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

[yota691]

 

OPEC: Iraq is the highest among the members of the organization in raising its oil production in August

 

 2021-09-14 02:08

 

Shafaq News/ OPEC, which consists of 13 countries, announced that Iraq was the highest among the members of the organization in raising its oil production last August.

The organization said in a report seen by Shafak News Agency that "the production of oil by OPEC member countries rose by 151 thousand barrels per day during the past month, to reach 26.762 million barrels per day, supported by increased supplies from Iraq, Saudi Arabia, the UAE and Angola.

And she added, "The largest increases came from Iraq, as its oil production rose by about 91 thousand barrels per day, to reach 4.056 million barrels per day, after it was 3.965 last July, followed by Saudi Arabia, which recorded an increase of 69,000 barrels per day, bringing its production to 9.488 million barrels per day." .

He added, "The UAE came third with an increase of 55 thousand barrels, then Angola came fourth with an increase of 43 thousand barrels per day. Kuwait came fifth with an increase of 17 thousand barrels per day, Algeria sixth with 9 thousand barrels per day, and Libya with 5 thousand barrels per day, Gabon by one thousand barrels." Daily.

The report indicated that "the largest decline came from Nigeria, where shipments decreased by 114 thousand barrels per day, followed by Congo, with a decrease of 14 thousand barrels per day, and Iran witnessed a decrease in its production by 8 thousand barrels per day, while Venezuela and Equatorial Guinea kept their oil production below change in ap".

The Organization of Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Girasole (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabie Lite (Gabon), Heavy Iran (Islamic Republic of Iran) Basra Al Khafif (Iraq), Kuwait Export (Kuwait), Es Sidr (Libya), Pune Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Miri (Venezuela).

[yota691]

Oil Minister: “OPEC +” seeks to maintain the price of $ 70 a barrel in the first quarter of 2022

 

Oil Minister Ihsan Abdul-Jabbar, "Economy News"

energy Economy News - Baghdad The Iraqi Oil Minister, Ihsan Abdul-Jabbar, said that the “OPEC +” alliance is working to keep oil prices at the level of 70 dollars in the first quarter of 2022, adding, “The global economy is recovering and I expect oil prices to stabilize above 65 dollars.” He stressed that "OPEC + will most likely keep the same oil agreement unchanged during its next meeting in October if prices remain stable." He pointed out that "any possible closures in the future or a decline in oil prices may affect the decisions of the upcoming" OPEC +" meeting. He expected that "Iraq's total oil exports, including the Kurdistan region's exports, will reach 3.4 million barrels per day in September."

Views 4   Date added 19/09/2021

[yota691]

 

Iraq expects OPEC to adhere to a specific price of a barrel of oil until next year

 

 2021-09-19 07:37

 

 

Shafaq News/ Oil Minister Ihsan Abdul-Jabbar announced on Sunday that the Organization of the Petroleum Exporting Countries and its allies will try to keep crude prices at $70 per barrel in the first quarter of 2022.

 

Abdul-Jabbar said in a press conference, according to Reuters, that he expected the group to adhere to the current production agreement when it meets in October if prices remain stable.

 

And he indicated that "Iraq's total oil exports, including the exports of the Kurdistan Region in the north of the country, are expected to reach an average of 3.4 million barrels per day in September."

 

Earlier, the “OPEC +” countries agreed to continue to adhere to the terms of the current deal, including increasing oil production in October by 400,000 barrels per day.

 

The “OPEC +” countries (the alliance of OPEC producers, and independent producers led by Russia) have reduced their production by 9.7 million barrels per day, since May of last year; Due to the reduced demand for oil against the background of the Corona virus pandemic.

 

With the stability of the situation, and since August 2021, the coalition has increased production by 400,000 barrels per day, in the hope of gradually withdrawing from its commitments to reduce production, by the end of September 2022.

 

As of August, the size of the OPEC + production cut amounted to about 5.36 million barrels per day.

