Oil is touching 50 dollars due to the weak dollar and Middle East tensions

[currenzcraze]

10 hours ago, WheresmyRV? said:

Starting to see 80 to 100 bucks a barrel coming by summer.

The last time the prices were this high the goat humpers squandered the opportunities so they could line their pockets.  Everyone is getting excited, but their history of handling oil prices and budgets show that Iraq does not know how to move forward.  On top of it all Iran is back in charge and already wreaking havoc.  I have been in this a long time and not ready to give up, but the reality is I come to DV just to socialize. 

Thanks Yota for all you do!

 

Have a HAPPY MONDAY!  
 

[NEPatriotsFan1]

4 minutes ago, currenzcraze said:

The last time the prices were this high the goat humpers squandered the opportunities so they could line their pockets.  Everyone is getting excited, but their history of handling oil prices and budgets show that Iraq does not know how to move forward.  On top of it all Iran is back in charge and already wreaking havoc.  I have been in this a long time and not ready to give up, but the reality is I come to DV just to socialize. 

Thanks Yota for all you do!

 

Have a HAPPY MONDAY!  
 

Yeah with OBiden back in charge, I have friends that are losing their jobs on the pipeline and he’s only been in office 50 hours. 
 

Same ole’ shenanigans that went on under Obama will commence under the new admin but worse, because with Obama there was at least a plan with Iran.... now that the Nursing home is running the show, between the frequent naps and changing depends, Iran will run right over Iraq and Syria again. I’m not feeling very hopeful as it relates to the Dinar. I’m starting to realize we are the goats In your aforementioned post. 

[davis411]

I mentioned here in Canada what I thought would happen

many were like won’t happen and as long as trump was gone

 

now few are saying uhhh

what happened 

[yota691]

 

The commitment of the OPEC + alliance to the oil agreement drops to 99% last December

 

•  

 2021-01-25 07:45

 

Shafaq News / The commitment of the OPEC + alliance to the production reduction agreement signed by member states in April 2020 decreased due to the collapse of oil prices in the outbreak of the Corona epidemic, before the agreement was amended, last December and early January. .

According to the British energy company, Argos Media, the rate of commitment of OPEC + member states during December reached 99%, compared to 101% in the previous month.

She added that "the commitment of OPEC member states, in December 2020, reached about 103%, compared to 93% for OPEC allies."

And she explained that "10 OPEC countries had committed themselves more, last November, which is 104%, compared to 95% for 10 non-OPEC countries (allies in OPEC +)."

Under the recent OPEC + agreement (January 3), OPEC + member states are scheduled to maintain constant production levels during February and March, with the exception of Russia and Kazakhstan, which were allowed to increase their production together by about 75 thousand barrels. Per day (65,000 barrels for Russia - 10,000 barrels for Kazakhstan).

In April, OPEC and its allies (OPEC +) pledged to reduce oil production by 9.7 million barrels per day, from the first of May until the end of June, with the reduction gradually decreasing, starting from July, and the agreement is extended Until April 2022.

[yota691]

Oil prices fall in light of fears of new isolation measures

10:55 - 25/01/2021

 

  

The information / Baghdad…
Oil prices fell in the second consecutive session, today, Monday, as the renewed general isolation measures to combat "Covid-19" raised new concerns about the global demand for fuel.
By 07:17 GMT, Brent crude futures were down eight cents, or 0.1 percent, to $ 55.38 a barrel, while U.S. West Texas Intermediate crude was down at $ 52.26 a barrel, down by a cent.
ANZ analysts said that "indications of weaker demand are pressing on the market", referring to lockdown measures in Hong Kong, China and possibly France in light of the rise in Covid-19 cases, which restricts business activities and fuel consumption.
China announced a jump in new cases of Covid-19 today, which cast a shadow over the outlook for demand in the world's largest energy consumer, and the main pillar of the strength of global oil consumption.
Last Friday, prices came under more pressure after data from the US Energy Information Administration showed that US crude stockpiles rose unexpectedly by 4.4 million barrels per day in the week ending January 15, against expectations of a decrease of 1.2 million barrels.
Data from Baker Hughes revealed that US energy companies added drilling rigs to explore for oil and gas in the week ending January 22 for the ninth week in a row, but their number is still down 52 percent compared to this time last year, according to what Quoted by Reuters. Ended 25

[Wiljor]

Oil Near $52 With Iraq and Russia Adding to Curbed Supplies (msn.com)

[Laid Back]

Good news for oil producing countries.!

