the months of May and June. 
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Updated .. oil prices fell on settlement amid the expectation of OPEC meeting

Updated .. oil prices fell on settlement amid the expectation of OPEC meeting

 July 13, 2020 09:59 PM Last updated: July 13, 2020 09:59 PM
Direct: Oil prices fell by more than 1 percent when settling transactions on Monday, amid anticipation of an extension of the agreement to cut production at the OPEC and allies meeting.

Investors are awaiting the issuance of the monthly report of the oil-exporting countries "OPEC" this week, on the production levels of member states during the past month.

Investors also pay special attention to the meeting of the OPEC Ministerial Technical Supervision Committee on Tuesday and Wednesday, which is scheduled to come out with a recommendation on the decision to extend the reduction of crude production.

Despite the drop in oil prices, it has recovered significantly from the lowest levels in several decades registered in April, with the negative impact of the collapse of demand amid the spread of Corona and the price war between Russia and Saudi Arabia.

While Libya exported its first shipment of black gold in six months last Friday, after a siege imposed by the eastern forces, but it reimposed the "force majeure" procedure on all oil exports yesterday.

Upon settlement, the price of US NYMEX crude for August delivery fell by 1.1 percent to $ 40.10 a barrel, after hitting $ 39.66 a barrel early in the trading.

By 6:45 pm GMT, the price of Brent crude for September delivery in September fell by 1.4 percent to $ 42.64 a barrel.

 
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Editing Date: 7/14/1414 14:33 • 25 times read
Iraq and Saudi Arabia issue a united position on the "OPEC +" agreement
[Baghdad_Yen]
Iraq and Saudi Arabia announced, on Monday, their full commitment to the "OPEC +" agreement to reduce production with a view to rebalancing oil prices in global markets.
This came in a telephone call between the Iraqi Oil Minister Ihsan Abdul Jabbar Ismail. And Saudi Energy Minister Abdul Aziz bin Salman.

According to a joint statement issued by the two sides, reported to Shafaq News, "The Kingdom of Saudi Arabia and the Republic of Iraq confirm their full commitment to the OPEC Plus agreement."

In this regard, the Saudi Minister of Energy praised "the performance of Iraq within the framework of the agreement, as the level of commitment by Iraq in June reached nearly 90 percent, as confirmed by secondary sources."

Bin Salman expressed his confidence that Iraq will continue and improve its level of commitment.

For his part, the Iraqi oil minister confirmed Iraq’s commitment to the OPEC Plus agreement, adding that Iraq will raise its commitment level to 100 percent starting next month, with its commitment to compensate, during the months of July, August and September, for the excess production quantities during May and June.

At the end of the phone call, the two ministers affirmed that "the efforts made by the countries participating in the OPEC Plus agreement towards adhering to the production reduction rates decided in the agreement will enhance the stability of global oil markets and accelerate the achievement of their balance."

Last April, the OPEC + alliance reached a historic agreement to make cuts in oil production of 9.7 million barrels per day, with the goal of rebalancing crude prices in world markets.

Under the agreement, Iraq was to reduce its crude production by about one million barrels per day in May and June.
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Editing Date: 7/13/2020:38 • 71 times read
Iraq announces to Saudi Arabia the date of its commitment to reduce oil production 100%
Ayna News - Baghdad,

the Minister of Oil, Ihsan Abdul Jabbar, told Saudi Energy Minister Abdulaziz bin Salman in a telephone conversation between the two of them today, Monday, when Iraq will comply with the agreement to reduce oil production by 100% according to the OPEC Plus agreement.

A statement by the Iraqi Oil Ministry received a copy of where the agency received, "The conversation between the two ministers focuses on following up the developments of the petroleum markets, the improvement witnessed in the market in the global demand for oil, and the course of work in the current OPEC Plus agreement."
At the end of the call, the two ministers issued a joint press statement: "The Kingdom of Saudi Arabia and the Republic of Iraq confirm their full commitment to the OPEC Plus agreement, and in this regard, His Highness the Saudi Minister of Energy praised Iraq’s performance within the framework of the agreement, as the level of commitment by Iraq reached in June To nearly 90%, as confirmed by secondary sources. "

The statement added, "Likewise, bin Salman thanked Minister Ismail for this achievement, and expressed his confidence that Iraq will continue and improve the level of its commitment."

Minister Ihsan Abdul-Jabbar Ismail confirmed Iraq’s commitment to the OPEC Plus agreement, adding that Iraq will raise its commitment level to 100% starting next month, with its commitment to compensate, during the months of July, August and September, for the excess production during the months of May and June.

