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

[yota691]

Slight rise in oil

•  Time: 01/11/2022 08:39:41
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•  Reading: 975 times

  

{Economic: Al Furat News} Oil prices rose today, Tuesday, after two days of losses, thanks to the return of investors' appetite for risk, while the market awaits signals from the President of the Federal Reserve (the US Central Bank) regarding raising interest rates.

The rise also comes at a time when some oil producers are finding it difficult to raise the level of their crude production.

Brent crude rose 26 cents, or 0.3%, to $81.13 a barrel, after falling 1% in the previous session.

A weak dollar helped support prices on Tuesday, as it makes oil cheaper for holders of other currencies.

Oil prices fell in the previous two sessions due to fears caused by the rapid global rise in infections with the mutated Omicron strain of the Corona virus, which could weaken demand for fuel.

However, analysts pointed out that supplies from OPEC and non-OPEC producers, in what is known as the OPEC + grouping, are not keeping pace with demand, which supports prices.

Libya, which is exempt from OPEC supply restrictions, has been hit by pipeline maintenance and oil field disruptions. But it resumed production on Monday at the El Feel oil field, after it was stopped by an armed group last month.

[yota691]

Within the OPEC agreement, Iraq's share of crude oil will increase within a month

01:32

Fourth - follow up

13 OPEC countries pumped 28.04 million barrels per day of crude oil, during the month of December, an increase of 190,000 barrels per day from November, while nine non-OPEC partners pumped 13.98 million barrels per day, an increase of 120 thousand barrels per day. .

According to a survey conducted by the "Standard & Poor's Global Platts" platform, "the gains of Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola exceeded the losses of Libya and Nigeria, which made the increase in OPEC + production for the tenth month in a row."

It added that 14 of the 18 members had quotas that did not meet their targets, including even its largest producer Russia, whose compliance level rose above 100% for the first time since February, when harsh winter temperatures shut down wells and reduced pipeline flows. pipes".

 

The platform survey found, "Total compliance with OPEC + quotas jumped to 116.5%, the highest level since the alliance introduced record production cuts in the spring of 2020, with the 19 members subject to production targets to pump about 620,000 barrels per day below their common ceiling."

According to the survey, Iraq continued to exceed its share, which rose by 60 thousand barrels per day per month, to reach 4.310 million barrels per day, from 4.250 million barrels per day last November, bringing the percentage of commitment and compliance to 82.2 percent.

Saudi production amounted to 9.95 million barrels per day, and production increased by 60 thousand barrels per day, with a commitment rate of 106.9 percent.

Among the losers, Libya fell to its lowest level in one year at 1.05 million barrels per day, due to protests that closed several major oil fields and a major terminal, while Nigeria suffered more operational and technical problems that led to a decrease in production to 1.38 million barrels per day.

 

[yota691]

 

OPEC basket rises to more than 84 dollars

 

 2022-01-13 05:19

 

Shafaq News/ The prices of the OPEC oil basket rose, on Thursday, to reach more than 84 dollars, affected by the rise in other oil raw materials.

 

And the Organization of the Petroleum Exporting Countries stated in a report seen by Shafak News Agency, that "the price of the OPEC basket of thirteen barrels of crude increased by $2.22 to reach $84.35, compared to yesterday, Wednesday, when the price was $82.13."

 

Oil prices rose globally this week with the increase in global demand for oil by the largest oil consumers, despite the high infections of the highly contagious type of Omicron of the Corona virus around the world. .

 

The Organization of Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Mix (Algeria), Girasole (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabih Light (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).

[yota691]

Oil prices are expected to rise to $125 this year

•  Time: 01/13/2022 09:38:32
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•  Reading: 871 times

  

{Economic: Al Furat News} Bank (JP Morgan) said on Wednesday that it expects the surplus production capacity of the Organization of the Petroleum Exporting Countries (OPEC) to decline over the course of 2022, which increases the risks of a sharp increase in crude prices.

The US investment bank expects oil prices to rise to reach $125 a barrel this year and $150 a barrel in 2023. "We see a growing recognition in the market of weak global investment in supply," he said.

Oil prices hit two-month highs on Wednesday, supported by a supply shortage, as crude stocks in the United States, the world's largest consumer, fell to their lowest levels since 2018.

The bank said in a note that assuming production at the current quotas, the surplus production capacity of OPEC will fall to 4% of the total production capacity by the fourth quarter in 2022, from 13%, in the third quarter in 2021.

He added that the weak investment within the OPEC + countries and the increasing demand for oil after the pandemic may lead to a potential energy crisis.