 

A baseline was taken for all members, in October 2018; As for Russia and Saudi Arabia, it was decided to be 11 million barrels per day.

 

However, as of May 2022, it was agreed to raise the base for reducing oil production for: Russia, Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait.

 

For Russia and Saudi Arabia, production will rise by 500 million barrels, to 11.5 million barrels per day.

 

The group decided, during its last meeting, to raise its production baseline from 43.8 to 45.5 million barrels per day as of May 2022.

 

As for the Emirates, it was set at 3.5 million barrels per day, and it was raised to Kuwait and Iraq at 150,000 barrels per day, each; As of next May.

[yota691]

The Minister of Oil reveals his expectations for the oil markets (OPEC) and the total exports of Iraq in the current September

•  Time: 09/19/2021 17:32:08
•  
•  Reading: 1,183 times

  

{Economic: Al Furat News} The Minister of Oil, Ihsan Abdul-Jabbar, expected, on Sunday, that Iraq's total exports of crude oil would reach 3.4 million barrels per day in this September.

 

Abdul-Jabbar said, in a statement received by Al-Furat News, that "OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022."
"We expect the group to abide by the current production agreement when it meets in October if prices remain stable," he added.
The Minister of Oil indicated that "the total exports of Iraq's oil, including the exports of the Kurdistan region in the north of the country, are expected to reach an average of 3.4 million barrels per day in September."

Wafaa Al-Fatlawy

[yota691]

Economie

OPEC AGREES TO HOLD ITS 60TH FOUNDING CONFERENCE IN IRAQ

Tuesday, September 21, 2021 1:14 PM

Baghdad / National News Center
OPEC announced today, Tuesday, its approval to hold its founding conference in Iraq next year, while indicating that it is talking with the Ministry of Oil to provide the logistical and preparatory requirements necessary for the conference.
The Secretary-General of the Organization, Muhammad Barkindo, said in a letter addressed to all the heads of delegations of the member countries of OPEC and non-member countries, that "Iraq will host the sixtieth anniversary of the founding of the organization in the first quarter of 2022."
Barkindo added that "Oil Minister Ihsan Abdul-Jabbar Ismail informed me of Iraq's readiness, desire and ability to host the founding conference, after completing all the necessary arrangements."
He added, "The General Secretariat of the Organization of the Petroleum Exporting Countries is in talks with the Ministry of Oil to ensure that all necessary logistical and preparatory requirements are arranged," noting that "we look forward to seeing you in Iraq at the beginning of 2022."
On June 30, Barkindo announced that the Iraqi government had agreed to host the sixtieth anniversary of the founding of OPEC on September 30, 2021, in the People's Hall in Baghdad, but the Minister of Oil announced the postponement of the conference through a letter to OPEC.

[yota691]

 

Table.. Find out the base quantity for Iraq's current and new oil production for 2022

 

 2021-09-22 02:48

 

Shafaq News/ The ministers of the Organization of Petroleum Exporting Countries in the Organization of Petroleum Exporting Countries had agreed during their meeting on the first of this September to increase 400 thousand barrels per day in order to achieve a collective goal of production during the month of October, compared to September, after they agreed in their meeting to continue easing restrictions.

The organization set "the basic production quotas for Iraq of 4.653 million barrels per day until April 2022, and the basic production quantity for Iraq, starting from May 2022, was set at 4.803 million barrels per day, an increase of 150 thousand barrels per day."

The share of Saudi Arabia's base production will also increase by 500,000 barrels per day, the UAE's 332 thousand barrels per day, and from outside OPEC, the increase in Russia's base production will reach 500,000 barrels per day.

Below is a table of the quantities exported to OPEC countries:

[yota691]

Oil Minister to Bloomberg: Iraq is ready to pump more crude if necessary

by Editor Iraq news , economy 2 Hours ago

Iraqi Oil Minister Ihsan Abdul-Jabbar expected a rise in oil demand due to the natural gas supply crisis that is forcing consumers to search for alternative types of fuel.

