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


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The oil company "Lukoil" expected the price of a barrel of oil to rise by the middle of the century to $ 380 a barrel, noting that payments related to carbon dioxide emissions would constitute a large part of the price.

In a presentation of the company's long-term scenario, the Russian "Lukoil" said: "In the transition scenario (moving away from oil), the rise in carbon dioxide prices and inflation will lead to an increase in global oil prices to $380 per barrel."
 
 
Lukoil indicated that inflation and payments related to carbon dioxide emissions will significantly affect the price of a barrel of oil.
 
Lukoil has developed a long-term strategy, which includes several scenarios for the development of the global economy and climate policy, and none of the three scenarios includes the complete disposal of fossil fuels. It assumes that countries fulfill the climate commitments that have been adopted.
 
For comparison, the global “Brent” mix is trading today at the level of $74 a barrel, with an increase in infections with the new mutant Omicron from the Corona virus, which has reinforced fears of imposing new restrictions that may negatively affect the demand for fuel.
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Economy News _ Baghdad

Two sources from the Organization of the Petroleum Exporting Countries said that OPEC+ compliance with oil production cuts rose to 117 percent in November from 116 percent in the previous month, indicating that production levels are still well below agreed targets.

Data showed that the commitment of the ten OPEC countries participating in the production cuts amounted to 122 percent, while the non-OPEC participating countries achieved a commitment of 107 percent, bringing the commitment of OPEC + 117 percent.

The International Energy Agency said in its December oil market report that OPEC+ cut the oil production target by 650,000 bpd last month, compared to 730,000 bpd in October.

OPEC+ data shows producers in West Africa, Nigeria and Angola, continuing to struggle to pump to the target, with Angola's compliance reaching its highest level this year at around 300%, Nigerian compliance falling 10 percentage points month-on-month to 239%, as it increased Country production slightly.

The failure of countries to meet the targets in recent years is due to a lack of investment, ongoing maintenance issues and the exodus of international energy companies.

 
 
Views 106   Date Added 12/21/2021
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  •  Time: 12/23/2021 08:16:22
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Brent crude exceeds $75 per barrel
  
{Economic: Al Furat News} Oil prices rose today, Thursday, for the third consecutive day, supported by the decline of the dollar due to optimism about global growth.

 US West Texas Intermediate crude futures rose 22 cents, or 0.22%, to $72.98 a barrel, after jumping 2.3%, in the previous session.

Brent crude futures rose 24 cents, also equivalent to 0.24%, to $ 75.53 a barrel, after rising 1.8 percent, in the previous session.

Wednesday's big gains were partly driven by a larger-than-expected drop in US crude stocks last week.

The dollar's decline supports the oil markets, as it makes commodities cheaper for holders of other currencies. The dollar fell close to a one-week low after data on Wednesday showed US consumer confidence improved more-than-expected in December.

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  •  Time: 12/22/2021 17:19:51
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Oil and gas investments and exploration in 2021
  
{Economic: Al Furat News} With the pressures of the pandemic and the rush to switch to clean energy before formulating an appropriate mechanism to be a quiet and smooth transition, and with the rising voices of combating climate change and industrial pollution, the pace of government and private investments in hydrocarbon energy projects, whether in oil or gas, has declined, which Pushing new explorations in 2021 to fall to its lowest level in 75 years.
 