I believe the Iraqi 2021 budget is calculated at $42 a barrel. 
At today’s price of $52 per barrel. I see a surplus of $10 per barrel 

Lets say iraq produced  4 million barrels per day. 
4,000.000.00 X $10 =$40,000.000.00 in surplus a day

Go oil production 

Go HCL 

Go RV

[Wiljor]

27 minutes ago, Laid Back said:

Good news for oil producing countries.!

I believe the Iraqi 2021 budget is calculated at $42 a barrel. 
At today’s price of $52 per barrel. I see a surplus of $10 per barrel 

Lets say iraq produced  4 million barrels per day. 
4,000.000.00 X $10 =$40,000.000.00 in surplus a day

Go oil production 

Go HCL 

Go RV

Totally concur brother Laid Back, Iraq is full of riches and the current devaluation of the IQD is temporary. Keep the people confused, and the speculators guessing 

[yota691]

 

A jump in oil prices on world markets

 

•  

 2021-01-27 00:24

 

Shafaq News / Oil prices jumped on Wednesday, after industrial data showed that US crude stocks fell last week, and China, the second largest oil consumer in the world, recorded the lowest daily rise in cases of COVID-19, which boosted hopes for a recovery in oil demand. .

 

Brent crude futures rose 24 cents, or 0.34 percent, to $ 56.88 a barrel at 05:14 GMT, adding to a slight gain on Tuesday.

 

U.S. West Texas Intermediate crude futures rose 26 cents, or 0.49%, to $ 52.87 a barrel.

 

The American Petroleum Institute (API) reported that crude oil inventories in the United States, the largest consumer of oil in the world, fell by 5.3 million barrels in the week ending January 22.

 

However, the data showed gasoline inventories rising by 3.1 million barrels, which was much more than expected.

 

The American Petroleum Institute data showed that stocks of distilled fuel, which include diesel and heating oil, rose 1.4 million barrels, compared to expectations of withdrawing 361 thousand barrels, and refining operations decreased by 76 thousand barrels per day.

 

Analysts said that after jumping to multi-month highs at the start of the year, it appears that the rise in oil prices has run out and has restricted its range in recent weeks.

 

However, prices were supported by easing concerns about a sharp drop in travel during the Lunar New Year in China, the world's largest oil importer, as the number of COVID-19 cases appears to be declining.

 

Official data showed 75 new confirmed cases of COVID-19 on Wednesday, the lowest daily rise since January 11

 

Typically, hundreds of millions of Chinese travel during the Lunar New Year holiday, which begins on February 11. However, government officials urged people not to travel to help contain the recent increase in coronavirus infections.

[yota691]

Just in 8 days these treasonous folks in Washington are working overtime to weaken the Middle Class... 

 

 

US oil production is declining by 100,000 barrels per day in a week

January 27, 2021 09:11 PM
Mubasher - Ahmed Shawki:  Oil production in the United States decreased by about 100,000 barrels per day during the past week, breaking the chain of stability that lasted for five consecutive weeks.

Today, Wednesday, data issued by the US Energy Information Administration revealed that US oil production decreased to the level of 10.900 million barrels per day during the week ending January 22, compared to 11 million barrels per day in the previous week.

The United States' oil imports decreased by 981 thousand barrels per day during the past week, to reach 5.06 million barrels per day in the previous week.

While oil exports in the United States increased last week by 1.1 million barrels per day, to reach 3.35 million barrels per day, compared to the previous week.

As for net imports of crude in the United States, it decreased by 2.08 million barrels per day, to a level of 1.7 million barrels per day.

[yota691]

Biden directed to freeze gas and oil drilling projects in the United States

Thursday January 28, 2021 - 02:07

Pursue - conscious

US President Joe Biden has signed executive orders to freeze new oil and gas exploration projects in the United States .

The American "ABC" network reported that Biden's orders aim to reduce oil, gas and coal emissions and double energy production from offshore wind turbines through executive orders he signed .

She indicated that the orders provide for freezing new oil and gas leases on federal land and water .

She pointed out that "Biden has set a goal of eliminating pollution from fossil fuels in the energy sector by 2035 and from the American economy in general by 2050, which will accelerate the growth of solar and wind energy, and reduce the country's dependence on oil and gas ."

She pointed out that "Biden's plan aims to slow down the phenomenon of human-induced global warming that amplifies dangerous weather events such as deadly forest fires in the west and torrential rains and hurricanes in the east ."