[yota691]

Oil price recovery.. Positive expectations

Thursday 13 January 2022 263

 

  Baghdad: Haider Falih Al-Rubaie

The consultant in energy economics, Dr. Falah Jassim Al-Amiri, suggested that oil prices will continue to recover during the current year, attributing the reasons for this rise to the return of economic activity globally, and many countries taking measures that would reduce the general closure left by the Corona pandemic, and while he expected that the year would witness The current 2022, the strengthening of demand for OPEC + oils and the growth of production of member states, confirmed that there are no fears of calculating the price of a barrel of oil between 45-50 dollars in the current year’s budget.

 

And oil prices jumped, yesterday, Wednesday, as Brent crude rose 22 cents, or 0.3 percent, to reach $ 83.94 a barrel.

 

The return of economic activity

Al-Amiri told Al-Sabah that the average level of oil prices for 2022 will be relatively high, supported by several factors, including the return of global economic activity during this year, especially after reducing the global closure globally, allowing citizens to move, travel, mix, open factories, the service sector and tourism.

The expert in the field of energy pointed out that {the fluctuation in international oil prices, up and down, is the prevailing characteristic in the oil markets because of its connection to the global economic cycle, in addition to the presence of many factors related to supply and demand for energy, but the average price of oil in light of this fluctuation will exceed limits of $50 per barrel this year,” stressing “there are no indications of a collapse in energy prices, especially oil, as the global economy is going through a recovery cycle despite the prevailing concern about the spread of the Corona pandemic mutants.”

 

Public budget

According to the expectations of the recovery of global demand for petroleum, Al-Amiri confirmed {there are no fears of adopting a price of 45-50 dollars per barrel in the general budget} at the same time suggesting {adopting this price for the next three years, and then adopting the price of 42-44 dollars per barrel. , and for another three years, then the price of $40 a barrel is calculated for a subsequent four-year period, stressing that this is in line with the policy of economic reform, which includes diversification and getting rid of the unilateral and rentier economy, as well as with the aim of getting used to adopting low oil prices in the annual budget, which may become The dominant feature in the future after the growth of the production of renewable energy sources in the world, and its use as a fuel in the transportation and electricity generation sector instead of oil and coal, and for environmental reasons as well.

 

Funding for strategic projects

Al-Amiri stressed the necessity of “dramatic changes in the structure of the financial policy, by allocating a portion of oil revenues ranging between 10-15 billion dollars annually, and as of this year, to finance strategic projects to rehabilitate the country’s infrastructure, especially the construction of modern public and specialized hospitals and the restoration of Rehabilitation of the sewage network in all governorates, financing strategic industrial projects, building a modern and rapid railway network, and constructing an international external road network extending from south to north and from east to west, in addition to financing the construction of a new advanced refinery and the construction of a petrochemical plant.

 

energy investments

The energy economics consultant believes that investing in the oil and gas sector is one of the most important investments in Iraq, and ranks first because of its importance in the country’s economy. of fuel in most social and economic activities. Therefore, investments in the oil and gas sector are very essential, and contribute to the introduction of modern technology and high-level foreign expertise, in addition to providing foreign capital, stressing the need to increase and develop oil and gas production first, and the refinery and petrochemicals sector secondly, and to maintain Third, the development of oil services or logistics operations.

Al-Amiri pointed out that {the importance of investing in oil and gas lies in the fact that Iraq has large reserves, and it is very necessary to create a balance between these reserves and their production rate, in line with the need of the global market and internal consumption, in addition to enhancing the value of these reserves through the volume of production. It is appropriate to obtain the largest possible revenue from this wealth 

National.

 

Increasing global demand

Al-Amiri also expected, that “the current year 2022 will witness an increase in demand for OPEC + oils, the growth of production in member states and the achievement of relatively high and stable oil prices, stressing that this matter will reflect positively on Iraqi oil production and will gradually increase to contribute to meeting the needs of global markets and in coordination with alliance 

[DoD]

On 1/13/2022 at 5:58 AM, yota691 said:

Oil prices are expected to rise to $125 this year

With Biden as president the price of oil could reach $150 easily. Not sure if the house and senate has enough stroke to pressure Sadia Arabia after the November midterms or not.
All Trump had to do was make one phone call and the gas got to $1.75 a gallon. 
If you love paying $4.00 for a gallon of gas thank a liberal…. 

[yota691]

Three scenarios for oil price levels

Sunday 16 January 2022 57

 

 Baghdad: Hussein Thaghb 

 It is known that global oil prices are in a state of high fluctuation, affected by several immediate and cumulative factors, the most important of which is the developments of the Corona pandemic and its modifiers. Many officials in global economic institutions, especially global oil markets, prompted a 15% drop in oil prices after it crossed the $80/barrel threshold before the emergence of the Omicron mutant. 

