Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

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


yota691
 Share

Recommended Posts

Secretary-General of "OPEC": The expectations of the oil market are positive in general

Secretary-General of "OPEC": The expectations of the oil market are positive in general
 
 

Mubasher: The Secretary-General of "OPEC" said that the outlook for the oil market is generally positive, indicating that the uncertainty that prevailed over the past year is declining.

Mohamed Barkindo added, in statements via Twitter, today, Tuesday, that positive global economic developments and resilient demand in Asia are encouraging.

Barkindo spoke on the sidelines of the meeting of the Joint Technical Committee of "OPEC" members.

Barkindo indicated that the situation for the oil market is looking good, referring to the latest balance between supply and demand for 2021.

OPEC + will hold a meeting next Thursday, amid expectations of an increase in production by about 500 thousand barrels per day.

  • Thanks 3
Link to comment
Share on other sites

Thursday ... an important meeting of OPEC Plus, and Saudi Arabia warns of complacency
  
{International: Al Furat News} Oil producers will meet, next Thursday, at OPEC Plus meetings, to discuss the production cuts that were approved during the past year, as the majority of members want to gradually increase production, while Saudi Arabia wants to continue reducing it.

The OPEC Plus group had agreed to reduce production to control prices in the market, after the Corona pandemic affected demand significantly, as many producers believe that production quantities should be raised, especially after prices returned to recovery to pre-Covid-19 levels, not to mention the improvement in demand. And Corona vaccinations around the world, according to a report published by the CNBC website.

Saudi Arabia warns of "indolence" and
despite indications of improved demand and prices, Saudi Arabia remains cautious with regard to production policy, and members of OPEC Plus, which includes Russia, are warning that "lax" in production during the current time in light of the repercussions of the Corona pandemic and the emergence of new strains and the return Shutdowns around the world might not be a positive thing.

The Saudi Energy Minister, Prince Abdulaziz bin Salman, had said in statements bearing a message to oil producers: "Do not try to anticipate the unpredictable." 

The Russian position
Russia, in the past weeks, has expressed its intention to increase oil production and return to levels before the Corona pandemic.

And Alexander Novak, Deputy Prime Minister of Russia, had recently stated that Moscow supports the gradual increase in oil production, especially in light of the improvement in demand and the increasing distributions of Corona vaccines around the world.

Disagreement or agreement

Analysts told "CNBC" that the recovery in the oil market is still fragile, and that producers should not disturb the balance that they have created during the past months.

They added that the lack of convergence of Saudi Arabia's trends with Russia, may mean a kind of disagreement between the two sides, which is not needed in the oil market now.

In a previous Bloomberg report, the issue of oil production and supplies may constitute a point of contention between Saudi Arabia and Russia, which raises fears of a sharp disagreement in the oil market similar to what the year 2020 witnessed, when the oil price war broke out between Riyadh and Moscow.

Byarn Sheldrup, an oil market analyst at SEP Group, said that despite the potential disagreement, both sides can get what they want, as Russia may be allowed to increase production, while Saudi Arabia will try to reduce its production in a way that maintains the balance in the oil market. .

Since the beginning of the year, oil prices have improved and rose by about 20 percent, amid expectations of an improvement in demand during 2021.

The oil market in 2020 and
through 2020, oil prices lost a lot after the world lost its appetite for crude oil consumption, as the average price of Brent crude reached $ 51 per barrel.

But prices retreated at a later time due to the repercussions of the Covid-19 pandemic, especially with the increase in losses in March, when countries implemented closures and companies closed their doors to limit the spread of the disease.

A year of fluctuations in the oil market,
and tight restrictions have curbed demand in sectors that mainly use oil such as aviation, with aircraft grounded in all parts of the world and the global economy has entered a recession.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) faced massive internal conflict.

Oil futures collapsed on the back of a fierce price war between Saudi Arabia, the leader of OPEC, and Russia, a key member of the expanded OPEC Plus group.

Russia rejected Saudi Arabia's request to reduce its production to meet the decline resulting from the Corona epidemic in demand for crude.

In response, Saudi Arabia, the largest global exporter, lowered its prices and increased production to maintain market share in the face of Russian opposition.

This price war, in addition to the worsening epidemic, has led to a deterioration in oil prices.

The oil market got a big boost in November and December with the development of several Covid-19 vaccines that revived hopes for a return to normal life and a revival of demand for energy sources.

Prices also rebounded after OPEC and its allies struck a deal in early December to increase production in the coming months, but at a lower rate than was expected in their previous agreement.

  • Like 1
  • Upvote 1
Link to comment
Share on other sites

 
26518.jpg
Mohamed Barkindo Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC)
  

 Arab and international


Economy News - Baghdad

Mohamed Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said that the organization believes that the outlook for the oil market is generally positive, and that the uncertainty that prevailed over the past year continues to recede.

