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


yota691
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Removing travel restrictions in the United States raises oil prices
 

  

Baghdad - people   

Oil prices rose to approach the level of $ 84 a barrel, today, Tuesday, achieving gains for the third consecutive session, as the lifting of the United States of travel restrictions and the emergence of other signs of economic recovery after the Corona virus pandemic, raised expectations for demand for oil while the shortage of supply continues.  

  

 

  

Travelers returned to the United States on Monday, while the passage of President Joe Biden's infrastructure bill and a more-than-expected rise in Chinese exports boosted expectations of a global economic recovery.  

  

The price of Brent crude rose 50 cents, or 0.6%, to $83.93 a barrel at 09:20 GMT, after rising 0.8% on Monday. And US crude rose 41 cents, or 0.5%, to $ 82.34, after rising 0.8% yesterday.  

  

The price of Brent crude has risen by more than 61% this year and scored 86.70 dollars a barrel, its highest level in 3 years, on October 25, supported by supply restrictions by the Organization of the Petroleum Exporting Countries and its allies, the group known as “OPEC +”. .  

  

Last week, OPEC + agreed to stick to its current plan to ease a record production cut, ignoring US pleas to pump more oil.  

  

Some analysts say this will keep the supply short in the short term.  

  

And JP Morgan Chase said that global oil demand in November almost returned to its levels before the Corona pandemic at the level of 100 million barrels per day.  

  

Despite the lack of oil supply in the global market, it is expected that US inventories rose for the third consecutive week; What may put an end to the price hike.  

  

"Reuters"  

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  •  Time: 10/11/2021 08:38:33
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Brent jumps above $85 a barrel
  
{Economic: Al Furat News} Oil prices rose on Wednesday, continuing their strong gains in the previous session, after industrial data showed that US crude stocks fell unexpectedly last week.

Brent crude futures rose 30 cents, or 0.34 percent, to $85.07 a barrel by 05:09 GMT, after rising 1.6 percent on Tuesday.

US West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $84.24 a barrel, extending Tuesday's gain of 2.7%.

According to market sources, data from the American Petroleum Institute showed that US crude stocks fell by 2.5 million barrels for the week ending November 5.

The market's gains on Tuesday were mainly driven by the short-term expectations from the Energy Information Agency, which forecast that gasoline prices will fall over the next few months.

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 2021-11-13 05:53
 

Shafaq News/ "OPEC" announced today, Saturday, that Iraq recorded the lowest increase in its oil production among nine countries that raised their oil production last October.

 

The organization said in a report seen by Shafak News Agency, that "the production of oil from the 13 member countries of OPEC rose by about 217,000 barrels per day during the past month, to reach 27.453 million barrels per day, supported by increased supplies from nine countries, including Iraq."

 

She added that "the largest increases came from Saudi Arabia, as its oil production rose by 110 thousand barrels per day, to reach 9.750 million barrels per day, and Venezuela's production also increased, recording an increase of 57 thousand barrels per day, bringing its production to 590 thousand barrels per day."

 

And she indicated, "The UAE came third, with an increase of 38,000 barrels, to reach a production of 2.828 million barrels per day."

 

And she added, "The rest of the countries had a small increase, as Kuwait recorded an increase of 32,000 barrels per day, and Congo, Libya, Iran and Algeria recorded increases in oil supplies last month, ranging from 10 to 15 thousand barrels per day."

 

APOC's report indicated that "Iraq recorded the lowest increase in its oil production for the month of December, by 7,000 barrels per day, to reach 4.149 million barrels per day, compared to last September, in which production amounted to 4.142 million barrels per day."

 

The organization noted a decline in oil production in 4 OPEC countries last month, namely: Nigeria by 45 thousand barrels per day, the oil production in Gabon by 17 thousand barrels per day, Equatorial Guinea by 13 thousand barrels per day, and Angola’s production slightly decreased by one thousand barrels per day. ".

 

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) Iran ), Basra Al Khafif (Iraq), Kuwait Export (Kuwait), Es Sidr (Libya), Pune Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Miri (Venezuela).

