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Expectations that “OPEC +” will move forward with increasing oil production


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 2021-07-01 16:38
 

Shafaq News/ The members of the Organization of Petroleum Exporting Countries (OPEC) and their allies within the "OPEC +" alliance postponed on Thursday their summit aimed at setting production quotas for the month of August until Friday, while expectations indicated a slight increase to limit the rise in prices.

 

The cartel announced in a statement on Thursday that the OPEC + summit, which was originally expected on Thursday, was “postponed” and will be held on Friday at 14:30 GMT.

 

The group of 13 members of OPEC, led by Saudi Arabia, held a first meeting via video link, and it was supposed to meet with its allies, the ten oil-producing countries led by Russia, which together with OPEC members form what is known as the “OPEC Plus” alliance before the meeting was postponed.

 

Crude prices have returned to levels last recorded in October 2018, which usually supports views in favor of increased production.

 

India, the world's third-largest consumer of crude, has urged OPEC+ to phase out production cuts and allow prices to fall, at a time when inflationary pressure threatens to derail economic recovery.

 

 uncertainty

 

Angolan Oil Minister Diamantino Azevedo, who currently holds the presidency of OPEC, said at the opening of the meeting earlier that oil demand is expected to increase strongly in the second half of the year, but "it is not appropriate to lower our guard."

 

He added, "The Corona virus continues to claim lives, thousands of lives every day."

 

He added that the new Delta mutation and the high number of infections in many countries "are bleak reminders of the uncertainty that still lingers."

 

After declining at the beginning of the spread of Covid, oil prices rebounded to about $75 a barrel for the two reference contracts, Brent North Sea and West Texas Intermediate.

 

Next, oil traders expect that "OPEC Plus" will maintain its overall strategy, while many are looking for a slight increase of about 500,000 barrels per day as of August.

 

The “OPEC Plus” countries already benefit from the increase in prices, but if they rise significantly, this will encourage competitors to resort to resources that are not included in the production quotas imposed by the alliance.

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Iraq: Postponing the "OPEC +" meeting to reach an agreement that achieves market stability goals

Iraq: Postponing the "OPEC +" meeting to reach an agreement that achieves market stability goals
Ihsan Abdul-Jabbar Ismail, Minister of Oil, Iraq
 

 
Mubasher: Ihsan Abdul-Jabbar Ismail, the Iraqi Minister of Oil, announced today, Thursday, the postponement of the “OPEC +” meeting on the agreement to reduce production until tomorrow, Friday.

Ihsan Abdul-Jabbar Ismail said that the member states decided to postpone the meeting, which started today and lasted several hours, until tomorrow, to hold further discussions and consultations to reach an agreement that achieves common goals in stability and balance for global oil markets, according to the Iraq News Agency, "conscious."

Ismail referred to the efforts being made to bring the views closer in order to reach an agreement that serves producers and achieves stability.

He added that the meeting discussed the challenges facing the oil market and reviewed the reports prepared by the relevant OPEC committees, stressing OPEC's decision to hold its next meeting in Baghdad and celebrate the 60th anniversary in Baghdad.

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For the second time, “OPEC Plus” postpones its ministerial meeting to next Monday

For the second time, “OPEC Plus” postpones its ministerial meeting to next Monday
archival
 

 

Mubasher: The oil ministers of the (OPEC Plus) group decided to postpone the eighteenth ministerial meeting of the group through to next Monday, in order to allow for further consultations on production policy for the remainder of this year.

This came via video communication technology, according to news distributed by the organization's general secretariat, and published by Kuwait News Agency "KUNA", today, Friday.

The meeting is scheduled for next Monday, at 3:00 pm local time in the capital of Austria.

This is the second time that the ministerial meeting of the group has been postponed, after it was postponed from yesterday, Thursday, to today, Friday.

 

It was reported earlier about the existence of a proposed plan under which the member states of the group raise production as of next August, but it did not obtain consensus.

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ARAB WORLD

 Today, Saturday, the Iraqi Oil Ministry announced that Baghdad will host the next meeting of the Organization of Petroleum Exporting Countries "OPEC" on September 30th.

 

 

 

Baghdad - Sputnik. A spokesman for the Iraqi Oil Ministry, Assem Jihad, said in statements to "Sputnik" that the member countries of the "OPEC" agreed on the proposed date on September 30th.

 

 

Jihad pointed out that "the organization was unanimously agreed to hold the celebration of the 60th anniversary of the organization's founding in Baghdad."

Iraq is the second largest producer in the "OPEC", and oil prices have been rising over recent weeks, and according to the new oil prices, the fiscal deficit in the budget has not been filled despite the fact that oil has reached $75.