"This is a major shift from the situation a year ago," Barkindo was quoted as saying on Twitter today, "The positive developments in the global economy and the strength of demand in Asia are two encouraging factors."

This came before the meeting of the Joint Technical Committee of "OPEC" and its allies led by Russia, a group known as "OPEC +".

The committee reviews the balances between supply and demand in the oil market, and the group members ’compliance with the agreed cuts as well.

Referring to the latest balance between supply and demand, an OPEC delegate said: "It looks good and healthy ... but there are still some ideas to be careful."

It is noteworthy that Saudi Arabia announced at the meeting that took place in early January that it would reduce its production by one million barrels per day, or the equivalent of 12%, to 8.12 million barrels per day in February and March.

 
 
Number of observations 295   Date of addendum 02/03/2021
Link to comment
Share on other sites

The oil minister arrives in Moscow and a statement reveals his discussions on market stability
  
 

The Minister of Oil emphasized the depth of bilateral relations between Iraq and the Russian Federation, and the importance of increasing the volume of cooperation and developing it, in a manner that serves the interest of the two friendly countries.
This came during his meeting today in Moscow with Deputy Prime Minister of the Russian Federation Alexander Novak.
Oil Minister Ahsan Abdul-Jabbar Ismail said that this visit comes at the invitation of the Russian Minister of Energy, in the context of strengthening bilateral relations, especially in the oil and energy sector, and discussing a number of joint cooperation files with Russian companies in developing oil and gas fields, as well as coordination and communication regarding the OPEC agreement. Plus.
Ismail indicated that he invited Novak to participate in the OPEC Plus meeting that is being held today via the electronic platform, due to the importance of the Russian role in this agreement and the global oil market, and the two countries ’keenness to stabilize the oil market and restore balance to it in light of the challenges facing the oil market, and work on Cooperating with other producing countries to achieve this goal.
The ministry's spokesman, Asim Jihad, said that the Minister of Oil met with the Minister of Energy of the Russian Federation Nikolai Shulginov and the President of LUKOIL Vagit Al-Kabirov, where they discussed expanding the horizons of work and joint cooperation between Iraq and Russia in the oil and energy sector and the role of Russian companies operating in Iraq.
The Minister of Oil arrived in the Russian Federation at the head of a delegation that included the Director General of the Basra Company, the Oil Marketing Company, the Director General of the Economic Department, Studies and Planning and the Director of the Minister’s Office.

Link to comment
Share on other sites

Oil Minister discusses activating energy fields between Baghdad and Moscow

 
Baghdad: Morning
 
 
Oil Minister Ihsan Abdul-Jabbar Ismail expressed interest in increasing the volume of bilateral cooperation between Iraq and Russia and developing it, in a way that serves the interest of the two friendly countries.
During his meeting in Moscow with Deputy Prime Minister of the Russian Federation Alexander Novak, according to a statement by the ministry: “The visit comes at the invitation of the Russian Energy Minister, in the context of strengthening bilateral relations, especially in the oil and energy sector, and discussing a number of joint cooperation files with Russian companies in Development of oil and gas fields, as well as coordination and communication regarding the OPEC Plus agreement.
He indicated that he invited Novak to participate in the OPEC Plus meeting, which is held via the electronic platform.
For his part, the ministry's spokesman, Asim Jihad, said: The Minister of Oil met with both the Russian Energy Minister Nikolai Shulginov and the head of LUKOIL Vagit Al-Kabirov, and discussed with them expanding the horizons of joint work and cooperation between Iraq and Russia in the oil and energy sector and the role of Russian companies operating in Iraq.
  • Upvote 1
Link to comment
Share on other sites

 
  •  
 2021-03-04 00:36
 

Shafaq News / Oil prices rose for the second consecutive session, on Thursday, with OPEC + producers likely to take a decision against increasing production in an important meeting later today, which provided support, along with a drop in US fuel stocks.

Brent crude futures rose 48 cents, or 0.75%, to $ 64.55 a barrel, as of 05:24 GMT, after rising more than 2% on Wednesday. U.S. West Texas Intermediate crude futures rose 38 cents, or 0.63 percent, to $ 61.66 a barrel.

Three OPEC + sources said that the Organization of the Petroleum Exporting Countries (OPEC +) are considering extending production cuts to April rather than increasing production, as the recovery in oil demand remains fragile due to the Coronavirus crisis.

The market had expected OPEC + production cuts to be eased by about 500,000 bpd from April.

Crude oil inventories in the United States jumped to a record high of more than 21 million barrels last week, with refining dropping to an all-time low due to a freeze in Texas that knocked out electricity for millions.

The US Energy Information Administration said on Wednesday that refineries are unable to process stocks of crude, gasoline and distillates which have also fallen dramatically, particularly in the Gulf Coast region where they recorded record declines.