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 2021-11-13 04:37
 

 

Shafaq News/ The Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected on Saturday that the country's crude exports would rise during the first quarter of next year, stressing at the same time that OPEC is not seeking to raise or lower crude prices by increasing production.

 

Abdul-Jabbar told Shafaq News Agency, "During the first quarter of 2022, Iraqi exports will reach three million and 400 thousand barrels per day, which is our share in the oil market."

 

He added, "OPEC is not working to raise or lower oil prices by gradually increasing productivity, but rather works to achieve stability in the energy market."

 

And he indicated that "the current decision agreed upon in OPEC is a gradual increase of 400,000 barrels per day, and perhaps during the first quarter of 2022 there will be another discussion for the organization."

 

Abdul-Jabbar stressed that "Iraq is the second exporter of oil and is committed to the decisions issued by OPEC," adding that "Iraq is committed to decisions and exports and does not exceed its specified quota and does not request an exception to achieve stability in the energy market."

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  •  Time: 11/16/2021 09:43:54
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Brent rose to $82
  
{Economic: Al Furat News} Oil rebounded from a weak start on Tuesday, as concerns about tight inventories boosted prices, although optimism was limited by concerns about demand after the spread of coronavirus cases in Europe.

Brent crude futures rose 61 cents, or 0.74%, to $82.66 a barrel by 04:21 GMT, while US West Texas Intermediate crude rose 54 cents, or 0.67%, to $81.42 a barrel.

Europe has again become the epicenter of the spread of the COVID-19 pandemic, leading some governments to consider reimposing lockdowns, while China battles the largest spread due to a delta variable.

The Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for global oil demand for the fourth quarter by 330,000 barrels per day from last month's forecast, as higher energy prices hampered the economic recovery from the COVID-19 pandemic.

Fears of falling demand come as supplies are expected to rise.

Last week, US energy companies added oil and natural gas rigs for the third week in a row, encouraged by a 65% increase in US crude prices this year so far.

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Today, Tuesday, OPEC Secretary-General Muhammad Barkindo expected that there will be a surplus in oil supply in December 2021 and an excess of supply in the market next year.

Barkindo said during a conference in Abu Dhabi that "the surplus will start already in December. These are signs that we must be very careful about."

Speaking to reporters on the sidelines of the conference, he added that "OPEC" has a great interest in ensuring the continuation of global economic recovery.
 
 
 

Last week, "OPEC" reduced its forecast for global oil demand in the fourth quarter of this year by 330,000 barrels per day, compared to its expectations last month, as high energy prices undermined the economic recovery from the Covid-19 pandemic.

Fears of falling demand come at a time when supply is expected to increase.
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5 minutes ago, yota691 said:
153 views
 
 

Today, Tuesday, OPEC Secretary-General Muhammad Barkindo expected that there will be a surplus in oil supply in December 2021 and an excess of supply in the market next year.

Barkindo said during a conference in Abu Dhabi that "the surplus will start already in December. These are signs that we must be very careful about."

Speaking to reporters on the sidelines of the conference, he added that "OPEC" has a great interest in ensuring the continuation of global economic recovery.
 
 
 

Last week, "OPEC" reduced its forecast for global oil demand in the fourth quarter of this year by 330,000 barrels per day, compared to its expectations last month, as high energy prices undermined the economic recovery from the Covid-19 pandemic.

Fears of falling demand come at a time when supply is expected to increase.

Yeah cuz no one can afford gas for their Trucks and SUV’s 

 

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4 hours ago, NEPatriotsFan1 said:

Yeah cuz no one can afford gas for their Trucks and SUV’s 

 

 

"Lets go Brandon" .......... He and his Socialist Elite Democrats deliberately caused this problem ..........  

 

Just sayin' ............

 

Semper Fi :salute:............

 

RV there yet ? :pirateship:

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1 hour ago, Longtimelurker said:

I had a mini Cooper for 5 years, it was fun until I had to buy a transmission.. after paying $4k for the transmission, the mechanic advised me to sell it due to several other issues he came across while working on it.. 