 

But after that, global oil prices gradually recovered due to fear of a shortage in oil supplies as a result of the political and security turmoil that occur in some oil-producing countries, as well as the decline in the risks of the Corona pandemic and the diminishing fears of the Omicron mutator, and oil prices have now reached their levels. Previously last November. 

 

Instability

International energy expert, Dr. Falah Al-Amiri, said: "Legitimate questions began to appear among many economists, politicians and analysts about the future of global oil prices amid this extreme fluctuation and instability of oil despite the general positive trend."

He added, "Although the current indicators and the basics of the global oil markets indicate that there are many factors that push towards the continued rise in oil prices during 2022, there is a discrepancy in estimating the level of expected oil prices, so there are three scenarios for the levels of international oil prices, and each scenario moves it. Various factors affect supply and demand for oil.  

 

big changes

He pointed out that “the first of these scenarios is that oil prices will remain within their current levels between 75-85 dollars per barrel in the event that there are no major changes in the conditions experienced by the current global oil markets, and the markets remain in a state of caution and anticipation for any emergency changes in the world that may affect the oil price levels.  

 

second scenario

He pointed out that “the second scenario is the continuation of the rise in oil prices and their reaching the threshold of 100 dollars per barrel, and this scenario occurs in the event that the following factors occur. Next March or April, as well as in the event that Libyan and Kazakhstani oil continues to stop pumping to global markets, as well as the stalled negotiations related to the Iranian nuclear agreement, and the growth in demand for oil as a result of a gradual increase in global economic activity due to the reduction of global restrictions on the movement of citizens, as well as the continuation of The high demand for oil due to a decrease in temperature in European countries, America, Russia and other countries that are experiencing cold and harsh weather conditions.”

Third Scenario

And Al-Amiri indicated that “the third scenario stands when oil prices may reach the level of 125 dollars per barrel, and in fact there is a possibility that oil prices will reach the threshold of 125 dollars, as expected by some financial institutions or international oil companies, unless conditions exist that cause a major imbalance between Supply and demand for oil in global markets, in the event of a significant growth in oil demand to high levels, especially in February and above, especially in the event of a severe cold wave due to a significant drop in temperature, as well as in the event of a significant increase in demand After the official announcement of the weak influence of the Omicron mutator and the emergence of indicators of the end of the Corona pandemic, a comprehensive opening of local and global transport movement without restrictions, and the return of global economic activity to its levels as it was before the emergence of the pandemic 

Corona". 

 

oil stocks

He stressed that "the third scenario includes stopping the continued liberation of part of American oil stocks under President Biden's plan, because this method has become ineffective due to a significant shortage in American crude oil stocks, as they reached their lowest levels since 2018, and the withdrawal of oil from the inventory doubled as a result of Biden's plan." On the one hand, and the increase in domestic demand on the other hand, due to the cold winter season, and the continuation of this situation has begun to cause concern among traders of the oil trading exchanges and may lead to a significant rise in oil prices to high levels that may reach or exceed 125 dollars per barrel, and the chance of this scenario occurring It increases in the event that the OPEC plan remains as it is, and the return of Libyan and Kazakh oil fluctuates, and the delay in reaching the nuclear agreement between the Republic of Iran and the 5+1 group.” 

[yota691]

Oil rises to its highest level in more than 3 years

•  Time : 01/17 2022 08:45:03
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•  Reading: 2,028 times

  

{Economic: Al Furat News} Oil prices recorded, on Monday, a remarkable increase, as Brent crude futures reached their highest levels in more than three years, as investors bet that supply will remain tight amid production restrictions by major producers, with global demand not affected by omicron variable.

Brent crude futures rose 6 cents, or 0.07 percent, to $86.12 a barrel. 

US West Texas Intermediate crude rose 17 cents, or 0.20 percent, to $83.47 a barrel.

[yota691]

Brent crude continues to gain above $88

• Time: 01/18/2022 16:57:12
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• Reading: 221 times

  

{Economic: Al Furat News} Oil prices continued their gains during trading, Tuesday, and “Brent” crude exceeded the $88 barrier, in anticipation of the monthly production report of “OPEC” for December, and with a follow-up to the latest developments in supply and demand in conjunction with geopolitical tensions in the region. Middle east.

 

In a note, analysts at Australian brokerage CommSec confirmed that oil prices were supported by colder winter temperatures in the northern hemisphere, and that those conditions boosted demand for heating fuel.

For his part, "Ash Glover", an analyst at CMC Markets, said that analysts' expectations indicate that demand will exceed supply this year, as the world is heading to reopen the economy and borders after two years of closures.

In terms of trading, the futures contracts for the standard “Brent” crude for March delivery rose by 1.84%, or $1.59, to $88.07 a barrel, at 10:45 AM Mecca time.

The US “NYMEX” crude contracts for February delivery also increased by 2.28%, or $1.91, at $85.73 a barrel.