  • Upvote 1
Link to comment
Share on other sites

 
26554.jpg
OPEC logo
  

 Arab and international


Economy News - Baghdad

Oil prices rose to about $ 62 a barrel as investors awaited the result of the important policy meeting of the "OPEC +" coalition later in the day, with no clear direction for the amount of supplies that the alliance pumped to the market that is witnessing a decline in oil supply.

 

The "OPEC Plus" alliance includes the member states of the Organization of the Petroleum Exporting Countries (OPEC) in addition to other producers led by Russia.

 

Warren Patterson, head of commodity strategy at ING Bank, which expects an increase in production by 1.5 million barrels per day, including the restoration of voluntary cuts by Saudi Arabia, said: “It is clear that the results of today's OPEC Plus meeting are fundamental to the trend. market".

 

Accommodate extra supply


"The market can easily absorb the additional supply, and in fact it will be able to absorb more oil supplies," he added.

 

US West Texas Intermediate crude rose 0.8%, after rising 2.6% on Wednesday, as prices received support from a record low in US fuel inventories, and Brent crude also rose.

 

Saudi Arabia and Russia, the two most influential countries in the "OPEC Plus", held talks on Wednesday to seek common ground on production, as Riyadh urged caution, but Moscow sought to increase supplies, according to a delegate.

 

Dealers also follow developments in the Middle East. According to a report by the American "Associated Press", the Houthi rebels in Yemen said that they bombed a Saudi oil facility in the coastal city of Jeddah with a missile on Thursday.

 

Oil prices rose so far from 2021 after the "OPEC Plus" alliance reduced production collectively to push for a rebalancing of the turbulent market due to the outbreak of the Corona epidemic.

 

Strong supply management has helped deplete stocks, while worldwide demand is recovering thanks to the deployment of Corona vaccines.

This has raised widespread expectations that Tahaluf Plus, the largest single player in the global energy market, will increase production.

 

Veteran OPEC watchers still expect the alliance to pump some additional barrels, and there is little chance to keep production at current levels.

 

Two elements are under discussion: Will the coalition raise collective production by 500,000 barrels per day in April? Second, how will Saudi Arabia gradually cancel the additional one million barrels per day (bpd) cuts that it was voluntarily making?

 

Warren Patterson, head of commodity strategy at ING, expects OPEC Plus to do both.

 

Price action


And West Texas Intermediate crude futures for April rose 0.8% to $ 61.79 a barrel at 12:56 pm in Singapore.

 

West Texas Intermediate crude has increased by 27% so far from 2021.

 

Brent crude futures for May rose 0.9% to $ 64.67 a barrel, after rising 2.2% on Wednesday.

 

With the start of the "OPEC Plus" meeting approaching, traders realize that the Kingdom of Saudi Arabia has developed a desire for sudden actions.

 

Saudi Energy Minister Prince Abdulaziz bin Salman pushed prices up during a meeting in January 2021, by announcing a unilateral production cut in a reassuring or calm market.

 

Citigroup advised its clients not to bet on the alliance meeting scheduled for later in the day, because "there are a lot of unexpected scenarios, according to Ed Morse, global head of commodity research."

 

Russian Deputy Prime Minister Alexander Novak clarified his position on Wednesday, saying that while there are many risks including closures, "if we look closely at the market situation, it is much better than it was a year ago, than it was in the fall."

 

The meeting of the "OPEC Plus" alliance is held in light of the availability of a large number of indications that energy consumption is improving in the major economies, due to the decline in the number of regions that are witnessing closure due to Corona.

 

Among the recent positive numbers, data showed that US travel is slowly returning to normal, and predictions that fuel demand in India will reach a record high. Meanwhile, Europe's roads remain quieter than usual.

 

And US government figures on Wednesday showed a drop in gasoline inventories by 13.6 million barrels to 243 million barrels last week after a frost wave disrupted the refining sector. At the same time, the pace of buying of crude oil increased.

 
 
Number of observations 126   Date of addendum 04/03/2021
  • Upvote 1
Link to comment
Share on other sites

The Oil Minister invites the Russian Deputy Prime Minister to a meeting of OPEC + and to supply the Corona vaccine to Iraq

The Oil Minister invites the Russian Deputy Prime Minister to a meeting of OPEC + and to supply the Corona vaccine to Iraq
The Iraqi Oil Minister meets in Moscow with Deputy Prime Minister of the Russian Federation Alexander Novak
 

Riyadh - Mubasher: The Iraqi Oil Minister and Chairman of the Ministerial Committee for Energy, Ihssan Abdul Jabbar Ismail, affirmed the government's and prime minister's keenness to provide vaccines approved by the World Health Organization for the children of Iraq to prevent the Corona virus, and to work hard to limit its spread, during his meeting in Moscow, Deputy Vice President Prime Minister of the Russian Federation Alexander Novak.