Abdul-Jabbar indicated in an interview with Bloomberg Agency that Iraq is ready to pump more crude if the increase in consumption calls for it.

And Bloomberg Agency said that futures contracts in New York rose by two and a half percent, while crude stocks fell for the seventh week in a row to about four hundred and fourteen million barrels, according to the Energy Information Administration report.

[yota691]

Economie

OIL MINISTER: IRAQ'S EXPORTS CONTINUE TO INCREASE BY 400,000 BARRELS PER MONTH

 

 

Wednesday, September 22, 2021 9:05 PM

Baghdad / National News Center

Today, Wednesday, Oil Minister Ihsan Abdul-Jabbar confirmed that Iraq's exports will continue to increase by an average of 400,000 barrels per month.

Abdul-Jabbar said in a statement to the official agency, followed by the “National News Center”: “The ministry hopes to maintain the price of oil at more than 65 dollars per barrel, and there is a recovery of the global economy, challenges and fears,” noting that “there is a continuous increase in the volume of Iraq’s exports of 400 thousand barrels per month.

He pointed out that "OPEC will hold a meeting at a later time to discuss the situation of the global oil markets," noting that "it is too early to talk about the results of the meeting with OPEC, and we expect that the increase will remain at the size of 400,000 barrels, under two conditions: that the price levels remain at their current level and not be There is a change in global markets.”

He added, "Iraq aims to export 3 million and 400 thousand barrels per day for this month from its northern and southern outlets based on reducing crude oil consumption in electric power production plants," stressing that "OPEC and its allies are working to keep the price of a barrel of oil at a rate close to $70 a barrel." .

On the oil and gas projects, the Minister of Oil stressed that "Iraq is determined to make all gas projects in Mansouriya and in the Basra Gas Company a success, and in agreement with Total and Baker Hughes in Nasiriyah and in Halfaya as well."

Regarding the investment of the crutch field, the minister expressed his hope for an agreement with one of the international companies to invest the field, pointing out that “a number of international companies view the security situation as one of their concerns.”
He stated that "there are assurances from the Iraqi side for these companies, and discussions are continuing with them to invest the field."

[yota691]

For the first time since 2018, oil rises to $80 a barrel

•  Time: 09/28/2021 08:12:00
•  
•  Reading: 949 times

  

{Economic: Al Furat News} The price of Brent crude jumped, today, Tuesday, above $ 80 for the first time in nearly three years, amid expectations of rising demand and concerns about supplies as the world slowly emerged from the epidemic crisis.

Brent crude rose 0.8 percent in Asian morning trading to $80.19, its highest level since October 2018, according to "AFP".

West Texas Intermediate crude also rose 0.9 percent to $76.07.

Global supplies are tight due to the rapid recovery in fuel demand from the Delta outbreak and Hurricane Ida's damage to US production.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, the group known as "OPEC +", are facing difficulties in increasing production as the lack of investment continues or maintenance work is delayed due to the pandemic.

[yota691]

Expectations of a rise in oil prices from 90-100 dollars a barrel

•  Time: 09/27/2021 15:03:46
•  
•  Reading: 1,313 times

  

{Economic: Al Furat News} Expectations indicate that global demand for oil will return in early 2022 to levels before the outbreak of the new Corona virus, while Goldman Sachs estimated that its price will rise to between 90 and 100 dollars per barrel.

Today, Monday, oil producers and traders expected that global demand for fuel would return to pre-Covid-19 levels by early next year, with the economy ridding itself of the consequences of the pandemic, but the excess refining capacity will likely pressure those expectations.

Sector leaders said that despite the continued increase in cases of the disease in many markets, which affected the recovery of demand for some refining products, such as jet fuel, consumption trends for gasoline and diesel indicated higher growth, according to Reuters.

These statements were made at the 2021 Platts Petroleum Asia-Pacific Conference, which is being held in a hybrid form this year, as it includes both real and virtual participants.