 

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OPEC
  

 Arabic and international


Economy News - Baghdad

The "OPEC +" alliance descended into a bitter internal conflict after a key member halted an agreement at the last minute, forcing the crude-producing group to postpone its meeting and casting doubt on an agreement that could mitigate rising oil prices.

 

The confrontation between the UAE and the rest of the alliance may eventually mean that OPEC+ will not increase production at all, according to one of the delegates. and without agreement; The current conditions for production to remain unchanged until April 2022 will be rolled back. This would put pressure on an already tight market, which could lead to inflationary price hikes.

 

The dramatic turn of events leaves the market in limbo - just as inflationary pressures are locking investors in oil above $75. It also discredits the carefully reconstructed oil pool, raising the specter of last year's devastating price war between Saudi Arabia and Russia.

 

Earlier on Thursday, the Organization of the Petroleum Exporting Countries and its allies appeared to have agreed in principle to increase production by 400,000 barrels per day each month from August to December. The term of the broader "OPEC +" agreement could also have been extended, to specify the final expiration of the cuts in December 2022 instead of April.

 

Delegates said the United Arab Emirates has scrapped the initial agreement. It said it would hold the deal until the benchmark for its cuts was adjusted, effectively increasing its production share. Oil prices jumped in response.

 

"Any request to adjust the production quota would be like opening a Pandora's box," says Giovanni Stonovo, commodities analyst at UBS. This could add an increase in production of about 700,000 barrels per day for the UAE alone, and "other countries may ask OPEC + for an adjustment as well."

This is not the first time that the UAE's ambitions have upset the negotiations. Late last year, Abu Dhabi floated the idea of leaving the agglomeration as it pressed for increased production. The OPEC meeting at that time was also postponed amid fraught negotiations, although an agreement was eventually reached. The UAE has also invested heavily in oil energy, and wants to be able to use it.

 

angry rejection


The UAE cuts are measured from a starting point in 2018, it set its maximum capacity at about 3.2 million barrels per day, but expansion projects have raised that number since then, and the country wants to reset the baseline to about 3.8 million barrels per day, according to delegates. .

 

The UAE argues that the change is necessary, because under the current terms of the OPEC+ agreement its cuts will be relatively deeper than those of other members. Delegates said Russia and Saudi Arabia - the leaders of the coalition - angrily rejected the UAE's request. Delegates said talks would resume on Friday, allowing time for consultations at higher levels of government.

“It's hard to see either side pull back enough to get a clean result tomorrow," says Richard Bruns, head of geopolitics at consultancy Energy Aspects Ltd. "The talks could extend into the end of the week, when any settlement of the OPEC accounts is likely to include." complex."

 

after the meeting is over; One delegate said that the UAE's baseline was a very important issue and that it would reject the OPEC+ deal unless there was a change. The Saudis similarly insist that extending the agreement until December 2022 is vital for market stability next year.

 

The price of oil has risen about 50% this year as demand recovers from the pandemic that has outpaced the recovery in OPEC+ supplies after last year's deep cuts. The rising price of crude oil, along with rising prices of other commodities, has central banks worried about inflation once again. Brent crude fell slightly on Friday.

 

OPEC+ is working to revive crude supplies that were halted last year in the early stages of the epidemic. The 23-nation coalition decided to add about two million barrels per day to the market from May to July, and the question before ministers this week is whether it will continue in the coming months.

 

Price pressures


The market witnessed a supply deficit for most of this year, as the increase in the oil group's production did not keep pace with the recovery in demand. From the coalition's point of view, this was an absolutely necessary remedy - the only way to exhaust the massive surplus fuel stocks that had built up as economies went into a tailspin.

 

right Now; The group's data shows that oil inventories are back to average levels as the strong recovery in fuel consumption continues. OPEC Secretary-General Muhammad Barkindo said on Tuesday that demand in the second half would be five million barrels per day higher than it was in the first six months of the year.

 

However, there are several factors that could trigger a pullback from the rally. If the United States reaches a nuclear deal with Iran, an end to sanctions could lead to an influx of new supplies.

And there is a threat to demand recovery from the mutated “delta” strain of the highly contagious Covid-19, which is already sending some countries back into partial lockdown, and contributing to an alarming rise in cases in others.

 

"Another implosion in "OPEC +" like last April is unlikely," said Vandana Hari, Vanda Insights, an oil consultancy. They have worked very hard over the past year to get the agreement largely done up to this point. I expect that the initial deal will take place between Saudi Arabia and Russia, but some kind of concession may be offered to the United Arab Emirates.”