Ismail said, according to a statement by the Ministry of Oil, that the meeting included discussing Iraq's request from the Russian side to expedite sending Russian vaccine shipments to Baghdad, stressing that the Russian Deputy Prime Minister expressed his government's willingness to cooperate in this context and that he would ask the Russian Minister of Health to expedite the fulfillment of the request. Iraq.

The Minister of Oil emphasized the depth of bilateral relations between Iraq and the Russian Federation, and the importance of increasing the volume of cooperation and developing it, in a way that serves the interests of the two countries.

The two ministers discussed a number of joint cooperation files with Russian companies in developing oil and gas fields, as well as coordination and communication regarding the OPEC Plus agreement.

Ismail indicated that he invited Novak to participate in the OPEC Plus meeting, which is held via the electronic platform; This is due to the importance of the Russian role in this agreement and the global oil market, and the two countries ’keenness to stabilize the oil market and restore balance to it in light of the challenges facing the oil market, and work to cooperate with other producing countries to achieve this goal.

The ministry's spokesman, Asim Jihad, said that the Minister of Oil met with the Minister of Energy of the Russian Federation, Nikolai Shulginov, and the President of LUKOIL Vagit Al-Kabirov, where they discussed expanding the horizons of work and joint cooperation between Iraq and Russia in the oil and energy sector and the role of Russian companies operating in Iraq.

The Minister of Oil of the Russian Federation arrived at the head of a delegation that included the Director General of the Basra Company, the Director General of the Oil Marketing Company, the General Director of the Economic Department, the Director General of Studies and Planning and the Director of the Minister’s Office; At the invitation of his Russian counterpart, within the framework of strengthening bilateral relations, especially in the oil and energy sector.

The Minister of Oil conveyed the greetings of the Prime Minister, Mustafa Al-Kazemi, to President Putin and to the Russian government.

  • Upvote 1
Link to comment
Share on other sites

Updated ... Oil jumps at the settlement to the highest level since 2019 after the "OPEC +" decision

Updated ... Oil jumps at the settlement to the highest level since 2019 after the "OPEC +" decision

March 04, 2021 11:02 PM
Mubasher: Oil prices rose by more than 4 percent upon settlement of transactions today, to reach their highest level in nearly two years after the decision of the "OPEC +" alliance.

OPEC + and its allies decided to keep the oil production cuts unchanged during April.

Saudi Arabia has also agreed to extend voluntary production cuts by one million barrels per day until the end of April, but Russia and Kazakhstan are allowed to raise production modestly.

Yesterday, the US Energy Information Administration showed a sudden rise in US oil inventories by 21.6 million barrels last week, and US oil production rose by 300,000 barrels per day.

Upon settlement, the price of US NYMEX crude for April delivery rose 4.2 percent to $ 63.83 a barrel, the highest level for this most active contract since April of 2019.

By 7:50 pm GMT, the price of futures contracts for "Brent" crude for May / May delivery rose 4.3 percent to the level of $ 66.37 a barrel.

 
  • Upvote 2
Link to comment
Share on other sites


 

fed3f660253cafbb0c40a63270f90843

 

Dion Rabouin
Fri, March 5, 2021, 4:44 AM·2 min read
 

Data: FactSet; Chart: Axios Visuals

 

Oil and gas prices jumped on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and allied producers said on Thursday that they would extend production cuts into April.

 

The big picture: Oil is being driven by the production cuts of OPEC, a consortium of the world's largest producers, and expectations for a rebound in global demand as more countries emerge from coronavirus lockdowns.

 
  • Crude oil has been a top performing asset this year, with variants like gasoline and diesel also delivering big gains in 2021 of 38.6% and 24.3%, respectively.

The intrigue: OPEC has taken an incredulous approach to the massive rebound, suggesting prices could rise even more meaningfully in the coming months.

  • Saudi Energy Minister Abdulaziz Bin Salman told journalists at a virtual press conference Thursday that the "jury is still out" on the future of the oil market.

  • “At the risk of sounding like a stuck record, I would once again urge caution and vigilance."

  • “Before we take our next step forward, let us be certain the glimmer we see ahead is not the headlight of an oncoming express train.”

What's next: Gas prices in the U.S. already have risen to a one-year high and experts had predicted they could continue rising higher even before the unexpected extension of production cuts by OPEC.

  • In addition to the price drivers see at the pump, this could have implications for the cost of air travel and the price of imported goods, which were already seeing increases thanks to global supply chain disruptions and increased inflation expectations.

 

  • Thanks 2
Link to comment
Share on other sites

 
  •  
 2021-03-05 02:44
 

Shafaq News / India, the third largest importer and consumer of oil in the world, said on Friday that the decision of major producers to continue production cuts with high prices may threaten recovery-led consumption in some countries.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, in a group known as OPEC +, agreed on Thursday not to increase supplies in April as they wait for demand to recover further amid the coronavirus pandemic. Crude oil prices have risen after announcing a 33% rise this year. .