Source: RT

[Pitcher]

Joe is a Liar.  In the campaign he said he would not stop fracking.  Thanks for making the US more dependent on foreign oil Joe.  Thanks for emboldening Iran to restart their plan to take over the ME Joe.  

We were on the verge of real peace in the ME but now we are back to the failed ME policies of the Barry Administration.  Great news for arms manufacturers.  Thanks for more war, suffering, and death Joe.  

[yota691]

Brent price will hover at $ 54 until the end of 2021

Sunday 31st January 2021 49

 

 New York / agencies

 

According to opinion polls, oil prices will hover around their current levels for most of the year before the recovery begins to gain momentum by the end of 2021, when the introduction of vaccines to prevent Covid-19 helps the demand to gradually exit the depths of the pandemic.

The survey, which included 50 participants, expected the Brent crude price to reach an average of $ 54.47 a barrel this year, up from last month’s poll, which expected the average price to reach $ 50.67 per barrel, and the average price for Brent since the beginning of this month is $ 54.
 

Economic activities

Of the 32 experts who participated in the December 2020 and January 2021 polls, 28 respondents raised their expectations, painting a slightly more optimistic picture.

Analysts say a rise in economic activities and travel after Covid-19 vaccines may accelerate in the second half, but the recovery will take time.

 

Isolation procedures

"It's time to catch your breath, as demand will remain low in the near future due to the existing lockdown measures," said Frank Schallenberger, an analyst at LBBW.

To face the threat to demand, Saudi Arabia pledged to further reduce production by one million barrels per day in February and March, while most OPEC + countries will keep production levels stable during the new isolation measures.

"We expect OPEC + to gradually raise production in April-May in line with the increase in demand, but it will also keep the quota system in effect generally until the beginning of 2022," said analyst at the Economist Intelligence Unit, Kaileen Birch, adding that demand will recover to 2019 levels by 2023.

 

Futures

The survey expected the average price of US West Texas Intermediate crude futures to reach $ 51.42 a barrel in 2021, compared to an expected average last month of $ 47.45 a barrel. 

Another survey also showed that OPEC oil production rose in January, by 160 thousand barrels per day on a monthly basis to 25.75 million barrels per day, marking an increase for the seventh month in a row.

This came after the organization and its allies agreed to further ease record restrictions on supplies, but an involuntary drop in Nigeria's exports limited this increase.

 

Cut down on production

Despite the increase in production, the survey indicated that the compliance of OPEC countries with pledges to reduce OPEC production rose to 103 percent in January, compared to 99 percent in December.

OPEC + decided to reduce production cuts by 500 thousand barrels per day from January 1, with demand recovering to some extent after the emerging Corona virus crisis.

The survey concluded that this agreement was permitted 

OPEC could increase production by about 300,000 bpd in January, but the group 

It produced just over half of this amount after a sharp drop in supplies from Nigeria.

[yota691]

OPEC Adheres To About 99% Of Oil Production Restrictions

On January 31, 2021

 

The Independent / - OPEC and its partners estimate that they have implemented 99% of the oil supply restrictions agreed upon in January, according to a delegate who requested anonymity.

 

Noting that compliance data is preliminary, and it will be reviewed on Tuesday by the OPEC + Joint Technical Committee.

 

The 23-nation alliance, known as OPEC +, aims to withhold 7.2 million barrels per day of crude oil from the market this month, about 7% of global supplies. It was agreed to increase production by 500,000 barrels, starting in December, as part of a plan to ease cuts.

OPEC + agreed to unprecedented restrictions on supplies last April, after the Corona virus pandemic halted air traffic, shut down economies and caused oil prices to collapse. The price of benchmark Brent crude has nearly tripled since its decline in April 2020, reaching about $ 56 a barrel now. But it is still below the level most OPEC + countries need to balance their budgets.

[yota691]

Report: Iraq's oil production violates the OPEC agreement

•  Time: 02/02/2021 09:53:50
•  
•  Read: 2,119 times

  

{International: Al Furat News} Iraq’s crude oil exports remained virtually unchanged in January, which means that the country “may have failed to fulfill its pledge to reduce total production to the lowest level in six years,” according to a Bloomberg newspaper report. .