At the same time, the major industrial countries that lead the anti-pollution trends are still calling for more exploration and investments, but outside their countries, in a contradictory and pragmatic behavior that raises a lot of surprise and questions about the extent of the elasticity and flexibility of standards and moral code for these countries.
The march of oil from the beginning of the epidemic until the metamorphosis “Omicron”
December 2019
- the price of oil is stable at 66 dollars.
- China announces the discovery of cases of a virus that is being identified and dealt with in the city of "Wuhan", "Hubei Province".
January 2020
- Oil drops to $55.
The World Health Organization announces the mobilization of its three levels: international headquarters, regional headquarters, and country offices.
February 2020
- Oil drops to $48.
The World Health Organization holds a forum to study what is happening in China and uses 400 experts, scientists and doctors, then sends teams to investigate in “Wuhan.”
March 2020
- The World Health Organization declares “Corona” a pandemic with the ability to spread widely, and calls on all countries of the world to prepare.
Oil drops to $22.
April 2020
- Oil drops to $20.
Demand for oil drops in the first quarter of the year to 85-88 million barrels per day, compared to 95-98 million barrels per day before the pandemic.
OPEC and its allies decide in an extraordinary meeting to reduce production by 10 million barrels in May and June, then reduce it to 8 million barrels in the rest of the year, then reduce it to 6 million barrels from the beginning of 2021 until April 2022.
May 2020
The major central banks intervene with more than $8 trillion to stimulate demand and pull the economy out of recession with a series of measures from lowering interest rates, launching huge quantitative easing programs, various tax exemptions, subsidies and grants for affected families and companies.
Oil rises to $38.
December 2020
- The success in reaching the first vaccine and the start of production and distribution operations, which supported the market's optimism about the recovery of energy demand.
Lifting a number of restrictions and closures.
By the end of the year, oil was able to recover part of its recovery compared to before the pandemic.
– OPEC and its allies decide at the 12th meeting at the ministerial level to raise production by an additional 500,000 barrels, which means reducing production cuts to 7.2 million instead of 7.7 million barrels until the first quarter of 2021.
– Oil reaches $51.
July 2021
– OPEC and its allies decided at the 19th meeting at the ministerial level to gradually increase oil production by 400,000 barrels per day on a monthly basis, starting in August.
– Oil exceeds its pre-pandemic price levels and the market is recovering with a significant increase in energy demand.
Oil reaches $75.
Summer of 2021
Violent climatic phenomena in different geographical areas of the world:
1- German floods, which reached seven times the usual height.
2- Snow in Brazil, hitting 40 cities.
3- The temperature in North Africa approaches 50 degrees.
4- The torrential rains in China reached the feet of the giant Leshan Buddha statue.
5- The temperature in Finland lasted for 31 consecutive days, above 25 degrees.
6- Floods in India, followed by storms and then landslides.
7- The heat in Iran causes a water shortage.
Climate change is causing a decline in the productivity of a large number of agricultural crops, which has led to a decrease in the supply of some types of grain and food products, pushing food prices to record levels.
Climate change and extreme phenomena are causing the voices of trends calling to reduce the extraction, investment and use of fossil fuels to grow louder.
What makes the climate polluted in order from most to least?
1- Vehicle emissions.
2- Fuel combustion.
3- Dust and dirt.
4- Factory emissions.
5- Use of solvents.
6- Fires due to human error.
7- Fertilizers and harmful pesticides.
8- Burning crops.
9- Indiscriminate disposal of waste.
10- Radioactive waste.
11- Deforestation.
12- Reducing the construction of green spaces.
October 2021
Huge pressures on OPEC and its allies to increase production plans and raise oil supply.
– OPEC and its allies decide not to respond to pressure, that the current supply is suitable for demand and that production will outpace consumption by the first quarter of 2022.
– OPEC and its allies respond to critics that panic is what raises prices, not the amount of supply, which is more than enough for energy demand.
- OPEC and its allies decided at the 21st meeting at the ministerial level to keep the increases planned in previous meetings unchanged.
Oil reaches its highest level since 2018 at $83, as a monthly average.
The climate summit in Glasgow began on October 31.
The International Energy Agency has warned that extreme volatility in energy markets will remain a risk unless investment in clean energy triples in the next decade.
November 2021
- Major oil importers: The United States, China, South Korea, and Japan decide jointly to coordinate the withdrawal of the strategic oil reserve to disturb oil prices and push it down, but the attempts failed.
– The appearance of the mutant “Omicron” in some countries of the southern African continent, and in 48 hours, oil fell by 11%.
Possibilities and news of closures and restrictions on travel, movement and employment return in a number of countries in the world, especially the major importers of energy.
Oil drops to $72.
December 2021
- Rystad Energy says global oil and natural gas discoveries are heading this year to a 75-year low.
– An analysis of the Energy Research Company showed that the quantities discovered globally since the beginning of this year until the end of last November amounted to 4.7 billion barrels of oil equivalent, which would be the lowest level since 1946 if no major discoveries were made this month.
- “OPEC” believes that the world needs investments of 11 trillion dollars from now until 2040 in order to keep the supply of oil in line with what is required.