May Brent crude futures rose roughly 1% to $ 67.44 a barrel on Friday, and are on track to make gains close to 2% this week.

"As one of the largest consumers of crude oil, India is concerned that such measures by the producing countries have the potential to undermine the consumption-led recovery and hurt consumers even more, especially in our price-sensitive market," according to Minister of Petroleum and Natural Gas Dharmendra Pradhan told Reuters.

India, hit hard by high oil prices, urged producers to ease production cuts and help the global economy recover from the coronavirus pandemic.

"We were really hoping that OPEC and OPEC + would reduce production cuts to some extent, taking into account the fragile recovery of the global economy, especially in developing countries," Pradhan said.

Rising oil prices are posing fiscal challenges for India, as heavily taxed retail fuel prices have reached record levels in some parts of the country, threatening the demand-driven recovery.

India, Asia's third largest economy, imports about 84% of its oil and relies on Middle Eastern supplies to meet more than three-fifths of its demand.

In response to India's repeated requests to increase production, Saudi Energy Minister Prince Abdulaziz bin Salman responded on Thursday by saying that India should start using the oil it bought cheaply during the price crash last year.

However, he said, "We will continue to work with each other ... We share their (Indian) view that avoiding fluctuations (in prices) will help producers and consumers alike."

Link to comment
Share on other sites

 
  •  
 2021-03-05 23:22
 

Shafaq News / Oil prices rose about 5 percent on Thursday, while OPEC ministers and their allies discuss the future of supply cuts.

 

By 15:57 GMT, Brent crude futures were up $ 3.04, equivalent to 4.7%, to $ 67.11 a barrel, while US West Texas Intermediate crude increased $ 2.84, or 4.6%, to $ 64.12.

 

Ministers of the Organization of the Petroleum Exporting Countries and its allies began a meeting at 13:00 GMT to decide on production policy.

 

A source said that Russia had informed the OPEC + meeting that it was important to exercise caution and not disturb the market balance in light of intense uncertainty.

 

Russia also indicated that the gradual increase in supply should be cautious and step by step, according to the source.

 

The source added that Russia had indicated to the OPEC + meeting that it wanted to increase oil production during April to fill a deficit in the domestic fuel market.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

The third largest oil importer in the world criticizes the "reduction" decision, describing it as harmful
  
{International: Furat News} India, the third largest importer of oil in the world, said that the decision of major crude producers to continue production cuts at a time of rising prices threatens the recovery led by consumption in some countries.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, agreed on Thursday not to increase supplies in April as they await a further recovery of demand in light of the Corona virus pandemic. Crude prices increased after the announcement and have been up 33 percent since the start of the year.

Oil prices jumped by more than 2 percent on Friday, reaching their highest levels in nearly 14 months, on the back of this decision.

Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan told Reuters, “As one of the major crude consuming countries, India is concerned that such moves by producing countries have the potential to undermine the consumption-led recovery and harm consumers even more, especially in our market. Highly sensitive to the price. "

India, hard hit by high oil prices, urged producers to ease production cuts and help the global economy recover from the coronavirus pandemic.

"We are saddened by the OPEC + decision. It is not good news for India, China, Japan, Korea and other consuming countries," Pradhan said.

Rising oil prices are posing financial challenges for India, as retail prices for heavily taxed fuel have recently hit record highs, threatening a demand-driven recovery.

India, the third largest economy in Asia, imports about 84 percent of its oil needs, and relies on Middle Eastern supplies to meet about three-fifths of the demand.

Pradhan added, "We continue to appeal to oil producers to find an alternative. Leaving us (as oil-consuming countries) is not in the interest of either party. High oil prices may benefit a group of producing countries, but if they turn away from consumers, this may lead to the search for alternatives." ".

In response to India's repeated requests to increase production, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that India should start using the oil it bought at a low price during the price collapse last year.

But he said, "We will continue to work with each other, sharing with them (India) their view that avoiding volatility (in prices) will help both producers and consumers."

  • Upvote 1
Link to comment
Share on other sites

  •  Time: 03/2021 06:55:39
  •  
  •  Read: 3,887 times
The price of Brent crude exceeds $ 71
  
{Follow-up: Al Furat News} The price of "Brent" crude, at dawn today, Monday, exceeded the level of 71 US dollars per barrel, for the first time since January 8, 2020.

As of 04.59 Moscow time, trading data indicated that May Brent North Sea oil mixtures increased by 2.32 percent to reach $ 71.15 a barrel.