Iraq, which is the largest producer in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, exported about 3.24 million barrels per day in January 2021, a very slight decline, compared to December, which witnessed production of 3.27 million, according to For Bloomberg data. 
Iraq consumes up to 650,000 barrels per day in its refineries, and the oil is often used to power power plants as well.
Iraq had pledged to cut production to 3.6 million barrels per day to compensate for the previous OPEC breach.
OPEC and its partners such as Russia, in an alliance known as "OPEC +", have reduced production since last May, in an attempt to support oil prices that have deteriorated in the face of the Coronavirus pandemic.
Saudi Arabia criticized Iraq and other members, including Nigeria, for overstepping their borders and calling on them to make adjustments. 
Baghdad said that the reduction to 3.6 million barrels per day, the lowest level since early 2015, would compensate OPEC +.
Iraq’s production decreased amid OPEC + cuts, while Riyadh boosted prices in early January, when it announced a unilateral reduction of one million barrels per day for the months of February and March.
The Joint Ministerial Monitoring Committee of "OPEC +" will meet, on Wednesday, to review production levels and discuss the group's strategy. 
Crude oil sales are vital to support government spending for cash-strapped OPEC countries such as Iraq. 
The need to export and increase revenue is often an obstacle to getting them to commit to reducing their quotas.
The Iraqi Oil Marketing Company "SOMO" said, on Monday, that it exported 2.87 million barrels per day last month from fields under its control, which is consistent with Bloomberg data, but the number does not include shipments from the Kurdistan region of Iraq.

[yota691]

Saudi Arabia begins to reduce its oil production

15:23 - 02/02/2021

 

  

Information / follow-up.

A delegate from the Organization of Petroleum Exporting Countries (OPEC) confirmed that Saudi Arabia, which pledged at the beginning of last January to implement further cuts in production by another million barrels per day, has begun to implement this.

In response to a question in this regard, the official told the Russian "TASS" agency, "This is true .. Saudi Arabia has begun to reduce one million barrels per day since the beginning of February.

At the beginning of this year, the Kingdom announced the implementation of an additional reduction in oil production in February and March of 2021, in a move aimed at supporting oil markets in light of the emerging Corona virus pandemic.

In terms of trading, oil prices rose today in light of the production restrictions implemented by the countries of the "OPEC +" group, and market analysts said that "(OPEC) is showing more discipline in fulfilling its obligations at a time when the increase in Covid-19 injuries threatens any recovery of demand."

Brent was trading, by 14:01 Moscow time, at $ 57.55 a barrel, an increase of 2.13% over the previous closing price.

Meanwhile, US West Texas Intermediate crude contracts were traded at $ 54.75 a barrel, an increase of 2.24% over the previous settlement price. 25 S.

[yota691]

 

Bloomberg: Iraq has not committed to reducing oil production

 

•  

 2021-02-02 08:15

 

 

Shafaq News / An American newspaper specialized in economic affairs confirmed, on Tuesday, that Iraq did not adhere to the "OPEC +" agreement to reduce oil production, noting that Iraq's crude exports did not decrease during the past month.

 

Bloomberg newspaper reported that Iraq's crude oil exports during last January were almost unchanged from the previous month, considering that "Iraq may have failed to fulfill its pledge to reduce total production to the lowest level in six years."

 

Iraq had pledged to cut production to 3.6 million barrels per day to compensate for the previous OPEC breach.

 

Iraq, which is the largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, exported about 3.24 million barrels per day in January 2021, a very slight decline, compared to December 2020, which witnessed production of 3.27 million.

 

Iraq consumes up to 650,000 barrels per day in its refineries, and oil is often used to run electric power plants.

 

OPEC and its partners such as Russia, in an alliance known as "OPEC +", have reduced production, since last May, in an attempt to support oil prices that have deteriorated in the face of the Corona virus.

 

Saudi Arabia criticized Iraq and other members, including Nigeria, for overstepping their borders and calling for them to make amendments.

 

Iraq responded that the reduction to 3.6 million barrels per day, the lowest level since early 2015, would compensate OPEC +.

 

Iraq's production decreased amid OPEC + cuts, while Riyadh boosted prices in early January, when it announced a unilateral reduction of one million barrels per day for the next two months of February and March.

 

The Joint Ministerial Monitoring Committee of "OPEC +" will meet tomorrow, Wednesday, to review production levels and discuss the group's strategy.

 

Crude oil sales are vital to support government spending for cash-strapped OPEC countries such as Iraq.

 

The need to export and increase revenue is often an obstacle to getting them to commit to reducing their quotas.

 

Yesterday, Monday, the Iraqi Oil Marketing Company, SOMO, announced that it exported 2.87 million barrels per day last month, which is consistent with Bloomberg data, but the number does not include shipments coming from the Kurdistan Region.