 
 
Views 447   Date Added 07/02/2021
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Zubair oil field in Basra. "Reuters"
  

 Arabic and international


Economy News - Baghdad

An escalation of a rare diplomatic row between longtime allies Saudi Arabia and the United Arab Emirates has left the global economy puzzled over how much oil it will get over the next month.

The dispute has forced the "OPEC +" alliance to stop talks already twice, while the next meeting will take place on Monday, leaving markets in a state of uncertainty, coinciding with the continued rise in oil inflation to above $ 75 a barrel.

 

And with the coalition discussions about production policy for the rest of the year and for 2022 as well; The resolution of this confrontation will shape the market and industry in the coming year, but this dispute between the major producers was exposed to public opinion on Sunday, when the two countries, which usually keep their grievances in the corridors of royal palaces, broadcast their differences on television screens.

 

Each side holds its position


For its part, Riyadh insisted on its plan, backed by other members of OPEC +, including Russia, which stipulates the need to increase production during the next few months while extending the broader agreement also until the end of 2022, to achieve stability.

 

In an interview with Bloomberg TV on Sunday evening, Saudi Energy Minister Prince Abdulaziz bin Salman said, "We have to extend the deal. The extension will make a lot of people comfortable."

In a sign of the seriousness of the diplomatic row, Prince Abdulaziz pointed out that Abu Dhabi is isolated within the OPEC + alliance, becoming "the whole group versus one country. This is sad for me, but it is the reality," according to the prince.

 

Hours before that interview, UAE Energy Minister Suhail Al Mazrouei again refused to extend the deal, backing only a short-term increase in production and on better terms for his country through 2022.

"The UAE stands with an unconditional increase in production, which is what the market requires," Al Mazrouei told Bloomberg TV earlier on Sunday.

 

In this case, Abu Dhabi forces its allies to take a difficult position; It is either accepting its requests, or risking the dismantling of the "OPEC +" alliance. The failure to reach an agreement could put pressure on the already tight oil market, leading to a sharp rise in crude oil prices.

 

A more dramatic scenario is currently looming on the horizon, as the unity of the "OPEC +" alliance may collapse completely, which may lead everyone to risk selling crude oil at free prices, then prices collapse in a repeated scene from last year's crisis, when the Saudi-Russian dispute ignited Punitive price war.

 

No deal, no oil


Months after the price war ended with a truce, the UAE upset the market again by putting forward the idea of leaving the coalition, but the country did not repeat its threat again this week, but when asked if the UAE would withdraw, he replied curtly: "I hope not ".

 

without extending the agreement; According to Prince Abdulaziz, a pre-positioned deal will be implemented, which stipulates that oil production will not increase in August and the rest of the year, which may lead to an inflationary rise in oil prices.

Asked if they could increase production without the presence of the UAE, Prince Abdulaziz said: "We can't."

 

In addition, the member states of the "OPEC +" alliance, oil traders, and analysts were surprised by this dispute, and the apparent lack of communication between the two countries. Prince Abdulaziz has not spoken to his counterpart in Abu Dhabi since Friday, he said, despite his insistence that he is still his friend.

 

“I have not heard from my friend Sohail,” the minister said, adding that he was ready to talk to him, and “if he calls me, why not?” However, he declined to comment on a question about communication between other senior officials.

 

At the heart of this dispute, baselines remain the password in OPEC + production agreements, as each country measures production reduction or increase against the baseline, and the higher this number, the more countries are allowed to pump oil.

 

The UAE considers its current level of about 3.2 million barrels per day in April 2020 too low, and says it should be at 3.8 million barrels per day after the deal is extended until 2022.

On the other hand, Saudi Arabia and Russia refused to recalculate the production ceiling for the Emirates, fearing that every other country in the “OPEC +” alliance would demand reciprocity, which could lead to the dismantling of the deal, which took several weeks of negotiations, and mediated by US President Donald Trump.

 

The return of Iranian oil complicates matters further


Here, Prince Abdulaziz indicated that Abu Dhabi was choosing the right one for its new production target, and that this would set a bad precedent, saying: “What kind of settlement can you get, if you say, your production is 3.8 million barrels per day, and that would be your baseline? ?"

Abu Dhabi accepted the current baseline in April 2020, but does not want to stay in those restrictions for much longer, given its heavy spending on expanding production capacity, as well as attracting foreign companies.

 

With the possibility of Iran's soon return to the oil market, if it reaches a nuclear agreement; Abu Dhabi's patience with new terms will run out.