"We've seen refining margins recover as demand recovers," said Eugene Leung, president of BP Singapore and chief executive of BP's trading and shipping arm in Asia, the Pacific and the Middle East. of production lines," according to Reuters.

"Most likely, the excess refining capacity will reduce to some degree those margins," he said in a pre-recorded speech to the conference.

The head of Hess Corp, an American oil and gas producer, said that the company expects global demand to return to pre-pandemic levels, which were 100 million barrels per day, by the end of this year or early 2022.

The IEA also forecast a strong recovery from the fourth quarter, citing "strong pent-up demand and continued progress in vaccination campaigns" to prevent COVID-19.

And it expected that the average global demand for oil in 2021 will reach 96.1 million barrels per day and 99.4 million barrels per day in 2022, compared to recording 90.0 million barrels per day in 2020.

The Organization of the Petroleum Exporting Countries (OPEC) expected average demand in the fourth quarter of this year to reach 99.70 million barrels per day.

For its part, Goldman Sachs raised its forecast for the price of Brent crude by the end of the year to $90 a barrel, from $80 currently, due to the recovery of fuel demand at a faster rate than expected from the repercussions of the spread of the mutated delta from the Corona virus and the impact of Hurricane Ida on global supplies.

Brent futures approached three-year highs last week as global production disruptions prompted companies to withdraw large amounts of their crude stocks.

Crude was traded at $79.19 a barrel at 0619 GMT, while the price of US West Texas Intermediate crude was $75.08 a barrel.

“We have long had a positive outlook for oil prices, but the supply-demand deficit is currently larger than our expectations with global demand rebounding from the effect of a delta shift faster than our previous forecast and with global supply continuing at lower levels than our previous forecast,” Goldman Sachs said in a note dated September 26. ".

Earlier this month, "OPEC" and its allies, "OPEC +", agreed to stick to a decision taken in July to gradually undo production cuts.

Goldman Sachs said that the damage caused by Hurricane Ida to supplies erased the impact of the increase in "OPEC +" production, and that production of non-shale oil was still disappointing.

Regarding its forecasts for 2022, the bank reduced its average forecast for the second and fourth quarters to $80 from $85 a barrel, taking into account the possibility of a US-Iran nuclear deal by April.

remission 

[yota691]

 

Despite the high prices, the world is on a date with an imminent oil shock

 

 2021-09-28 07:59

 

Shafaq News/ Despite the recent rises in oil prices in global markets since the beginning of this year, it does not seem that the rally has reached its end, as most observers expect the rise to continue and the world facing an imminent shock as a result of the lack of supplies, in return for an increase in demand for crude, according to the German news agency.

According to the analysis written by Sharon Chu, a specialist in energy affairs, and Skeet Sondria, the economic editor at Bloomberg News, the global oil market is heading towards a supply shock, with the decline in international energy companies' investments in fossil fuel production projects and the increasing trend towards clean energy. Some analysts also believe that global demand for oil will not reach its peak until the next decade.

Greg Hill, director of operation at Hess Corp., said during his participation in the Platts APEC 2021 forum in Singapore, that the total value of international oil companies' investments in exploration and extraction projects fell to about $300 billion, less than half of the total annual investments before the outbreak of the pandemic. The new Corona virus, which was 650 billion dollars.

Energy companies face growing calls from shareholders and governments to increase their spending on clean energy and focus on a future less dependent on fossil fuels.

For his part, Saad Rahim, chief economic analyst at the global commodity trading group Trafigura Group, said during his participation in the same forum that started yesterday in Singapore, that "the oil industry as a whole is caught between divergent investment imperatives... For the near future, the world's need is likely to continue." For more than 90 million barrels per day, the question is: How can we find the required investments in order to produce this amount” of crude.

Rahim added that the oil industry has been suffering from a "structural underinvestment" and insufficient capital spending since the outbreak of the global financial crisis in the last quarter of 2008.