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Economy News _ Baghdad

Oil prices rose on Thursday for a third day in a row, boosted by a weaker dollar on optimism about global growth, even as governments in Europe ramped up restrictions to slow the spread of the mutated omicron.

US West Texas Intermediate crude futures rose 14 cents, or 0.22 percent, to $ 72.92 a barrel at 05:09 GMT, after jumping 2.3 percent in the previous session.

Brent crude futures rose 16 cents, or 0.22%, to $75.45 a barrel, extending its gain of 1.8 percent in the previous session.

Wednesday's big gains were partly driven by a larger-than-expected drawdown in US crude stocks last week.

A weak US dollar is supporting oil markets as it makes goods cheaper for those holding other currencies, as the dollar fell to a one-week low after data on Wednesday showed US consumer confidence improved more than expected in December.

The rise in oil prices came even as governments reimposed a raft of restrictions to slow the spread of Omicron.

 

 

 
Views 204   Date Added 12/23/2021
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  •  Time: 12/28/2021 09:10:01
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Brent rose to $78
  
{Economic: Al Furat News} Oil rose on Tuesday, with prices trading near the highest level in the last session in one month amid expectations that the Omicron formula for the Corona virus will have only a limited impact on global demand.

Brent crude rose seven cents, or 0.12 percent, to $ 78.72 a barrel by 05:10 GMT, and US West Texas Intermediate crude rose 22 cents, or 0.29 percent, to $ 75.79 a barrel, achieving a gain for the fifth consecutive session.

Both markets were trading near their peak on Monday, their highest since late November.

British Health Minister Sajid Javid said on Monday that England would not impose any new restrictions on the coronavirus until the end of 2021, as the government awaits more evidence on whether the health service can handle the high infection rates.

 

However, US airlines canceled more than 1,300 flights on Sunday as the coronavirus reduced the number of available crews while many cruise ships had to cancel stops.

Oil prices have risen about 50 percent this year, buoyed by a recovery in supply and demand cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.

Investors are waiting for the OPEC+ meeting on January 4, when the alliance will decide whether to go ahead with the planned 400,000 bpd production increase in February.

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Information / follow up..

The oil expert, Kamel Al-Harami, said in an interview that the average price of a barrel of oil at $75 during 2022 is the rate that OPEC Plus wants.

Al-Harami added that the Russian Energy Minister said that the average oil price will be between 65 and 80 dollars per barrel, ie an average of 75 dollars, and this is what Russia and Saudi Arabia want.

He pointed out that the OPEC Plus bloc owns all the oil numbers, whether the rate of production or the global demand for oil, adding: “The bloc reads the numbers and analyzes them before making a decision.”

He expected that the OPEC Plus alliance would approve an increase in production during the next month at a rate of 400,000 barrels per day, stressing that the leadership of OPEC Plus managed to control the oil markets.

Al-Harami stated that withdrawing from the oil reserves of the major countries will not affect the level of production of the OPEC Plus countries.

He revealed that OPEC Plus has the mechanism to maintain oil prices at the required levels, which the Russian minister announced at $75 a barrel, even in the event of a production cutback to keep pace with any possible drop in global demand.

He continued, "The OPEC Plus group has learned the mechanism of being able to lead prices, not control them... Therefore, the group will increase its production next year and monitor numbers and global demand, and it will increase production by 400,000 barrels per day on a monthly basis, which ends at the end of May of next year." “. finished/25h

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Expectations of “OPEC +” commitment to the production increase plan scheduled for next February

Expectations of “OPEC +” commitment to the production increase plan scheduled for next February
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Mubasher: 4 informed sources expected, today, Thursday, that the “OPEC +” group will likely stick to its current policy of monthly increases of 400 million barrels during February 2022.

The sources' expectations come with concerns about demand raised by the "Omicron" mutator, and the price recovery, according to "Reuters".

The “OPEC +” group is scheduled to make a decision on January 4, 2022, whether to continue increasing production by 400,000 barrels per day for the month of February.

A source in the "OPEC +" group said today: "For the time being, I have not heard of any steps to change course."

A Russian oil source and two other sources from "OPEC +" indicated that no changes to the agreement are expected next week.

At its last meeting on December 2, “OPEC +” committed to a plan to increase 400,000 barrels per day in January, despite fears that the US release of crude reserves and “Omicron” could lead to a collapse in oil prices.