[yota691]

High oil prices and expectations of reaching $ 65

Wednesday 03 February 2021 43

 

 London: Agencies
Oil prices rose about 1 percent yesterday, Tuesday, after major producers showed that they were reducing crude production in line with their previous commitments, supporting a market that was out of service due to weak demand during the Coronavirus pandemic. Brent crude rose 61 cents, or 1.10 percent, to $ 56.95 a barrel by 05:14 GMT, while US oil rose 62 cents, or 1.12, to $ 54.15 a barrel. Both contracts rose by more than 2% in the previous session.

OPEC production

On the other hand, a survey showed that OPEC oil production rose for the seventh month in a row in January after the organization and its allies agreed to further ease supply restrictions, although production growth was smaller than expected.

US government data last week showed a drop of 2.3 million barrels in crude stocks at the US crude futures delivery center in Cushing, Oklahoma. Analysts and dealers said that stocks are expected to record another weekly decline of the same amount.

 

The oil market

Goldman Sachs said oil prices could rise to $ 65 a barrel by July, expecting a shortfall of 900,000 barrels per day in supply in the oil market in the first half of 2021, a figure higher than its previous forecast of 500,000 barrels per day.

Oil continues to face a challenging short-term demand environment amid concern that new variants of Covid-19 will lead to further lockdowns, as vaccine launches are not going as smoothly as expected in some countries. The recent re-emergence of the virus in Asia has led to a fragile recovery in transportation fuels.

[yota691]

 

Oil prices touch $ 60

 

•  

 2021-02-04 00:52

 

Shafaq News / Oil prices continued their gains on Thursday after the OPEC + alliance of major producers adhered to the policy of reducing production, and with the decline in crude stocks in the United States to their lowest levels since March of last year.

 

Brent crude futures rose 3 cents, or 0.03 percent, to $ 58.72 a barrel by 05:35 GMT, after earlier hitting their highest levels since February 21, 2020, in the wake of the OPEC + decision.

 

U.S. West Texas Intermediate crude futures rose 34 cents, or 0.34%, to $ 56.03 a barrel after hitting their highest settlement level in a year on Wednesday.

 

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, extended their current oil production policy at a meeting on Wednesday, in a sign that producers are happy that large supply cuts are draining stocks despite uncertain expectations of a recovery in demand as the coronavirus pandemic continues. .

 

The US Energy Information Administration said on Wednesday that US crude oil inventories also fell to support prices, by 994,000 barrels last week to 475.7 million barrels, the lowest level since March.

 

The market was also boosted by news that Democrats in the US Congress have taken the first steps toward pushing President Joe Biden's $ 1.9 trillion coronavirus aid plan.

[yota691]

OPEC + adheres to the policy of oil production with an optimistic view of demand

 03 February 2021 09:05 PM
Mubasher: OPEC + maintained its oil production policy unchanged, with an optimistic view of crude demand this year.

The statement issued after the meeting of the Joint Ministerial Follow-up Committee of "OPEC +" today, Wednesday, that there is optimism about achieving a recovery in oil prices in 2021.

Oil prices recovered from the consequences of the Corona virus and reached their highest level in a year, thanks to record production cuts by OPEC and its allies.

The OPEC + committee did not indicate a change in production policy, which calls on most members to keep supplies steady in February, with Saudi Arabia voluntarily reducing oil production by one million barrels per day during the current and next months.

"While the economic prospects and demand for oil will remain uncertain in the coming months, the gradual distribution of vaccines around the world is a positive factor for the rest of the year, which will boost the global economy and demand for oil," the statement said.

The OPEC + Ministerial Committee will meet on March 3, and a full meeting of OPEC + members is expected to follow to set policy.

 

[yota691]

Iraq confirms its commitment to compensate for excessive quantities in oil production

Oil - archive

 04 February 2021 12:30 AM

Mubasher: Iraq has renewed its commitment to fully compensate for excessive quantities of oil production, in line with the decisions taken in ministerial meetings of OPEC and non-OPEC + countries.

And Iraq confirmed, according to a statement by the oil marketing company "SOMO", today, Wednesday, that it will continue its efforts to achieve the basic objectives of the cooperation pact aimed at restoring balance to the oil market.

This came against the background of the thirteenth ministerial meeting of OPEC and non-oil-exporting countries.

And Iraq indicated that the commitment to achieve 100 percent consensus by all participating countries and compensation for excessive quantities of production is both fair and equitable for all countries participating in the cooperation pact.

Today, OPEC + maintained its oil production policy unchanged, with an optimistic view of the demand for crude this year.