It is noteworthy that oil prices rose during the current year by more than 50 percent, with the expansion of vaccination programs against the emerging corona virus, which allowed many countries of the world to ease restrictions on movement that were previously imposed to prevent the spread of the virus.

At the same time, global stocks of crude oil and fuel fell to pre-pandemic levels, raising the price of benchmark Brent crude for global markets to about $ 80 a barrel, despite the slowdown in China's economic activity and the decline in spending as a result of domestic restrictions.

For his part, Giovanni Sirio, head of the global market analysis department at the Swedish energy group Vitol Group, said that the rise in international oil prices is mostly focused on spot contracts, while the final level of the futures price curve is still relatively low.

This has led to a decline in the flow of financial investments towards long-term projects, also known as mega projects, which include pumping larger amounts of investments and risks with long-term returns. Meanwhile, US shale projects that could fall into the short-term category have shown discipline in oversupply despite rising prices.

It is expected that prices will continue to rise in light of the inability of supplies to meet the rapid increase in demand, according to Ben Lowcock, co-head of the oil trading sector at the "Trafigura Group".

The statements coincided with a report by the US investment bank (Goldman Sachs Group) that expects Brent crude prices to rise to $90 a barrel by the end of this year, because the market's supply deficit compared to demand was greater than what most analyzes indicated.

As for Ryan Fitzmauris, commodity markets expert at Rabobank, he says that there is a strong possibility that oil prices will continue to rise in the coming weeks with speculators buying in order to take advantage of the upside trend and not miss the opportunity to achieve amazing returns on their investments.

Giovanni Sirio, who expects global demand for oil to reach its peak in the next decade, says that the effects of the lack of investments in oil exploration and extraction projects are likely to appear soon, with increased energy consumption as a result of the effects of economic stimulus packages, easing monetary policy and lifting restrictions on movement and travel.

Crude oil prices are also rising in light of indications of a sharp decline in global stocks with the increase in demand before the entry of winter and the movement of the “OPEC Plus” grouping of oil countries towards increasing their oil production.

Trafigura Group says that while traders anticipate a large deficit in the global oil market, prices for longer-term contracts are still cheap and hovering around $70 a barrel. At the same time, the so-called "difference" that measures market strength has risen sharply in recent weeks, which is an additional indication that the market's outlook for traders is positive.

Finally, analysts at Goldman Sachs, including Damien Corvalin in a report to clients, say that it is unlikely that the market deficit will decrease in the coming months, because, in their view, it will be greater than the desire and ability of the OPEC Plus countries to bridge it.

[Monkndad]

1 hour ago, yota691 said:

For the first time since 2018, oil rises to $80 a barrel

•  Time: 09/28/2021 08:12:00
•  
•  Reading: 949 times

  

{Economic: Al Furat News} The price of Brent crude jumped, today, Tuesday, above $ 80 for the first time in nearly three years, amid expectations of rising demand and concerns about supplies as the world slowly emerged from the epidemic crisis.

Brent crude rose 0.8 percent in Asian morning trading to $80.19, its highest level since October 2018, according to "AFP".

West Texas Intermediate crude also rose 0.9 percent to $76.07.

Global supplies are tight due to the rapid recovery in fuel demand from the Delta outbreak and Hurricane Ida's damage to US production.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, the group known as "OPEC +", are facing difficulties in increasing production as the lack of investment continues or maintenance work is delayed due to the pandemic.

$80 per barrel sure does put money in the economy for Iraq. Sure does seem like a great time to raise the value of the currency. 

[umbertino]

 

Starting Oct.1, 2021 here in Italy electricity bills will suddenly rise 30% ( should have been 40% but State decided to intervene) and home gas bills will rise 15% ( should have been 20%)....Costs include also the expenses for getting suited to green energy

[bigwave]

1 hour ago, umbertino said:

green energy

Wait until you see the "green energy" bill...

[umbertino]

23 hours ago, bigwave said:

Wait until you see the "green energy" bill...