 By 3:25 pm GMT, the price of Brent crude futures rose by 0.2 percent, to $79.36 a barrel, and the price of “NYMEX” crude for February delivery rose 0.8 percent to $77.21 a barrel.

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  •  Time: 12/31/2021 09:39:00
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Oil is set to end the year with the biggest annual gain since 2009
  
{Economic: Al Furat News} Oil prices fell 1% today, Friday, but they are heading to achieve their largest annual gains in 12 years, driven by the global economic recovery from the recession caused by the Covid-19 pandemic and restrictions adopted by producers even with injuries rising to record levels around the world.

On the last day of 2021, Brent crude futures are heading to end the year with an increase of 53%, while US crude futures are on the way to achieve a rise of 57%, which is the strongest performance of the two benchmark contracts since 2009 when prices rose by more than 70%.

“We’ve had Delta and Omicron and all kinds of shutdowns and travel restrictions, but oil demand has remained a bit strong. You can attribute that to the effects of the stimulus supporting demand and to supply constraints,” said Craig James, Comsk chief economist.

However, today, Friday, oil prices stopped increasing after rising for several consecutive days, as Covid-19 infections reached new high levels globally, from Australia to the United States, which is fueled by the mutated strain of the highly contagious Omicron Corona virus.

Brent crude futures fell 86 cents, or 1.1%, to $78.67 a barrel, while US West Texas Intermediate crude futures fell 80 cents, or 1%, to $76.19 a barrel.

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 2021-12-31 08:30
 

Shafaq News/ Oil analysts cut their price forecasts for 2022 on Friday, as the Omicron variable of the Corona virus imposes headwinds to restore demand for fuel and threatens to create a supply glut as producers pump more oil, according to a Reuters poll.

A survey of 35 economists and analysts forecast that Brent crude will average $73.57 a barrel in 2022, about 2% lower than expectations of $75.33 in November.

This is the first reduction in price forecasts for 2022 since the August survey.

The price of crude oil is expected to average $71.38 a barrel in 2022, compared to $73.31 the previous month.

Benchmark Brent crude prices, currently trading around $80 a barrel, are heading for their biggest annual jump since 2009 as demand for the fuel returns.

However, the new variant of the coronavirus from Omicron is spreading faster, causing states to tighten restrictions. If restrictions persist, it could reflect a recovery in oil demand.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will meet on January 1. 4 to decide on their production policy after they agreed to stick to the plan to increase production by 400,000 barrels per day per month.

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  •  Time: 12/31/2021 22:57:29
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Oil concludes the last day of 2021 at this price
  
{Economic: Al Furat News} Brent crude contracts ended their transactions on the last day of the year at $77.78 a barrel.

And oil prices fell 1% today, Friday, but they are heading to achieve their largest annual gains in 12 years, driven by the global economic recovery from the recession caused by the Covid-19 pandemic and restrictions adopted by producers even as injuries rose to record levels around the world.
On the last day of 2021, Brent crude futures are heading to end the year with an increase of 53%, while US crude futures are on the way to achieve a rise of 57%, which is the strongest performance of the two benchmark contracts since 2009 when prices rose by more than 70%.

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 2022-01-03 06:53
 

Shafaq News/ Three sources in OPEC said on Monday that the OPEC + group is expected to move forward during its next meeting with the increase scheduled for February, which amounts to 400,000 barrels per day.

 

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, the group known as OPEC+, meet on Tuesday to set policy to be followed.

 

And a copy of a report issued by the Joint Technical Committee of the “OPEC +” group stated that the group expects that the impact of the mutated Omicron from the Corona virus on the oil market will be limited and temporary, as reported by Reuters.

 

"It is expected that the impact of the new mutant Omicron will be mild and short-lived, with the improvement of the global ability to deal with Corona and the challenges associated with it," the report said.

 

Brent crude ended the year with a 50.5% annual increase, its largest increase since 2016, while West Texas Intermediate crude recorded a 55.5% increase in the strongest performance since 2009, when prices jumped more than 70%.

 

It is noteworthy that the two contracts touched the highest level in 2021 in October, when Brent crude recorded $ 86.70 a barrel, the highest level since 2018, while West Texas Intermediate crude recorded $ 85.41 a barrel, its highest level since 2014.