West Texas Intermediate crude oil in April futures rose 2.57 percent to $ 67.81 a barrel.
Earlier in the day, trading data showed that the Brent crude price rose to over $ 70 a barrel.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

 
26598.jpg
 
  

 Arab and international


Economy News _ Baghdad

Oil prices rose on Tuesday on expectations of a recovery in the global economy after the US Senate approved a stimulus bill worth $ 1.9 trillion and due to a possible decline in crude oil inventories in the United States, the world's largest consumer of fuel.

But the rise in the dollar and reduced fears of supply disruptions from Saudi Arabia, the world's largest oil exporter, after an attack on its export facilities halted price gains.

May Brent crude futures rose 57 cents, or 0.84%, to $ 68.82 a barrel by 05:13 GMT, while U.S. West Texas Intermediate crude for April rose 52 cents, or 0.78%, to $ 65.56 a barrel.

Brent crude prices rose on Monday above $ 70 a barrel after Yemeni Houthi forces launched drones and missiles at the heart of the Saudi oil industry, including the Saudi Aramco facility at Ras Tanura, vital for oil exports.

The attacks came after the Organization of the Petroleum Exporting Countries (OPEC), Russia and their oil-producing allies, known as OPEC +, last week agreed to broadly commit to production cuts despite higher crude prices.

US Treasury Secretary Janet Yellen said on Monday that President Joe Biden's $ 1.9 trillion coronavirus aid package will provide enough resources to fuel a "very strong" US economic recovery. The House of Representatives has yet to pass the Senate version of the package into law.

A preliminary survey on Monday showed that inventories of crude oil and refined products in the United States likely declined last week, with distillate stocks falling for the fifth week in a row.

 
 
Number of observations 270,   date of addition 03/09/2021
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

The Energy Information Administration raises its forecast for oil prices by 14% this year

The Energy Information Administration raises its forecast for oil prices by 14% this year

March 09, 2021 09:47 PM
Mubasher: The US Energy Information Administration raised its forecast for oil prices by 14 percent this year, noting that the recent decision by the "OPEC +" alliance to extend the current supply cuts until April provided support for prices in the near term.

The Energy Information Administration said in a report issued today, Tuesday, that it had raised its forecast for the price of "Nymex" crude to $ 57.24 a barrel this year, an increase of 14 percent from January's forecast.

The US administration expects that the average price of "Nymex" crude in 2022 will reach about $ 54.75 a barrel, up 6.2 percent from previous expectations.

As for Brent crude, the Energy Information Administration boosted expectations for this year by 14 percent to $ 60.67 a barrel, and for next year by 6 percent to $ 58.51.

The Energy Information Administration also said it expects US oil production to average 11.15 million barrels per day this year, up 1.2 percent from previous estimates, and raised its forecast for 2022 by 4.3 percent to 12.02 million barrels per day.

By 6:40 pm GMT, the price of US "NYMEX" crude futures for April delivery was down 1.4 percent to $ 64.12 a barrel.

Brent crude futures for May delivery also fell 0.9 percent to $ 67.90 a barrel.

 
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

March 10, 2021 | 9:14 AM   -   Readings: 50 views
 
 



 

 

Oil fell for the third consecutive session, on Wednesday, as investors booked profits and US inventories rose.

Brent crude fell for the month of May 62 cents, or 0.92 percent, to 66.90 dollars a barrel by 05:14 GMT, while US West Texas Intermediate crude for the month of April recorded 63.51 dollars a barrel, down 49 cents, or 0.77 percent.

Prices gained support last week from OPEC +’s decision to largely maintain production cuts in April, then jumped above $ 70 a barrel, after the Yemeni Houthi attacks on the Saudi oil stronghold.

In the United States, crude oil inventories rose by 12.8 million barrels in the week ending March 5, according to trade sources, citing data from the American Petroleum Institute, and official figures from the Energy Information Administration (EIA) are expected on Wednesday.

Analysts at the Bank of the Financial Group said that the OPEC + group - the Organization of the Petroleum Exporting Countries (OPEC) and the producers allied with it - may become a victim of its success, because higher prices resulting from the restriction of supplies may stimulate US oil production.

 
  • Upvote 1
Link to comment
Share on other sites

The Saudi Foreign Minister discusses joint cooperation and oil prices with his Russian counterpart

The Saudi Foreign Minister discusses joint cooperation and oil prices with his Russian counterpart
Part of the Saudi Foreign Minister's meeting with his Russian counterpart
 

Riyadh - Mubasher: The Minister of Foreign Affairs of the Russian Federation, Sergei Lavrov, arrived in the Kingdom of Saudi Arabia today, Wednesday, at the head of a delegation accompanying him, and he was received by his Saudi counterpart, Prince Faisal bin Farhan.

Prince Faisal bin Farhan said, according to what was published by the Saudi Ministry of Foreign Affairs through its official account on "Twitter", that he met his Russian counterpart, and had a fruitful meeting with him, in which they discussed a number of issues of common interest; On top of which is strengthening cooperation, coordination and partnership between the two countries, and keenness to achieve common interests in a way that enhances regional and international security and stability.