 

“OPEC +” is scheduled to hold its next virtual meeting today, Monday, at 3 pm Vienna time, although Prince Abdulaziz indicated that it is subject to change, but the prince did not comment on the chances of reaching a consensus, saying that he would work hard to get it, “tomorrow.” another day".

 
 
Views 45   Date added 05/07/2021
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Oil Minister Ihsan Abdul-Jabbar during the OPEC+ meeting
  

 energy


Economy News - Baghdad

Oil Minister Ihsan Ismail announced Iraq's position on the dispute over oil production levels within OPEC.

 

Ismail said in statements reported by the American “S&P Global” website, translated by “Nas” and seen by “Economy News,” that “Iraq supports the proposal to increase OPEC production between August and December, and supports the extension of the production cut agreement until the end of 2022, in It is a time when ministers are preparing to meet to resolve the impasse that extended from last week's meeting."

 

According to the website, “The OPEC + alliance was scheduled to agree last week to increase the collective production of crude oil by 400,000 tons per day every month from August to December and extend the supply management agreement until the end of 2022, but the UAE obstructed the agreement with its insistence.” to raise the level of basic production whose quota is determined, which other countries have said is unfair.

 

Saudi-Emirati confrontation

 

The site added, "The two Gulf neighbors Saudi Arabia and the United Arab Emirates on July 4 did not come close to compromising the production agreement, as the two countries' energy ministers took to the airwaves to announce their positions, which did not budge.

Saudi Arabia wants to link a series of monthly increases in OPEC production and prolong The group’s supply management agreement is until the end of 2022, while the UAE insists on increasing its production target before signing the extension.”

 

The website stated, "This impasse has left an oil market thirsty for crude oil since the start of talks on July 1, with many forecasters warning of a possible price hike if the 23-country coalition did not meet to reduce its production," noting that "the coalition intends, Which is currently blocking 5.8 million barrels / day of production, the reconvening of July 5 at 3:00 pm Vienna time / 13:00 GMT.

 

And S&P Global pointed out, “Failure to reach consensus (all OPEC + decisions must be unanimous), will return the alliance to the current production agreement, according to which production quotas will remain fixed at July levels, and from That would put pressure on an already tight market, as global economies continue to recover from the pandemic, boosting oil consumption."

 
 
Views 52   Date Added 07/05/2021
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Iraq warns of a "price war" and "serious imbalances" in the oil market

 
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Iraq warns of a "price war" and "serious imbalances" in the oil market Credit: GettyImages

Dubai, United Arab Emirates (CNN) – Mazhar Muhammad Salih, financial advisor to Iraqi Prime Minister Mustafa Al-Kazemi, warned, on Monday, that any increase in oil production from member countries of the “OPEC Plus” group without prior coordination “may pave the way for a price war and imbalances.” serious market.

 

Saleh said, "The increases in production from OPEC member countries must be done with caution and in high coordination among the member countries themselves to avoid any potential glut in the crude oil supply market that may cause undesirable price imbalances," according to the official Iraqi News Agency.

 

He added: "Any case of lack of coordination will provide an opportunity for speculators again to change their expectations centers in the oil futures market from long positions that are currently stable to short positions that are frightening price and anxiety, for the oil-exporting countries to intervene again with the failures of oil prices, accelerating the cycle of oil assets and falling prices due to the acceleration in increasing production without Knowledge and coordination that provides stability in supplies at stable prices over a longer period of time.

He continued, "In the absence of coordination and understandings between the producers in OPEC, the beginnings of a price war will be formed again in order to seize opportunities at the expense of the return, for the oil-exporting countries to intervene again in a cycle of twists and turns that threaten the future of their public finances and oil investment programs in a manner that must be commensurate with the return of gradual growth in the global economy, which is The stage of economic openness among nations after the Corona pandemic.

 
 

Saleh's comments came at a time when the "OPEC Plus" countries failed to reach an agreement on increasing production to meet the increasing global demand for oil.

The OPEC countries canceled their meeting, which was scheduled for Monday, according to an official statement, without specifying a new date for the meeting, while the statement indicated that the date will be determined in due course. News of the cancellation of the OPEC+ meeting was immediately reflected in oil markets, as the price of Brent crude, the global benchmark that has jumped nearly 50% this year, rose another 1% to $77 a barrel.

The “OPEC Plus” countries had held talks, last Thursday and Friday, about increasing production without reaching an agreement, so that the countries decided to hold a new round of talks on Monday, but it was canceled.

And on Sunday, the United Arab Emirates described the “OPEC Plus” agreement as “unfair” in terms of the base point of reference for the volume of oil production, stressing that it supports “any unconditional increase” in August production, in light of the global market need to increase production, but without linking an increase Production by extension of the term of the agreement.