 

Today, Monday, OPEC ministers will hold a meeting to discuss the appointment of a new Secretary-General.

 

Nigeria's current Secretary-General of OPEC, Mohamed Barkindo, is scheduled to step down as soon as his second three-year term expires at the end of next July.

 

Barkindo helped strike a deal with non-OPEC producers, such as Russia, to cut global oil production in order to balance the market.

 

And on Tuesday, OPEC + will hold a separate meeting to decide on production policy, which may not bring anything new to the markets.

 

It is likely that OPEC+ will stick to the current policy and confirm an increase in production by 400,000 barrels per day in February.

 

For its part, OPEC and its allies agreed to stick with their current policy of monthly increases in oil production, despite concerns that both the withdrawal of the United States from crude reserves and the new mutated strain of the Corona virus, Omicron, could lead to a new collapse in crude prices.

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 2022-01-03 00:12
 

Shafaq News/ Oil prices rose on Monday, with the start of the new year 2022 market positively, despite fears of a decline in demand due to the rapid spread of the Covid-19 pandemic, which limited the gains.

 

Brent crude rose 59 cents, or 0.76%, to $78.37 a barrel by 05:01 GMT, and US West Texas Intermediate crude futures rose 63 cents, or 0.84%, to $75.82 a barrel.

 

And in the past year, oil prices rose about 50%, spurred by the global economic recovery from the COVID-19 pandemic and producer controls, even as infections reached record levels around the world.

 

Health experts in the United States have warned Americans to prepare for severe disruptions in the coming weeks, with infection rates likely to worsen amid increased holiday travel and New Year's celebrations and the reopening of schools after the winter holidays.

 

US energy companies added oil and natural gas drilling rigs for a record 17 straight months, as higher prices lured some drillers back to the well plate after demand slumped last year due to the coronavirus.

 

OPEC sources said the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies - the so-called OPEC+ community - will likely stick to their plan to add 400,000 barrels per day of supply in February when they meet on Jan. 4.

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"OPEC" calls for intelligent dealing with the fluctuations in the oil market, and reveals its expectations for demand during 2022

"OPEC" calls for intelligent dealing with the fluctuations in the oil market, and reveals its expectations for demand during 2022
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Mubasher - Mustafa Reda: During its meeting, today, Monday, the “OPEC” group stressed the need to deal intelligently with the fluctuations of the oil market, as it has been since the beginning of the Corona pandemic.

The petroleum exporting group revealed, during the meeting of the joint technical committee, with the aim of studying oil market developments, expectations that the demand for crude during 2022 will exceed the pre-epidemic level.

The beginning of another chapter during 2022,
 
and the Joint Technical Committee (JTC) of the "OPEC" group held its fifty-eighth meeting via video link to review the conditions of the global oil market.

This comes before the thirty-sixth meeting of the Joint Ministerial Monitoring Committee (JMMC) and the twenty-fourth ministerial meeting of the "OPEC +" group, to be held tomorrow.

OPEC Secretary-General Muhammad Sanusi Barkindo referred to the committee's primary role in supporting efforts to achieve a stable and sustainable oil market for the benefit of all stakeholders in the industry.

“As another chapter begins in the new year, let us remember with a sense of pride all that we have accomplished so far by declaring the historic collaboration,” Barkindo stated.

With regard to the state of the oil market, Barkindo stressed the need to deal intelligently and adaptively to the ever-changing situation, noting that "in fact, this was the way the OIC countries worked to deal with the volatile oil market dynamics throughout the pandemic."

The Secretary-General alluded to the flexible approach, which helped provide an additional sense of stability, reassurance and continuity to the market and investors despite the ongoing uncertainty.

Barkindo stated that global oil demand is expected to reach 100.6 million barrels per day in 2022, exceeding pre-pandemic levels.

New Secretary General of the organization

The Organization of the Petroleum Exporting Countries "OPEC" held its meeting, remotely, today, Monday, headed by Bruno Jean-Richard Itwa, Minister of Oil of the Congo.

The Organization of the Petroleum Exporting Countries stated, in a press statement, that in accordance with Article 28 of its statute, and in implementation of the procedure established at the 182nd meeting of the conference on December 1, 2021, it was decided by acclamation to appoint Haitham Al-Ghais from Kuwait as the organization’s Secretary-General, starting from the beginning of August 2022, for a period of three Years.