The Minister of Foreign Affairs added that one of the most important of these areas is cooperation between the two countries under the umbrella of OPEC +, which contributed to the stability of energy markets during the difficult past period in 2020 AD, which was affected by the consequences of the Corona pandemic, and the results of this cooperation have contributed to protecting the global economic system.

He noted that the Kingdom and Russia are keen on a fair price of oil for consumers and producers, and this is what the OPEC + mechanism is based on, and there is good coordination in this regard, and they continue to support the global economy.

Prince Faisal bin Farhan indicated that this is the 95th year since Russia's recognition of the Kingdom and the 30th year to restore diplomatic relations between the two countries, stressing the aspiration of the two governments to benefit from the relationship to coordinate positions and serve the common interests of the two countries.

The Minister of Foreign Affairs referred to the efforts of his Russian counterpart in strengthening bilateral relations between the two friendly countries in various fields, and stemming from the keenness of the wise leaders in the two countries to advance these relations to broader horizons in a way that serves common interests and develops areas of cooperation between the two friendly countries.

The minister added, "We discussed developments in regional and international issues, and renewed our common commitment to combating extremism and terrorism and protecting civilians and civilian objects in accordance with international and humanitarian law and its customary rules."

The Saudi Foreign Minister stressed that the failed targeting attempts at the Ras Tanura port and the facilities of Aramco in Dhahran do not target the Kingdom’s security and economic capabilities only, but also target the nerve of the global economy and its oil supplies as well as global energy security.

Prince Faisal bin Farhan warned that the Kingdom will take the necessary and deterrent measures to protect its national capabilities and acquisitions, in a way that preserves global energy security and stops terrorist attacks. To ensure the stability of energy supplies, the security of oil exports, and the guarantee of maritime traffic and international trade.

The Foreign Minister added that the Kingdom renews its support to reach a political solution to the crisis in Yemen, noting that the implementation of the Riyadh Agreement and the formation of the new Yemeni government is an important step in opening the way to an integrated political solution to the crisis, and affirming the Kingdom's support for the efforts of the UN envoy to reach a comprehensive ceasefire. And the start of an inclusive political process.

The Minister of Foreign Affairs stated that the Kingdom supports international efforts aimed at ensuring that Iran does not develop nuclear weapons and ballistic missiles, to make the Gulf region free of all weapons of mass destruction, and to respect the independence and sovereignty of states and not to interfere in their internal affairs.

He added, "The Kingdom affirms the importance of continuing to support efforts aimed at resolving the Syrian crisis in a manner that guarantees the security of the Syrian people and protects them from terrorist organizations and sectarian militias that impede access to real solutions that serve the brotherly Syrian people."

The minister ended his statements, appreciating the Kingdom's strategic alliance with the Russian Federation, stressing that coordination, consultation and cooperation exist at its highest levels between the two friendly countries.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

 
26646.jpg
 
  

 Arab and international


Economy News _ Baghdad

The oil market continues on a gradual upward path, despite US crude inventories jumping by 13.8 million barrels last week, significantly surpassing analysts' expectations, which were indicating a rise of 816,000 barrels, according to the Energy Information Administration, and the oil industry in America is still affected by the snowstorm. Texas was hit earlier which forced a production shutdown for a limited time.

In recent months, OPEC + played the largest role in influencing the maintenance of balance in the markets, as the cuts contributed to supporting prices, the most recent of which was the organization's decision to extend the cuts at 7.2 million b / d for the month of April, in addition to Saudi Arabia continuing to reduce voluntary production until next month.

The attention in the market is largely focused on the pace of vaccine distribution around the world in addition to the recovery of world economies, which will support the demand for oil, as the Organization for Economic Cooperation and Development (OECD) indicated in its latest economic forecast that the global economy is set to recover by 5.6% this year, adding More optimism comes with the United States agreeing to pass the US $ 1.9 trillion stimulus package.

 
 
Number of observations 59   Date of addendum 11/03/2021
Link to comment
Share on other sites

 
  •  
 2021-03-12 02:31
 

Shafaq News / Brent crude prices declined on Friday, but hovered near $ 70 a barrel as production cuts by major oil producers restricted supply, with optimism about a recovery in demand for the resource in the second half of the year, which also provides support

And Brent crude futures for May fell 11 cents, or 0.2%, to $ 69.52 a barrel by 0403 GMT, while US contracts fell. April WTI was at $ 65.83 a barrel, down 19 cents, or 0.3%.

Brent is on track for weekly gains for the eighth week, after hitting a 13-month high on Monday in the wake of the attacks on Saudi oil facilities.

Sentiment was also boosted by the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, earlier this month to largely make production cuts in April.