At the end of the phone call, the Iraqi and Saudi ministers affirmed that the efforts made by the countries participating in the OPEC Plus agreement towards adhering to the production reduction rates decided in the agreement will enhance the stability of global oil markets and accelerate the achievement of their balance.
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The business results season and the OPEC report, the hub of global markets, start today

The business results season and the OPEC report, the hub of global markets, start today

July 15, 2020 12:12 AM
Mubasher - Ahmed Shawky : The start of the business results season and OPEC monthly report attracted the attention of global markets at the end of trading today, Tuesday.

GBMorgan's earnings and revenues exceeded analyst expectations during the second quarter of 2020, with a strong increase in stocks and bonds revenue.

Whereas, the profits of "Citigroup " declined by 73 percent during the three months ending last June, despite the increase in revenues by more than expected.

Wells Fargo lost $ 2.4 billion in the second quarter, and dividends were squeezed.

Indicators and numbers

US stocks posted strong gains at the end of trading, as the Dow Jones rose for the third straight session, winning 550 points, led by Caterpillar.

While European stock indices closed today's session in the red band led by the technology sector and after economic data.

Britain decided to ban the use of Huawei equipment in the 5G network , which angered China as its ambassador to the United Kingdom said it was a disappointing decision.

The technology sector led the Japanese stocks losses at the close of trading today.

In economic data, consumer prices increased in the United States during the past month for the first time in 4 months, and confidence of small American companies increased for the second month in a row.

In Europe, industrial production in the euro zone recovered last May, but with less than expected expectations, and the UK economy grew during the same period with less than expected estimates as well.

While a British financial authority expected the budget deficit in the United Kingdom to rise to the highest level since the Second World War.

In Germany, investor confidence decreased this month for the first time in 4 months, while the consumer price index increased during the past month.

While China's imports increased during the past month for the first time since the beginning of the Corona crisis.

In a separate context, the rate of delivery of "Boeing" aircraft fell by about 78 percent during the second quarter of this year.

OPEC report

Oil prices rose at the settlement in a volatile session after the disclosure of the monthly OPEC report and with the expectation of the results of the "OPEC +" meeting.

OPEC oil production fell by about 1.9 million barrels per day during the past month, to reach the level of 22.27 million barrels per day with a sharp drop in supplies from Saudi Arabia.

The Organization of Petroleum Exporting Countries raised estimates of global oil demand this year, but reduced forecasts for the supply of crude.

While gold prices fell marginally at the settlement, reducing its losses with the decline of the US dollar.

The dollar's decline came as the euro crossed the $ 1.14 level for the first time in 4 months.

 

 

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OPEC and allies, including Russia, discussed Wednesday oil production policy from next August, amid widespread expectations in the market that the group will reduce supply restrictions as the global economy slowly recovers from the Corona virus pandemic.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, in what is known as OPEC Plus, are cutting production by 9.7 million barrels per day since May, or 10% of global supplies, after the virus has undermined a third of global demand.
After July, the cuts are slated to be reduced to 7.7 million barrels per day until December. A committee of major producing countries meets in what is known as the Joint Ministerial Monitoring Committee to determine the next level of cuts.
 
Five OPEC sources said there were no recommendations to extend the record cuts in August.
OPEC Secretary-General Mohamed Barkindo stated this week that the oil market is close to achieving a balance.
On Tuesday, OPEC said it expects global demand to recover by 7 million barrels per day in 2021, after dropping by 9 million barrels this year.
Oil prices rebounded to around $ 43 a barrel, from a 21-year low of $ 16 a barrel in April.
The actual increase in production from August may be less than two million barrels per day, given that Iraq and Nigeria pledged to offset the high production level in May and June with reductions greater than their commitment.
Saudi oil exports will remain in August at the same level in July, according to sources in the sector told Reuters because of the additional production consumption locally. (Reuters)

 

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OPEC logo
  

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Economy News - Baghdad:

OPEC Plus agreed to implement the second phase of the 18% production reduction agreement in order to reduce the quantity supplied after the decline in demand as a result of the damage caused by the Corona virus, as OPEC Plus forced Iraq to postpone a number of oil shipments in August to next September due to its commitment to reduce production .

The second stage includes a cut of 7.9 million barrels per day until the end of this year, after it was 9.7 million barrels during the three months in May, June and July.  

An OPEC + source said that an important ministerial meeting of the group agreed on Wednesday to move to the next stage in the oil production cuts agreement by reducing the cuts starting in August.