The organization indicated that Al-Ghais worked for the Kuwait Petroleum Corporation, and the governor of Kuwait in “OPEC” from 2017 to June 2021.

Al-Ghais is currently the deputy managing director of international marketing at the Kuwait Petroleum Corporation.

The Kuwaiti candidate chaired the Joint Technical Committee (JTC) to announce cooperation in 2017, and subsequently served as a member of the JTC until June 2021.

Oil is going down 

Pending the official decision of the "OPEC +" group regarding the production plan next February - which most expectations indicate a fixation of the estimated increase of 400,000 barrels per day - oil prices fell in global markets during trading.

By 2:27 pm GMT, the price of the Brent crude futures contract fell by 0.4 percent, at the level of $77.46 a barrel.

The price of "NYMEX" crude contracts for February delivery also decreased by 0.6 percent, to the level of $74.74 a barrel, at the same time.

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 2022-01-04 04:36
 

Shafaq News/ OPEC + meets today, Tuesday, to review production policy during the coming period, while an oil expert expected the organization to continue increasing its oil production during this meeting.

 

Oil expert Hamza Al-Jawahiri told Shafaq News Agency, "It is expected that OPEC + will continue to increase its oil production during its meeting, which will be held today, by an amount of 400,000 barrels per day for all members for the month of February next, which is the same increase that was taking place during the past months," noting that " Iraq's share will be around 40,000 barrels per day.

 

Al-Jawahiri added that "most countries have taken the decision to increase, except for some of them." ".

 

Al-Jawahiri pointed out that "the United States and its allies succeeded in reducing oil prices by releasing quantities of strategic crude oil up to 70 million barrels," explaining that this American pressure is able to reduce prices even if oil prices jump to 80 dollars, it will not exceed 90 dollars. result of this pressure.

 

 The OPEC + alliance is working to gradually undo the record oil production cuts of 10 million barrels per day, or about 10% of global oil production, agreed in March 2020 following the outbreak of the Corona virus.

 

And the Joint Technical Committee of the Organization of the Petroleum Exporting Countries, played down the impact of the Omicron variable on the oil market, saying in its report that "the impact is expected to be mild and short-lived, as the world becomes better equipped to deal with Covid-19 and the challenges associated with it."

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 2022-01-04 09:17
 

Shafaq News/ The ministers of the OPEC + alliance agreed in their meeting today, Tuesday, headed by Saudi Energy Minister Abdulaziz bin Salman, to continue the gradual monthly increase in production by 400,000 barrels per day, during next February.

The new meeting of coalition ministers is scheduled to be held on February 2, to discuss production policy in March.

The Joint Ministerial Monitoring Committee had confirmed that the oil market is currently witnessing a state of balance, and that it will turn into a surplus starting from the first quarter of 2022.

The coalition announced that the compliance rate of OPEC countries in November 2021 was 122%, while countries outside the organization recorded a compliance of 107%.

Surplus and inventory forecast

The report of the OPEC + Joint Technical Committee stated that the impact of the Omicron variable will be "mild and short-lived... as the world becomes better equipped to deal with Covid-19 and the challenges associated with it."

The Joint Technical Committee stressed that there will be a surplus of 1.4 million barrels per day in the first three months of 2022, 25% less than it estimated a month ago, according to a report seen by Bloomberg.

The base scenario of the Joint Technical Committee showed that commercial oil stocks of the Organization for Economic Cooperation and Development in 2022 will remain below the 2015-2019 average in the first three quarters of the year, rising above this average, by 24 million barrels in the last quarter of the year, according to Reuters.

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OPEC Plus agrees to increase production by 400,000 b/d for February, according to the agreement
  
{Economic: Al Furat News} The Organization of the Petroleum Exporting Countries "OPEC Plus" agreed, on Tuesday, to proceed with the planned increase in oil production next February, at a value of 400,000 barrels per day, according to the scheduled schedule.
 