Investors have been pouring money into commodities like oil as demand is expected to pick up in the second half of the year as the global economy grows, while the widespread spread of vaccines against the COVID-19 pandemic is allowing more people to travel this summer.

  • Upvote 1
Link to comment
Share on other sites

Expectations of global economic growth of 5.1% .. OPEC issues its monthly report
 

Follow-up / National News Center
OPEC released its monthly report, today, Thursday, while it expected the global economy to grow during the current world 2021, at 5.1%

The OPEC report, which was reviewed by the "National News Center", included eight points, most notably "improving expectations of a contraction of the global economy to 3.7%, and expectations of global economic growth of 5.1% in 2021."

The other points included in the report of "OPEC" were as follows:
- The decline in global demand for oil by 9.6 million barrels per day.
Global demand for oil is expected to grow by 5.9 million permea per day.
Non-OPEC supplies are expected to decline by 2.6 million permea per day.
Non-OPEC supplies are expected to grow by about one million Baramia per day.
- Demand for OPEC oil is expected to decrease by 6.9 million barrels per day.
- Demand for OPEC oil is expected to grow by 4.9 million permea per day.
Since the early morning hours, oil prices rose during Thursday's trading, in anticipation of the release of the monthly OPEC report on production levels for February, despite the sharp rise in oil inventories in the United States.

An analyst at Price Futures Group said, “The rise in oil production in the United States to the level of 10.9 million barrels per day last week is a headwind to prices, because it represents a supply recovery faster than investors' expectations, according to Reuters. “.

In terms of trading, futures contracts for Brent crude for May delivery rose by 0.6% to $ 68.32 a barrel, at 09:00 in the morning, Mecca time.

US "NYMEX" crude for April delivery also rose 0.7%, recording $ 64.87 a barrel.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

Updated .. Oil prices are declining upon settlement, to record weekly losses

Updated .. Oil prices are declining upon settlement, to record weekly losses

 March 12, 2021 11:11 PM
Mubasher: Oil prices fell for the first time in 3 consecutive sessions when settling trading on Friday, to record weekly losses.

The decline in crude prices comes, with investors heading to profit-taking after yesterday's strong gains following the OPEC report.

The monthly report showed that the organization’s production declined by about 647 thousand barrels per day during February, led by Saudi Arabia. OPEC also raised expectations for the growth of global oil demand this year.

Baker Hughes data revealed that the number of oil exploration rigs in the United States decreased by about one.

Upon settlement, the price of US "NYMEX" crude futures for April delivery decreased by 0.6 percent to $ 65.61 a barrel, recording a weekly loss of 0.7 percent.

The price of futures contracts for benchmark crude "Brent" for May delivery fell 0.6 percent to $ 69.22 a barrel.

 
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

 
19022.jpg
An oil field in Iraq. Reuters
  

 energy


Economy News - Baghdad

The Ministry of Oil announced that it had reached understandings with the companies operating the oil fields to compensate them with the production quantities after reducing production, while confirming that it did not receive the quantities of crude exported from the Kurdistan region.  

Undersecretary Hamid Yunus Al-Zobaei said in a statement reported by the official news agency and seen by Al-Iktissad News, "After the drop in oil prices, the export quantities were determined by OPEC and turned into quotas," pointing out that "Iraq is the second largest oil producer in OPEC after Saudi Arabia And it has a primary position in terms of influencing the decision and determining the policies that are based on an economic base that is beneficial to the country. "  

He added, "Iraq played in the past year a big role with OPEC in controlling global oil prices and creating balances between producers and consumers, whether with OPEC or OPEC Plus, and the effect was evident through the rise in oil prices that exceeded $ 65 a barrel."  

He continued, "This role is important and is calculated for Iraq through its position in OPEC, as well as for the purpose of providing much-needed financial resources," noting that "there are understandings with companies operating the oil fields to go in the future by compensating them with productive quantities and not going to the issue of fines."  

On the region’s oil, Al-Zobai said, “The center has not yet received any quantity of oil exported by the Kurdistan region,” stressing that “there are understandings between the center and the region in the hope of reaching a bilateral agreement that serves the country's interest in general.”  

On clean energy, Al-Zobaie pointed out, "The decline in the world's use of oil and the trend towards producing clean energies through solar cells and wind, does not mean that oil will be dispensed with in the future." Production in every country. "  

He continued, "For example, Iraq has a large solar energy. This energy may not be available in other countries, as well as wind is not found in Iraq and is found in other countries, which means that clean energy will not replace oil in the future, although it is important from the point of view." Economic power generation. "  

He pointed out that "oil has flexibility in terms of uses, transportation and other matters, as it remains until now the first energy in terms of uses in the countries of the world." 

 

 

 
Number of observations 99   Date of addendum 3/14/2021
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.