 

 

I know...Trying to stay optimistic.....

[Pitcher]

Don’t worry.  There is NO inflation. 

[aj1]

‘There is no inflation’, are you trying to pull an old Jedi mind trick?😉

[GreedyDinar07]

These clowns will steal all of the money and split it between themselves and Iran and the Country will go into bankruptcy. As the world turns towards green energy, $80 a barrel will be a dream! A fool and their money will soon part!! 

[yota691]

OPEC+ aims to maintain production plans in November

energy

September 29, 2021

 

OPEC + ministers will hold their online meeting next Monday (Getty)

 

Sources told "Reuters" that the ( OPEC + ) alliance will likely stick to an existing agreement to add 400,000 barrels per day to current production in November when it meets next week, despite the fact that oil reached its highest level in more than three years above 80 dollars per barrel and consumer pressure for more supplies.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, the grouping known as OPEC+, agreed in July to raise production by 400,000 bpd each month to phase out cuts of 5.8 million bpd. It also agreed to evaluate the deal in December.
"So far, we will maintain the plan to increase by 400,000 barrels per day," one of the sources said.
OPEC, which meets regularly, agreed in September to continue with its existing plans to raise production in October.
The OPEC + Joint Technical Committee will meet today, Wednesday, to study the market situation and present results to the ministers.
The sources said that the OPEC+ ministers, who will hold their meeting online on Monday, will study the findings of the Joint Technical Committee before making a final decision.
Brent crude rose to a three-year high above $80 a barrel on Tuesday, supported by unplanned disruptions in the United States and a strong recovery in demand after the damages of the pandemic. Prices are just under $80 on Wednesday.
The White House, which in August raised concerns about rising prices, said on Tuesday it was in contact with OPEC and looking at how to address the cost of oil.
India, the world's third largest importer and consumer of oil, hinted on Tuesday that an increase in crude prices would speed up the shift to alternative energy sources.

 

Energy ministers from OPEC members Iraq, Nigeria and the United Arab Emirates have said in recent weeks that the group sees no need to take extraordinary measures to modify the existing agreement.
The agenda of the Joint Technical Committee includes compliance with the existing cuts, which amounted to 116 percent in August, which means that the group is reducing production more than planned, while several members face domestic constraints to increase production. This indicates a tight oil market.
Sources said that OPEC members Nigeria and Angola, two major African oil exporters, will struggle to boost production to their OPEC+ quota levels until at least next year due to a lack of investment and maintenance problems.
This means that any significant increase in production by the group will depend on producers with spare capacity, such as Saudi Arabia and the United Arab Emirates.
Barclays said the recovery in demand would outpace OPEC+'s moves to reduce its restrictions "in part due to the limited ability of some producers in the group to increase production, which is likely to drive ... stocks to the lowest level in decades."
(Reuters)

[yota691]

Oil falls before the OPEC + meeting next Monday

•  Time: 01/10/2021 17:56:19
•  
•  Reading: 832 times

  

{Economic: Al Furat News} Oil prices fell, during Friday's trading, amid the prospects that the "OPEC +" alliance would strengthen a planned increase in production in order to ease concerns about supply.

And Brent crude futures fell 0.2 percent to $ 78.19 a barrel, by 06:38 GMT, but it is still heading towards achieving a small increase in the week, to achieve gains for the fourth consecutive week.

US West Texas Intermediate crude futures fell 15 cents to $74.88 a barrel, but the contract is still on track to achieve gains for the sixth consecutive week.

Markets' attention now turns to the "OPEC +" group meeting next Monday, where producers will discuss whether they will exceed their current agreement, to boost production by 400,000 barrels per day in November and December this year.

Four sources in "OPEC" said that adding more oil is a scenario being considered, without disclosing details about quantities or timing, while oil is currently hovering near its highest level in three years and consumers are pressing for more supplies.