Delegates said that the coalition, which includes 23 countries led by Saudi Arabia and Russia, agreed to increase 400,000 barrels per day as of next February, as part of the group's commitment to its plan to gradually restore pumping production that stopped during the epidemic, after its analysts expected a smaller surplus in the first quarter than previously expected.
Global fuel consumption continues to recover from the crash of 2020. There is an increase in traffic and factory activity in various oil-consuming Asian countries, as well as declining crude oil inventories in the United States, driving oil prices to nearly $80 a barrel.
OPEC+ has already resumed about two-thirds of the production it halted in the early stages of the pandemic, while the Organization of the Petroleum Exporting Countries and its partners are still forecasting an oversupply but it appears less than previously thought. An increase in the premium gap for Brent crude futures in the near term over the more distant futures indicates that the market is still tilting in favor of demand.
The group's joint technical committee concluded on Monday that production will exceed global demand by 1.4 million barrels per day in the first three months of this year, compared to 1.9 million barrels in its previous assessment.
The alliance is not concerned about barrels of oil pumping into surplus because fuel stocks are currently at low levels and are usually replenished during a period of lull in seasonal demand, according to one delegate.
New Secretary of OPEC
In a separate and very brief online meeting on Monday, OPEC ministers appointed Kuwait's Haitham Al-Ghais to take over as the group's secretary-general in August after the term of its current secretary-general, Mohammed Barkindo, expired.
Market risks
Proceeding with the next monthly increase is not without risks for the producer alliance, as air travel saw significant disruption in the US last week, with more than 1,300 flights canceled on Friday and 1,000 canceled on Saturday, as airlines struggled with staff shortages. due to corona virus infection.
China, Asia's largest oil user, has shown signs of weak fuel demand due to its tough anti-coronavirus approach and tough stance on pollution, according to road congestion data from local suppliers such as Baidu.
Goldman Sachs expects to maintain border controls for the rest of this year as it prepares to host the Beijing Winter Olympics and a series of political events.
And while OPEC analysts see the first quarter as tighter, part of the surplus they had previously forecast has been pushed back to later in the year. The group has said several times that it has the option of pausing or even reversing scheduled increases in supply if necessary.
However, there are also questions about whether “OPEC +” will actually be able to provide full monthly increases of 400,000 barrels per day, given the struggle that some members such as Angola and Nigeria are experiencing to achieve their production targets.
It is likely that only about 130 thousand barrels per day of “OPEC +” production will reach the market.
Sen said in an interview with Bloomberg TV before the “OPEC +” meeting: “Even if an increase of about 400,000 barrels was released, what comes to the market is half of that, and maybe less.”

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Brent crude price exceeds $80 a barrel

 

  •  Yesterday, 18:04
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Baghdad - IQ  

Oil futures extended gains, with global benchmark Brent crude rising above $80 a barrel, its highest level since November.

The rise comes after the end of the longest meeting of the Organization of Petroleum Exporting Countries (OPEC), Russia and its allies, the group known as OPEC +, today, Tuesday.


The members of "OPEC +" agreed to keep the oil production policy unchanged, by increasing production by 400,000 barrels per day in February, according to the agreement.


Oil prices continued to rise, today, Tuesday, after a rise that exceeded 1% yesterday, in the hope of a further recovery in demand in 2022.


Brent crude rose 0.44% in morning trading, to reach $79.32 a barrel, while US crude rose by 0.34%, to reach $76.34 a barrel.


And yesterday, US light crude futures rose 87 cents, or 1.16%, to settle at $76.08 a barrel. Brent futures contracts were not less fortunate than the previous ones, as they also rose by $1.20, equivalent to 1.54%, to reach at settlement $78.98 a barrel.

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Economy News - Baghdad

Today, Wednesday, the Organization of the Petroleum Exporting Countries announced that the share of Iraq's oil production will reach 4.325 million barrels per day during the month of February, after the OPEC + agreement to increase 400 thousand barrels per day .

The organization stated in its schedule, that "the production quota for Iraq for the month of February was set at 4.325 million barrels per day, an increase of 44,000 barrels per day over the month of January, which amounted to 4.281 million barrels per day, and an increase of 88 thousand barrels per day over last December ."

And she added, "The production of both Saudi Arabia and Russia was set, with a production of 10.227 million barrels per day, during the month of February, an increase of about 105,000 barrels per day from the current month of January, and the UAE's production share increased by 30 thousand barrels per day, to reach 2.946 million barrels per day during next month ."