The source added that the committee, known as the Joint Ministerial Monitoring Committee, also agreed on a timetable to compensate for increases in production in May and June for a few countries, which means that actual oil cuts will be deeper even after the restrictions are formally eased.

Saudi Arabia and Russia have pressed Iraq and Nigeria to reduce oil above their share within the next month to compensate for non-compliance during the past months.

And Iraq’s share of the reduction will be 849 thousand barrels per day, during the next month to the end of the year, and 258 thousand barrels will be added during the next two months only for its lack of commitment.

According to Bloomberg, that the oil marketing company (SOMO), in the second largest producer in the Organization of Petroleum Exporting Countries (OPEC), has informed at least four customers in the region that it will not meet their requests for contractual supplies, supply next month.

She indicated that two buyers will not receive any supplies from Basra oil in August, and that the marketing company will try to meet their needs next month.

Oil Minister Ihsan Abdul-Jabbar pledged that Iraq would raise its commitment level to 100 per cent from next month, with its commitment to compensate, during the months of July, August and September, for the excess production during the months of May and June.

 
 
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Oil prices drop after the "OPEC +" agreement

Oil prices drop after the "OPEC +" agreement

July 16, 2020 11:59 AM
Mubasher: Oil prices fell during Thursday's trading, after OPEC and allies agreed to reduce the record supply cut agreement.

The member states of the Organization of Petroleum Exporting Countries and allies from outside OPEC, the group known as "OPEC +", agreed to reduce oil production cuts.

This new decision will enter into force from August to 7.7 million barrels per day instead of the 9.7 million barrels per day applied from May to the end of July.

However, the decline in black gold prices came cautiously against the backdrop of hopes of a rapid recovery in demand after a larger-than-expected drop in US oil stocks.

According to data released by the US Energy Information Administration, oil inventories in the United States fell by about 7.5 million barrels per day during the expected week, which is much more than analysts' expectations of 2.1 million barrels per day in the downside.

By 8:37 am GMT, Brent crude for September delivery fell more than 0.4 percent to $ 43.60 a barrel.

The price of futures contracts for US NYMEX crude for August delivery fell by more than 0.7 percent to $ 40.89 a barrel.

 
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Kuwait: OPEC members agree to move to the second stage of production cuts

Kuwait: OPEC members agree to move to the second stage of production cuts
Inside one of the oil squint
 July 16, 2020 1:33 PM

Kuwait - Mubasher: The Governor of the State of Kuwait to the Organization of Petroleum Exporting Countries "OPEC" Haitham Al-Ghais announced today, Thursday, the existence of a consensus between the members of the organization and its allies "OPEC +" to move from the first stage by the historic agreement to reduce production, to the second stage starting from early August Next August .

He explained that this consensus comes against the background of the recommendation of the meeting of the Joint Ministerial Committee for Production Control yesterday with the participation of Kuwait, noting that the meeting of the Ministerial Committee preceded by a meeting of the Joint Technical Committee discussed the commitment data of countries during the month of June, according to KUNA .

He revealed that the committee was satisfied with the improvement in the commitment to reduce production from most countries, so that the total commitment of OPEC + countries increased from the level of 87% in May to 107% in June .

The governor of Kuwait stated to the organization that reducing the total reduction volume from 9.7 million barrels per day to 7.7 million barrels per day in August does not necessarily mean the return of two million barrels per day of supplies to world markets .

Al-Ghais pointed out that countries that did not fully comply with the reductions during May and June submitted clear plans to the committee on scheduling compensation for these quantities with more production cuts during the period from July to September, in addition to a seasonal increase. For domestic consumption in some OPEC + countries in the coming months .

He explained that the expectations of "OPEC" indicate a significant improvement in oil demand during the second half of the year compared to the first half, where demand is expected to rise from the level of 82 million barrels per day to 92 million .

He pointed out that the markets witnessed a tangible improvement due to the production cuts led by the "OPEC +" group, and the forced production decline in some other countries with the recent price drop, stressing that caution is still due due to economic concerns in general and specifically due to the impact of the Corona virus on demand Universal .

Al-Ghais said that the next meeting of the Joint Ministerial Committee for Production Control will take place on August 18th, when country commitment data will be reviewed during July, in addition to examining the conditions of oil markets .

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In a surprise announcement ... Russia: We will increase our production by 400,000 barrels starting in August
  
{International: Al Furat News} Russian Energy Minister Alexander Novak said today, Wednesday, that his country will increase its oil production by about 400 thousand barrels per day starting from the month of August.