At the same time, Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud called for a few "rationalities and concessions" to be made in order to reach an agreement on increasing oil production in the "OPEC Plus" alliance.

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Big oil losses with the uncertainty of the “OPEC +” position... and “NYMEX” below $ 73

Big oil losses with the uncertainty of the “OPEC +” position... and “NYMEX” below $ 7373
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Mubasher – Mustafa Reda: Oil prices recorded significant losses during trading today, Wednesday, as “NYMEX” crude fell below the level of $73 a barrel, with the ambiguity of the position of the “OPEC +” decision regarding future production policy.

 

The price of "NYMEX" crude contracts for August delivery decreased by 1.6 percent, losing $1.17, to record $72.20 a barrel.

By 7:32 pm GMT, the price of Brent crude futures fell by 1.7 percent, to lose $1.25 of its value, at the level of $73.28 a barrel.

The ambiguity of the "OPEC +" position

The oil losses in global markets come, with the ambiguity of the position of the “OPEC +” group’s decision regarding production policy, after canceling its last meeting, which was scheduled for last Monday, without specifying an alternative date, after delaying it for two consecutive times.

Sources indicated that the producers will decide on a date for a new meeting in due course, without giving any indication as to whether any compromise might be possible in the coming days.

And the “OPEC +” group agreed last year to reduce production by about 10 million barrels per day as of May 2020, with plans to phase out these restrictions on supplies by the end of April 2022, to achieve market stability after the demand for oil declined significantly due to the Corona virus crisis. .

The Kingdom of Saudi Arabia and Russia had recently reached a preliminary agreement to increase about two million barrels per day during the period from August to next December, and this is what is not disputed among the members of the group.

The initial agreement included an increase in production by 0.4 million barrels per day per month from August to December 2021, in order to meet the increasing global demand.

The point of contention is regarding the commitment to the period of managing oil supplies in the countries of the group until April 2022, instead of the end of next year.

Russian and American intervention and Kuwaiti mediation

Three sources told "Reuters", earlier today, that Moscow - the most prominent independent producer in "APOC +" - is now working to return the organization's countries to the negotiating table to find a way to reach an agreement.

Notably, Russia has strong political and economic relations with both Saudi Arabia and the United Arab Emirates.

"They have time to make a decision, and we hope to meet next week and reach an agreement," said one of the sources from the Russian side.

The other two sources indicated that Kuwait is also working to settle differences between member states.

And the White House said, on Tuesday, that the United States is closely monitoring the “OPEC +” talks, and that it has held high-level talks with officials in Saudi Arabia and the UAE. 

Saudi Energy Minister Prince Abdulaziz bin Salman said, in a recent interview, that consensus exists between the "OPEC +" countries, except for one.

And he added, that Saudi Arabia is the biggest sacrifice, and if it were not for its leadership, the oil market would not have improved. The Saudi minister asked: "If there were reservations in any country, why did it remain silent about it previously?"

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oil field
  

 energy


Economy News - Baghdad

The agency Standard & Poor's Global Platts, which specializes in monitoring the flow of oil, revealed that Iraq's oil production decreased slightly in the month of June compared to the previous month, which indicates a more strict adherence to the OPEC + share, which rose in the previous month .

And the agency said in a report, today, Sunday, that "the total Iraqi oil production fell to 3.862 million barrels per day in June, recording a decline from 3.879 million barrels per day during last May ."

And she added, "Oil production from the south and center stabilized at 3.42 million barrels per day, while oil production in the Kurdistan region decreased by 2.6%, reaching 441,000 barrels per day ."

And she indicated that "total oil exports decreased by 0.5% to 3.32 million barrels per day in June, compared to the previous month, to settle these exports approximately at 2.89 million barrels per day."

 
 
Views 199   Date added 11/07/2021
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Sumo: The region's lack of commitment to the OPEC Plus agreement contributed to the accumulation of compensation for Iraq
Economie

Sumo: The region's lack of commitment to the OPEC Plus agreement contributed to the accumulation of compensation for Iraq

Sunday, July 11, 2021 5:31 PM

Baghdad / National News Center الخبر

The assistant director of Sumo, Ali Nizar, confirmed today, Sunday, that the Kurdistan region's failure to comply with the OPEC Plus agreement contributed to the accumulation of compensation on Iraq, indicating that Iraq is required to reduce 6 million barrels per month.