Yeah I sent through a transmission. But I love the turbo...lol. My better half tells me I'm it a race car driver but if you've been on 275 around Cincinnati.... you need a little car😇 He tells me to slow down...NOT🤣

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22 minutes ago, cutter73 said:

Yeah I sent through a transmission. But I love the turbo...lol. My better half tells me I'm it a race car driver but if you've been on 275 around Cincinnati.... you need a little car😇 He tells me to slow down...NOT🤣

I've never been there but if it's anything like Atlanta, I understand completely. I bought mine for fuel economy so I didn't go for the S model. Fuel economy wasn't what I hoped but it was fun so I lived with it lol

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8 hours ago, Hotcurl said:

 

"Lets go Brandon" .......... He and his Socialist Elite Democrats deliberately caused this problem ..........  

 

Just sayin' ............

 

Semper Fi :salute:............

 

RV there yet ? :pirateship:

Why would Democrats deliberately rise oil prices? Do you think Democrats don't drive cars and don't buy gas or heating oil?

 

What an ignorant statement.

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4 hours ago, Carrello said:

Why would Democrats deliberately rise oil prices? Do you think Democrats don't drive cars and don't buy gas or heating oil?

 

What an ignorant statement.

 

Higher prices mean more taxes collected. 

The everyday Dem has no control over fuel prices. They do however elect the ones that do. 

Sitting Dems and Reps get paid so well they don't care about prices. If I was a millionaire I wouldn't even think about $5 a gallon gas. 

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 2021-11-17 00:20
 

Shafaq News/ Oil prices fell on Wednesday, after US gasoline stocks fell more than expected last week, which may increase pressure on the Biden administration to release oil from emergency reserves to curb the rise in gasoline prices.

US West Texas Intermediate crude futures fell 62 cents, or 0.77 percent, to $ 80.13 a barrel at 05:11 GMT, continuing to lose 12 percent from Tuesday.

Brent crude futures fell 76 cents, or 0.82 percent, to $82.76, giving up a 38 percent gain from Tuesday.

US President Joe Biden was considering releasing oil from the Strategic Petroleum Reserve (SPR) to cool down gasoline prices, which hit a record high at California pumps this week. But lawmakers have mixed opinions on whether that is needed.

Analysts say that SPR oil will only provide temporary relief and that what is needed is more supply from US shale oil producers or the Organization of the Petroleum Exporting Countries (OPEC).

Data from the American Petroleum Institute industry group showed that gasoline stocks fell by 2.8 million barrels for the week ending November 12, according to market sources.

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10 hours ago, Carrello said:

Why would Democrats deliberately rise oil prices? Do you think Democrats don't drive cars and don't buy gas or heating oil?

 

What an ignorant statement.

Hey Ms. C the Prez...aka Brandon..Sign a Excutive order to shut down pipeline that made America oil independent...The Prez aka Brandon doesn't drive cars at all. The last thing I saw Biden aka Brandon drive was a bike..It actually all on him

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Oil prices rise amid tight stocks

Wednesday 17 November 2021 128Oil prices rise amid tight stocks

 
 Capitals: agencies 
 
Oil rebounded from a weak start on Tuesday, as concerns about tight inventories boosted prices, although optimism was limited by concerns about demand after the spread of coronavirus cases in Europe.
Brent crude futures rose 61 cents, or
0.74%, to $ 82.66 a barrel by 04:21 GMT, while US West Texas Intermediate crude rose 54 cents, or 0.67%, to $ 81.42 a barrel.
Europe has once again become the epicenter of a pandemic 
COVID - 19, prompting some governments to consider reimposing lockdowns, as China battles the largest outbreak due to a variable 
Delta.
The Organization of the Petroleum Exporting Countries (OPEC) last week cut its forecast for global oil demand for the fourth quarter by 330,000 barrels per day from last month's forecast, as higher energy prices hampered the economic recovery from the Covid-19 pandemic.
Fears of falling demand come with the expectation of higher supplies.
Last week, US energy companies added oil and natural gas rigs for the third week in a row, encouraged by a 65% increase in US crude prices this year so far.
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On 11/17/2021 at 4:49 AM, yota691 said:

Hey Ms. C the Prez...aka Brandon..Sign a Excutive order to shut down pipeline that made America oil independent...The Prez aka Brandon doesn't drive cars at all. The last thing I saw Biden aka Brandon drive was a bike..It actually all on him

 

 

Fact check: Rising gas prices due to high demand and low supply, not Biden's policies

Miriam Fauzia
USA TODAY
 
...
Blaming Biden for this uptick isn't a new phenomenon. These claims have been in circulation since January and particularly allege Biden's cancellation of the Keystone XL pipeline significantly impacted gasoline, "ensur(ing) a huge increase in gas prices for millions of us." 
...