Source: Reuters

[yota691]

 

The Iraqi Oil Minister talks about the rise in the price of crude to $ 100 a barrel

 2021-10-03 13:59

 

 

Shafaq News/ The Iraqi Oil Minister, Ihsan Abdul-Jabbar, confirmed today, Sunday, that if the price of crude reaches $100 per barrel, this will not last long, indicating that OPEC aims to stabilize the market.

 

Abdul-Jabbar said, during an interview with "Sky News Arabia", that he is working on a program aimed at increasing the country's production capacity to eight million barrels per day, which is a "balanced capacity," as he put it.

 

He added that Iraq aspires to achieve the goal of increasing gas production to 4 billion cubic feet before 2025.

[yota691]

 

Oil falls ahead of OPEC + supply policy meeting

 

 2021-10-04 01:32

 

Shafaq News/ Oil fell on Monday, ahead of the OPEC + supply policy meeting that may decide whether the recent rise in prices can continue as the world intermittently recovers from the COVID-19 pandemic.

Brent crude fell 10 cents, or 0.09 percent, to $79.20 a barrel by 05:13 GMT, and rose 1.5 percent last week, its fourth consecutive weekly gain. US oil was down 9 cents, or 0.13%, at $75.79, after rising in the past six weeks.

Oil prices rose amid supply disruptions and a recovery in global demand, which last week pushed Brent to a nearly three-year high above $80.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to meet later in the day.

The group is facing pressure from some countries to produce more to help lower prices as demand has recovered faster than expected in certain parts of the world.

OPEC+ agreed in July to increase production by 400,000 bpd each month until at least April 2022 to phase out 5.8 million bpd of existing cuts. 

It will be the closest increase in November since the last OPEC+ meeting decided trading volumes in October.

The rise in oil prices over the past week was also driven by a larger increase in gas prices which are up 300% and are trading around $200 a barrel on similar terms, leading to a shift to fuel oil and other crude products for electricity generation and other industrial needs.

[ronscarpa]

Nevertheless the price is still up there in the GOOD zone..!

[yota691]

 

“OPEC +” reaches a new agreement on production policy

 

 2021-10-04 10:56

 

Shafaq News/ Sources in "OPEC +" said, on Monday, that OPEC and its allies agreed to stick to their current agreement to add 400,000 barrels per day of oil to the market in November, according to Reuters.

 

This comes, despite consumer pressure to cool off a market in great demand.

 

Ministers from the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, within the framework of the “OPEC +” group, met remotely to discuss oil policy.

 

The price of Brent benchmark crude rose to more than $ 80, more than 50% more than it was at the beginning of the year, driven by turmoil on the supply side, and increased demand with the global economy recovering from the Covid-19 pandemic.

[yota691]

 

OPEC: Iraq's production quota is 4.193 million barrels per day in November

 

 2021-10-06 05:00

 

Shafaq News/ OPEC announced that the share of Iraq's oil production was set at 4.193 million barrels per day during the month of next November, after OPEC + agreed to increase 400 thousand barrels per day.

 

The organization stated in its schedule, seen by Shafak News Agency, that "the production share for Iraq for the month of November was set at 4.193 million barrels per day, an increase of 44,000 barrels per day from the month of October, which amounted to 4.149 million barrels per day, and an increase of 88 thousand barrels per day compared to last September." ".

 

And she added, "The production of both Saudi Arabia and Russia was set to produce 9.913 million barrels per day, during the month of November, an increase of about 100,000 barrels per day from the current month of October, and the UAE's production share increased by 30 thousand barrels per day, to reach 2.855 million barrels per day. over the next month."

 

She pointed out that "OPEC's share of the planned increase of 400,000 barrels per day in November will amount to 253 thousand barrels to reach 24.048 million barrels per day, while the share of the countries allied with OPEC will reach 146 thousand barrels per day to reach 13.894 million barrels per day."

 

And OPEC + agreed, during its meeting last Monday, to increase its oil production by 400,000 barrels per day, according to the previously agreed schedule.