Nizar said in a press statement, followed by the “National News Center”, that “Iraq’s share of oil production is 3.950 thousand barrels per day within the OPEC Plus agreement,” noting that “Iraq’s exports are 2950 thousand barrels per day to 3 million barrels, the OPEC Plus share.”

He added that "the Kurdistan region's lack of commitment to the OPEC Plus agreement contributed to the accumulation of compensation on Iraq," noting that "Iraq is required to reduce 6 million barrels per month due to the Kurdistan region's lack of commitment."
Nizar explained that "Parliament granted legitimacy to the Kurdistan region's non-compliance with the OPEC Plus agreement."

 
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 2021-07-13 04:39
 

Shafaq News/ The International Energy Agency expected, on Tuesday, that the stalled talks in OPEC + would lead to what it described as a "price war" in oil sales.

 

And the Energy Agency said, according to CNBC Arabia, that "stalled talks between major oil producers about pumping more supplies may deteriorate into a "price war", at a time when vaccines against Covid-19 cause a rise in crude demand.

 

The agency added that "the possibility of a battle over market share threatens markets, even if it is a remote possibility, as well as the possibility of rising fuel prices threatens to fuel inflation and damage a fragile economic recovery."

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 2021-07-13 01:48
 

Shafaq News/ Four major oil producers in the Middle East announced raising the official selling prices for crude oil - for next August delivery.

The rise in selling oil prices came with the recovery in demand and the rise of the benchmark Brent crude above the $75 barrier this month.

Saudi Aramco prices

Aramco raised the official selling price of Saudi Arabian Light crude oil to Asia next August by 80 cents, to reach $2.70 a barrel, above the benchmark price (Oman/Dubai).

The company also set prices for Arab Light crude shipments to the United States at $1.25 above the record level, up 20 cents from this July.

Arab Light crude selling prices to Europe increased by 80 cents, to $1.10 below the record level, compared to $1.90 in July.

Kuwaiti oil

Following in the footsteps of Saudi Arabia, Kuwait raised the official selling price of Kuwaiti light crude during the month of August by about $1 from the previous month, to be at $2.60 a barrel, above the average prices of the Sultanate of Oman and Dubai stock exchanges.

Kuwait raised the selling price of crude exported to Asia next month to $2.05 a barrel, which was higher than Oman/Dubai crude prices, up 80 cents from the previous month.

 

Iraqi oil prices

For its part, Iraq decided to raise the official prices for selling crude oil to customers in Asia in August.

Iraq raised the price of Basra Light crude to $2.25 a barrel over Oman/Dubai next month, up from $1.45 a barrel in July.

It also raised the official selling price of Basra Medium Crude - for delivery next month - to $1.35 a barrel, above the average prices of Oman/Dubai.

While the price of Basra Heavy crude was set at $0.65 a barrel, lower than the price of the Oman and Dubai stock exchanges.

Iran

The state-owned National Iranian Oil Company raised the official selling price of Iranian light and heavy crude oil to Asia next month by 80 cents each, being $2.40 and $1.30 higher, respectively, compared to Oman/Dubai crude prices.

While Iran raised the difference in the price of the Foruzan and Soroush crudes by 75 cents and 80 cents per barrel, respectively, during the month of August.

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5 hours ago, yota691 said:

The “OPEC +” crisis is exacerbating and putting the global economy in confusion

Including Iraq.. Four countries raise the selling prices of crude oil in Augustug

 

 

Thanks yota for all these articles...lets face it, when there's a market need - prices increase. We can thank the current US administration for it's role..IMO - RON

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Oil prices rise at the settlement to the highest level since October 2018

Oil prices rise at the settlement to the highest level since October 2018

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 July 13, 2021 10:44 PM
Mubasher - Mustafa Reda: Oil prices rose in global markets when settling transactions, today, Tuesday, to the highest level since October 2018, with the International Energy Agency warnings regarding continued market volatility with the uncertainty of the “OPEC +” group’s scene, and expectations of a continued decline in US oil stocks.


The price of "NYMEX" crude futures rose by 1.6 percent, gaining $1.15, at the level of $75.25 a barrel.

By 7:06 pm GMT, the price of Brent crude contracts increased by 1.7 percent, gaining $1.29, at the level of $76.45 a barrel.

The performance of oil comes with investors’ fears about the spread of new strains of the Corona virus, and the failure of the “OPEC +” group to reach an agreement on production policy for the coming period, which portends a price war in the market.

It is noteworthy, that there are fears that the failure of “OPEC +” to agree on new production targets may lead to the collapse of the entire agreement, and spark a new battle for market share between global producers.