She indicated that "the share of OPEC from the planned increase of 4894 thousand barrels per day in February will amount to 254 thousand barrels to reach 24.808 million barrels per day, while the share of allied with OPEC will reach 292,000 barrels to reach 40,894 million barrels per day ."

And OPEC + agreed, during its meeting on Tuesday, to increase its oil production by more than 400 thousand barrels per day, according to the previously agreed schedule .

 
 
Views 85   Date added 01/05/2022
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This article has no clue and wants everyone to think vehicle combustion is the number one polluter of CO2 emissions. 

Quote

What makes the climate polluted in order from most to least?
1- Vehicle emissions.
2- Fuel combustion.
3- Dust and dirt.
4- Factory emissions.
5- Use of solvents.
6- Fires due to human error.
7- Fertilizers and harmful pesticides.
8- Burning crops.
9- Indiscriminate disposal of waste.
10- Radioactive waste.
11- Deforestation.
12- Reducing the construction of green spaces.
October 2021

The article does not take into account volcanic eruptions which far exceeds the CO2 output of vehicle emissions in only one volcanic eruption. This is simply pure propaganda and most demoncraps will eat it up. Num! Num!

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 2022-01-06 00:17
 

Shafaq News/ Oil prices fell on Thursday, falling by more than one dollar a barrel from their highest levels in more than a month, after rising US fuel stocks amid falling demand.

 

Global benchmark Brent crude futures fell $1.08, or 1.34 percent, to $79.72 a barrel by 05:04 GMT.

 

US West Texas Intermediate crude futures lost $1.01, or 1.29%, to $76.86 a barrel.

 

US crude oil stocks fell last week, while gasoline stocks rose by more than ten million barrels, in the largest weekly increase since April 2020, with supplies in refineries supported due to reduced demand for fuel.

 

Rising fuel stocks indicate that the public is being cautious about travel in the wake of rising omicron variant cases.

 

The United States reported nearly one million cases of COVID-19 on Monday, setting a world record as the spread of the Omicron variant showed no signs of slowing.

 

On Wednesday, Brent and West Texas Intermediate crude futures rose to their highest levels since late November, as the OPEC+ decision to increase supply signaled an easing of concern over a large surplus in the first quarter.

 

OPEC+, the group that includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, agreed on Tuesday to add another 400,000 barrels of supply per day in February, as it has done every month since August.

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  •  Time: 01/07/2022 08:23:19
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Oil jumps to $82
  
{Economic: Al Furat News} Oil prices rose by about two percent, today, Friday, to continue their rise in the new year, due to the increasing unrest in oil-producing Kazakhstan and a member of the OPEC + bloc, in addition to the interruption of supplies from Libya.

Brent crude futures rose $1.19, or 1.5 percent, to settle at $82.62 a barrel, after hitting their highest level since late November.

US West Texas Intermediate crude futures rose $1.6, or 2.1 percent, upon settlement to $79.46. The contract touched a session high of $80.24.

Russia sent troops to Kazakhstan on Thursday to help put down an uprising, after deadly violence spread across the country.

Kazakhstan currently produces 1.6 million barrels of oil per day. There are no indications that crude production has been affected so far.

On the same day, the Libyan National Oil Corporation said that Libyan oil production amounted to 729,000 barrels per day, down from more than 1.3 million barrels per day last year, which was its highest level, due to maintenance work and field closures.

Prices have increased since the beginning of the year, despite the commitment of the OPEC + alliance to increase the agreed production targets and the increase in US fuel stocks last week.

JPMorgan has forecast that the average price of Brent crude will average $88 a barrel in 2022, up from $70 last year.

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Oil Prices Drop To $81.37 A Barrel

 
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Information/Baghdad,..

Oil prices fell further, on Monday, as the rapid rise in infections with the Omicron mutated strain of the Corona virus negatively affected economic activity, although supply disruptions in Kazakhstan and Libya limited the decline.

Brent crude fell 38 cents, or 0.46%, to $81.37 a barrel, while US West Texas Intermediate crude fell 34 cents, or 0.43%, to $78.56 a barrel.

Employment in the United States rose less than expected in December amid a shortage of workers, and the increase in employment could remain modest in the near term at a time when the increase in Corona injuries disrupts economic activity.

According to a Reuters statistic, more than 304.87 million cases of coronavirus and five million and 834,506 deaths have been recorded worldwide.

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