The "OPEC +" committee, against the background of its meeting, did not indicate a change in production policy, which calls on most members to keep supplies steady in February, with Saudi Arabia voluntarily reducing oil production by one million barrels per day during the current and next months.

[yota691]

Iraq exports 3.2 million barrels of oil per day during the month of January

Oil - archive

 04 February 2021 01:17 AM

Mubasher: The Iraqi Oil Marketing Company "SOMO" announced that the rate of oil exports during last January was 3.2 million barrels per day. 

SOMO stated, in a statement issued on Wednesday, that the oil production ceiling set in Iraq for the first quarter of 2021 is 3.857 million barrels per day.

SOMO indicated that based on the export rates for the month of January, which amounted to 2.868 million barrels per day for the federal government, about 397 thousand barrels per day for the Kurdistan region, the total Iraqi exports for the month of January amounted to 3.265 million barrels per day.

She indicated that Iraq's total production for the month of January reached 3.807 million barrels per day, and that the percentage of Iraq's commitment to reduce production is 106 percent.

She indicated, in a comment on the media agencies' publication, last Tuesday, that Iraq's production amounted to 3.870 million barrels per day during the month of January.

According to SOMO, the federal government's internal consumption, according to the plan, is 520,000 barrels per day, while the internal consumption of the Kurdistan region, according to the latest Deloitte report, is 22,000 barrels per day.

SOMO revealed that Iraq compensated nearly 50 thousand barrels per day of the total compensatory quantity for the previous periods, which amounted to 626 thousand barrels per day, and with this, the remainder for compensation during February and March 576 A thousand barrels per day.

[yota691]

OPEC +: We will not issue a recommendation regarding production policy

Economie

2021-02-03 | 11:29

 

1,239 Views

A draft statement and an OPEC source said that the concerned "OPEC +" committee will not issue any recommendation regarding changing the policy of oil production at its meeting today, Wednesday.

The draft statement said the Joint Ministerial Monitoring Committee was "optimistic about achieving a recovery in 2021."

For his part, Russian Deputy Prime Minister Alexander Novak said today that Moscow aims to fully comply with its agreement with OPEC and other major oil producers to limit production in order to support the global crude market, as reported by TASS news agency.

 

 

Alexander Novak added that it is important to monitor the production of non-members of the agreement between the Organization of the Petroleum Exporting Countries and other producers in what is known as the "OPEC +" group, according to the RIA Novosti news agency.

[yota691]

SOMO issues a statement about Iraq's share of the OPEC Plus agreement

•  Time: 02/03/2021 23:07:18
•  
•  Read: 4,095 times

  

{Baghdad: Al Furat News} The National Oil Company (SOMO) issued a statement regarding Iraq's share in the OPEC Plus agreement.

The company said in a statement, "Iraq renews its commitment and full compliance to compensate for excessive quantities in production and in line with the decisions taken in ministerial meetings of OPEC and non-member countries, following the thirteenth ministerial meeting of OPEC and non-oil-exporting countries on 4/5 January 2021. ".
She added, "Iraq continues its determination to achieve the basic objectives of the cooperation pact in order to restore balance to the market to achieve the sustainable stability that is urgently needed."
"The commitment to achieve 100% consensus by all participating countries, and compensation for excessive quantities of production, is a fair and equitable matter for all countries participating in the cooperation pact," SOMO indicated.
The estimates of the International Energy Agency showed that OPEC + countries reduced, last December, their commitment to the terms of the agreement to reduce oil extraction to 100 percent after it reached 101 percent in November, and for its part, Russia reduced This indicator rose to 93 percent, from 96 percent.
Saudi Energy Minister Abdulaziz bin Salman said that all participating countries need to fulfill the "OPEC +" agreement, and Nigeria, Iraq and Kazakhstan are making progress in compensating the unreduced quantities.
This is why the "OPEC +" group reached in May 2020 an agreement to reduce oil production by 9.7 million barrels per day, as the decision of "OPEC +" came to support oil prices, in addition to the decline in oil demand in light of the outbreak of the new Corona virus, starting in August. In August, the coalition eased restrictions by 7.7 million barrels, and in January it agreed to cuts of 7.2 million barrels, with Russia's share of 1.881 million barrels.

[Polar]

Oil is highest since it's plummet back to earth in 2014 - accept for a few months in 2018 when it hit 68, but WTI Crude is  56.69 +0.46    +0.82%.  Iraq better be ready as England is already boasting renewable energy sources (wind, solar, and oceans) at 38% and fossil fuels at 37%.  Not sure what the other 25% is.  maybe biofuels, maybe hampsters running on their wheels.