IEA warnings

And the International Energy Agency, in its latest monthly report, expected that oil markets will remain volatile until it clarifies the vision regarding the “OPEC +” production policy, noting that these fluctuations do not help ensure orderly and safe energy transitions, nor are they in the interest of producers or consumers.

The agency indicated that energy market participants are closely watching the possibility of a deepening of the supply deficit if an agreement is not reached between the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies.

The agency reported a rise in global oil demand by 5.4 million barrels per day this year, and another 3 million barrels in 2022.

It said there was a "remote" possibility of a market share battle between producers, warning that higher fuel prices and rising inflation could hurt the fragile economic recovery.

She hinted, however, that uncertainty about the potential global impact of the highly prevalent "delta" strain is likely to calm market sentiment in the coming months.

It is worth noting that the last “OPEC +” meeting was canceled, without specifying an alternative date for reaching an agreement on crude production policy during the coming period.

Sources indicated that Moscow - the most prominent independent producer in "APOC +" - is now working to return the organization's countries to the negotiating table to find a way to reach an agreement.

The “OPEC +” group agreed last year to reduce production by about 10 million barrels per day from May 2020, with plans to phase out those restrictions on supplies by the end of April 2022.

The Kingdom of Saudi Arabia and Russia had recently reached a preliminary agreement to increase about two million barrels per day during the period from August to next December, and this is what is not disputed among the members of the group.

The point of contention is regarding the commitment to the period of managing oil supplies in the countries of the group until April 2022, instead of the end of next year.

US oil stocks 

The performance of oil comes with expectations that US crude inventories will continue to decline for the eighth consecutive week.

Analysts estimated that oil inventories in the United States fell by 4.3 million barrels, compared to a decline in the previous week by 6.9 million barrels.

 
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 2021-07-14 07:34
 

Shafaq News/ Reuters news agency, quoting a source in OPEC Plus, said that the UAE and Saudi Arabia reached a compromise on the oil production agreement by setting a higher reference production level for the UAE.

 

The source added that the UAE will obtain a higher reference production level of 3.65 million barrels in future oil agreements.

 

He explained that the UAE-Saudi agreement means extending the OPEC Plus agreement until the end of 2022.

 

The source confirmed that no date has been set for the next OPEC Plus meeting.

 

Brent crude fell by a dollar to $75.49 a barrel, after a Reuters report on a Saudi-Emirati agreement.

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OPEC is Dying! RIP OPEC
3,577 views Jul 13, 2021

 




Many of you, dear viewers, have requested me to do a video on the ongoing geopolitical battle in the middle east.

India is a huge importer of crude oil. The power games of the middle east concerns us all.

So do we stand to benefit? I think so.

In this video, I’ll tell you why I think OPEC is dying.
And also, why this development is great news for every Indian.

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2 hours ago, psdon said:

THE ONLY people making Money are the ones making the Barrels for the OIL🥺

 

not so fast psdon , i've been told the the barrel making has been outsourced to sweatshop labor factories and those children really don't understand the value of money yet ..... :jester: of course , all the best  

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11553.jpg
Oil field - "Reuters"
  

 Arabic and international


Economy News - Baghdad

Reuters quoted the UAE Minister of Energy and Infrastructure, as saying that an agreement had not yet been reached with "OPEC +" and that discussions were still continuing.

Reuters news agency quoted a source in "OPEC +" this morning, Wednesday, that Saudi Arabia and the UAE had reached a settlement regarding the oil production agreement.

The sources added that the UAE will obtain a higher reference production level of 3.65 million barrels per day in future oil agreements, compared to 3.16 million barrels per day currently.

The “OPEC +” alliance was exposed to a crisis after the United Arab Emirates objected to the decision to extend the alliance agreement until the end of next year without adjusting its production ceiling, which led to the disruption of the increase in oil supply.

While a source told "Bloomberg" that OPEC + will set a new meeting soon.

The alliance witnessed a disagreement in meetings before the last “OPEC +” meeting, which was canceled later, due to linking the increase in production during next August to the extension of the agreement, which the UAE objected to, demanding an amendment of the base point on which the size of the required reduction was calculated from Each country is in the process of extending the agreement, which the coalition headed by the Kingdom of Saudi Arabia objected to.

 
 
Views 299   Date Added 07/14/2021
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Oil falls 5% within 48 hours, pressured by expectations that “OPEC +” will reach an agreement on production

Oil falls 5% within 48 hours, pressured by expectations that “OPEC +” will reach an agreement on production
oil - archival
 

 
Mubasher - Mubasher: Oil in global markets lost about 5 percent of its value within 48 hours, under pressure from the nearness of "OPEC +" reaching an agreement on the future production policy.