While it's true gasoline prices have risen significantly since Biden took office on Jan. 20 the upward trend predates Biden's time in office and is related to COVID-19 and market factors, not who occupies the White House. 

Pandemic's effect on supply and demand 

As with any commodity, the price of gasoline is determined by the simple balance of supply and demand: a high supply and low demand means low prices, while a low supply and high demand mean prices rise.

...

The most important driver of this fluctuation is crude oil, from which gasoline is derived. This fossil fuel typically accounts for between 50% and 60% of the price at the pump, said Jeanette McGee, a spokesperson for AAA. 

 

In 2020, crude oil prices became extremely cheap, so much so it was being traded at negative prices, McGee told USA TODAY. Brent crude oil, for example, a blend supplying most of Europe, was being sold at $9 a barrel, its lowest price in decades, the U.S. Energy Information Administration (EIA) reported.   

 

The primary reason for this drop in crude oil prices was the pandemic, said McGee and Mark Finley, a fellow at Rice University's Center for Energy Studies.

 

"The pandemic drove the world's oil market to become massively oversupplied, inventory dramatically increased and prices collapsed," Finley told USA TODAY.  

In response to the low demand due to reduced travel and lockdown restrictions, Finley said major oil-producing countries like Russia, Saudi Arabia and member countries of the Organization of the Petroleum Exporting Countries, or OPEC, decided to cut down on their own oil production.

 

But the cut meant oil producers weren't ready to meet the demand for crude oil once it renewed this year thanks to easing of COVID-19-related restrictions.

"This year, demand has so far increased more quickly than production rates, which means the United States had to draw more on its gasoline storage inventories, which has contributed to prices going up," EIA spokesperson Chris Higginbotham said in an email to USA TODAY. "We expect oil producers in the United States and globally to increase their production levels through 2022, which we expect to contribute to lower crude oil prices, and lower gasoline prices."  

Gas price uptrend predates Biden 

While presidential actions and policies can have some impact on the crude oil market, they don't have as much influence over gasoline prices as one might think.

"Some of (a president's) decisions can impact or contribute to market changes, which can then impact (future) crude oil, but they don't dictate gas prices," said McGee. "If you go back and look at historical data, whether it was Bush, Obama, Trump or Biden, (gas prices) go up and down no matter who's in office." 

 

Keystone XL, other Biden policies don't affect today’s gasoline costs

Many critics point to Biden's decision on the Keystone XL pipeline as fueling the gas price spike, but experts say there's no such connection.

 

The extension of the Keystone pipeline, first proposed in 2008 by TC Energy based in Calgary, Canada, was rejected by former President Barack Obama in November 2015 but later approved by Trump in March 2017 . 

 

Biden then suspended the project in January. And on June 9, TC Energy announced it was terminating the project.

Even if construction wasn't halted, the Keystone XL pipeline wasn't in operation and therefore wouldn't have an impact on current gas prices, said Finley of Rice University.

 

"That was something that would impact down the road," he said. 

David Dismukes, economist and executive director of Lousiana State University's Center for Energy Studies, agreed, telling USA TODAY the pipeline would have had a "longer-run impact in providing a diversity of supply for refineries in the Gulf Coast."

 

Similarly, other energy policies rolled out by President Biden, such as postponing oil lease sales, have a long-term, but not short-term, effect.

 

"If you look at some of the actions taken by the administration with regard to offshore drilling, drilling on federal lands, the outlook for fossil fuel energies in general, those are impacting the price of crude and expectations about crude oil," said Diskmukes. "(Biden's policies do) have an impact, but that's not what you're seeing at the pump right now.

 

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