"The global oil market is currently balanced and stable at the moment, after a sudden drop in demand due to the Corona virus pandemic," Novak added, speaking after the meeting of the Joint Ministerial Monitoring Committee of the OPEC + group, which recommended easing restrictions on oil production from August.
"Partially restoring production will be in the interest of the market," he said.
It is noteworthy that Brent crude oil prices amount to 43 dollars a barrel.
Ammar Al-Masoudi finished

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3 MIN READ

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FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford

MELBOURNE (Reuters) - Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 1 cent to $40.76 a barrel at 0204 GMT, while Brent crude LCOc1 futures were steady at $43.37 a barrel. Both were still on track to end the week up slightly.

On Thursday, the United States reported at least 75,000 new COVID-19 cases, a new daily record. Spain and Australia reported their steepest daily jumps in more than two months, cases continued to soar in India and Brazil stepped up lockdown measures.

 

The two benchmark contracts fell 1% on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) imposed earlier this year by some 2 million bpd from August.

But actual output additions will be closer to 1.1 million bpd, as countries like Iraq - which overproduced compared with their commitments to cut supply in May through July - agreed to bigger reductions in August and September.

Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said the market took some heart with the agreement for some to compensate for previous non-compliance with commitments at a time when there is uncertainty over demand growth.

 

“They’re taking those precautions. That gives the market confidence that OPEC+ is looking quite closely at those conditions to make sure they don’t push the market in the wrong direction,” he said.

Analysts expect the market to remain in the $40-45 a barrel range, with the looming return of some U.S. supply and uncertainty over fuel demand as new lockdowns may be needed to curb the resurgence of COVID-19 cases.

“The problem with the market right now is prices have got to a level where we’re concerned U.S. supply is going to come back,” Dhar said.

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Updated: oil falls on settlement for the first time in 3 sessions

Updated: oil falls on settlement for the first time in 3 sessions

July 16, 2020 10:00 PM
Direct: Oil prices fell by more than 1 percent for the first time in 3 consecutive sessions when settling trading on Thursday, after OPEC and allies agreed to ease the record supply cut agreement and with demand concerns.

The member states of the Organization of Petroleum Exporting Countries and allies from outside OPEC, the group known as "OPEC +", agreed to reduce oil production cuts.

This new decision will enter into force from August to 7.7 million barrels per day instead of the 9.7 million barrels per day applied from May to the end of July.

The decline in oil came with the losses of global stock markets amid the continued increase of Corona's injuries and the uncertainty about the recovery of the global economy.

Upon settlement, US NYMEX crude for August delivery fell 1.1 percent to $ 40.75 a barrel.

By 6:50 pm GMT, the price of Brent crude for September delivery fell by more than 1 percent to $ 43.31 a barrel.

 
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OPEC Plus forces Iraq to delay implementation of some oil export contracts

Thursday - July 16, 2020

 

Baghdad - the world
OPEC Plus agreed to implement the second phase of the 18% production reduction agreement in order to reduce the quantity supplied after demand declined, as a result of the damage caused by the Corona virus, as OPEC Plus forced Iraq to postpone a number of oil shipments in August to next September due to its commitment to reduce Production. The second stage includes a reduction of 7.9 million barrels per day until the end of this year, after it was 9.7 million barrels during the three months in May, June and July. An OPEC + source said that an important ministerial meeting of the group agreed on Wednesday to move to the next stage in the oil production cuts agreement by reducing the cuts starting in August. The source added, that the committee, known as the Joint Ministerial Monitoring Committee, also agreed on a timetable to compensate for increases in production in May and June for a few countries, which means that the actual oil cuts will be deeper even after the restrictions are formally eased. Saudi Arabia and Russia have pressed Iraq and Nigeria to reduce oil above their share within the next month to compensate for non-compliance during the past months. And Iraq’s share of the reduction will be 849 thousand barrels per day, during the next month to the end of the year, and 258 thousand barrels will be added during the next two months only for its lack of commitment.

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17-07-2020 12:37 PM
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Follow-up - news

Oil prices have retreated today with growing uncertainty about the global recovery in demand for fuel, while cases of Covid-19 are rising in several countries as major producers prepare to ease restrictions on production.

Brent crude futures fell 0.3% to $ 43.26 a barrel, and US West Texas Intermediate fell 0.1% to $ 40.71.

The two crude fell 1% on Thursday after OPEC + countries agreed to cut supply cuts from 9.7 million bpd to 7.7 million bpd.

The rise in coronavirus infections slows the recovery of fuel consumption after the easing of general isolation measures in the United States and other countries, raising fears that recovery of consumption from the impact of the pandemic may take years.

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