 

The prices of "NYMEX" crude futures contracts fell, today, Thursday, by 2 percent, to lose $1.48, to record $71.56 a barrel, at the lowest level since June 18.

By 7:25 pm GMT, the price of the Brent crude futures contract fell by nearly 2 percent, losing $1.47, at the level of $73.29 a barrel.

And the "NYMEX" crude contracts for August delivery fell by 2.8 percent, when they settled trading yesterday, at the level of $73.13 a barrel.

Signs of solving the "OPEC +" crisis

Yesterday, a source in OPEC + revealed that the Kingdom of Saudi Arabia and the UAE had reached a compromise and settlement regarding the “OPEC +” agreement to produce oil.

The source said that the agreement gives the UAE a higher production baseline, pointing out that the UAE will obtain a higher reference production level of 3.65 million barrels per day in future oil agreements.

The source pointed out that the Saudi-Emirati agreement on production means the extension of the OPEC + agreement until the end of 2022.

And on July 5, the  “OPEC +” group meeting  to approve a new policy for oil supplies in global markets was canceled , after being postponed for two consecutive times.

The dispute was over extending production management in the group’s countries to the end of next year 2022, instead of a previously scheduled date in April 2022.

 

And the “OPEC +” group agreed, last year, to reduce production by about 10 million barrels per day from May 2020, with plans to phase out those restrictions on supplies by the end of April 2022; To stabilize the market after the demand for oil fell significantly due to the Corona virus crisis.

US oil stocks and the "Delta" strain

The performance of oil comes in light of a more than expected decline in US oil inventories during the past week.

Yesterday, the US Energy Information Administration indicated that crude stocks fell by 7.9 million barrels last week, compared to estimates of a decline of only 4.3 million barrels for the same period.

Oil markets are still awaiting the status of the spread of the new mutated delta strain of the Corona virus, with concerns about the establishment of economic restrictions by governments to confront the rapidly spreading mutant.

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It is likely that a ministerial meeting of OPEC + will be held tomorrow, Sunday

political02:19 - 07/17/2021

 
image
 
 

 

Follow-up - Mawazine News,
"OPEC +" member countries are discussing holding a ministerial meeting tomorrow, Sunday, after settling most of the differences between the parties, according to two sources in the Organization of Petroleum Exporting Countries.
And one of the sources told the Russian "TASS" agency, today, Saturday, that "it is likely that the meeting will take place tomorrow," adding that he is awaiting official confirmation in this regard.
The other source confirmed that the talk is about the date of July 18. The source answered yes to a question about whether the main differences were resolved, due to which the oil ministers of the participating countries were unable to ensure that their consultations resulted in reaching concrete agreements so far, although he mentioned that there are issues that still need to be discussed with other participants in the deal. End 29 /a43

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 2021-07-18 07:15
 

Shafaq News/ "Bloomberg" news agency reported on Sunday that the meeting of the OPEC + alliance agreed to increase the UAE's share to 3.5 million barrels per day, and to raise the production of Iraq and Kuwait by 150 thousand barrels per day, noting that the next meeting will be held in September 2021.

 

And she said in her report, that the OPEC + alliance agreed to increase the baseline for the UAE in the production cut agreement to 3.5 million barrels per day, instead of 3.17 million currently.

 

It was also agreed to increase the production of Iraq and Kuwait by 150 thousand barrels per day, to be based on the new baselines as of May 2022, in addition to extending the agreement to reduce production until the end of next year, and increase production as of next August.

 

The meeting of the energy ministers of the "OPEC +" alliance began a few minutes after one in the afternoon, Baghdad time, which is held via video technology, chaired by Saudi Energy Minister Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak.

 

A representative of one of the coalition countries had revealed to Bloomberg Agency minutes before the start of the meeting that the UAE expects to review its baseline for production cuts to 3.5 million barrels instead of 3.17 million barrels currently. The meeting is the Saudi-UAE dispute that has alarmed oil traders. The UAE saw that the way its share was calculated was unfair. It opposed an agreement unanimously agreed by the rest of the coalition countries, which would have added 400,000 barrels per day each month. The brief breakdown of talks sent crude oil to a 6-year high on the New York Stock Exchange, but prices have since fallen to trade just under $72 a barrel last Friday.

Earlier this week, there were signs of progress between Saudi Arabia and the UAE towards a measured agreement, which would have given the latter a more generous production quota. And then yesterday, Saturday, ministers from Saudi Arabia, the UAE, Kuwait, Bahrain and Oman met via the Internet to discuss the matter, according to delegates of countries from the “OPEC +” alliance

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