[yota691]

Let go Brandon..Open up that pipeline you closed...OPEC stating they up the production to 400,000 next month. But forecast states gas prices are gonna double... 

 

 

OPEC keeps its forecast for oil markets unchanged

•  Time: 01/18/2022 17:04:13
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•  Reading: 143 times

  

{Economic: Al Furat News} "OPEC" maintained the forecast for the growth of global demand for oil at 5.7 million barrels per day in 2021, and 4.2 million barrels per day in 2022.

 

The forecast for non-OPEC supply growth was 0.7 million barrels per day in 2021 and 3.0 million barrels per day in 2022, unchanged.
It also kept expectations of growth in demand for OPEC oil at 27.8 million barrels per day in 2021, 28.9 million barrels per day in 2022.
OPEC also kept the forecast for global economic growth unchanged at 5.5% in 2021 and 4.2% in 2022. OPEC +, which includes the Organization of the Petroleum Exporting Countries "OPEC" and independent producers, including Russia, agreed to increase production by 400,000 barrels per day starting from February, which has been followed monthly since August.
The price of Brent crude rose during trading on Tuesday, January 18, to breach the $88 barrier for the first time in 7 years.
The price of West Texas Intermediate crude also hit a seven-year high, driven by increased optimism about demand, easing concerns related to the outbreak of the omicron and geopolitical tension.
The price of a barrel of Texas Intermediate crude in futures contracts reached a record high of 85.66 dollars in Asian trading, the highest level recorded since October 2014.

[yota691]

Oil continues to rise and records the highest price in 7 years

•  Time: 01/19/2022 08:24:13
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•  Reading: 1,365 times

  

{Economic: Al Furat News} Oil prices rose for the fourth day in a row to reach their highest levels in seven years, as the disruption of a pipeline from Iraq to Turkey increased concerns about the already existing expectations of tight supply amid geopolitical problems.

Brent crude futures rose to $89.05, the highest level since October 13, 2014.

US West Texas Intermediate crude futures rose $1.51, or 1.8 percent, to $86.94 a barrel, extending gains after recording a 1.9% increase on Tuesday. West Texas Intermediate crude earlier climbed to a peak of $87.08, its highest level since Oct. 9, 2014.

Turkey's state pipeline operator Botas said on Tuesday it had halted the flow of oil through the Kirkuk-Ceyhan pipeline following an explosion. The cause of the explosion is unknown.

The pipeline transports crude from Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), to the Turkish port of Ceyhan for export.

This comes at a time when analysts expect a lack of oil supply in 2022, which has shook, due to reasons including the increase in demand, much more than what was expected in light of the highly contagious mutated strain of the Corona virus, as some refer to the return of the oil price to $ 100 a barrel.

Exacerbating supply concerns are geopolitical problems in Russia, the world's second-largest oil producer, and the United Arab Emirates, OPEC's third-largest oil producer.

[yota691]

 

Expectations of an increase in the price of a barrel of oil to $ 100

 

 2022-01-21 03:29

 

Shafaq News/ Rising global demand, supply disruptions and international political tension raised concerns about crude supplies, which pushed oil prices to their highest levels in seven years, with some expecting the price of crude oil to reach $100 a barrel. This has attracted more oil buyers from the United States. Increased exports and decreased domestic crude stocks, according to "Reuters".

Seaborne crude oil exports have increased in recent weeks and are approaching 3 million barrels per day so far this month, according to Matt Smith, lead oil analyst for the Americas at Kpler. That was just below the average of 3.2 million barrels per day for crude exports in December, the strongest month since February 2020, he said.

Shipping data on Refinitiv Eikon showed that shipments booked for the month of February were heading to several countries including China, South Korea and India. These three are among the largest regular buyers of US crude.

The International Energy Agency said Thursday that global demand in Asia in 2022 is expected to rise 4% to 37.2 million barrels per day, making it the only major region ahead of the 2019 pace.

[yota691]

 

Another drop in oil prices

 

 2022-01-20 23:37

 

Shafaq News/ Oil prices fell on Friday after rising to a seven-year high this week, as an increase in US crude and fuel stocks prompted investors to take profits from the rally.

Brent crude futures fell $2.46, or 2.8 percent, to $85.92 a barrel by 0136 GMT. Contracts had earlier fallen 3 percent, the biggest decline since Dec. 20. The global benchmark touched $89.50 a barrel on Thursday, the highest level since October 2014.

US West Texas Intermediate crude futures fell $2.61, or 3.1 percent, to $82.94 a barrel. US crude futures fell earlier 3.2 percent, also the biggest decline since December 20, after rising to their highest level since October 2014 on Wednesday.

It seems that the recent increase in crude prices lost momentum on Thursday when Brent and US crude ended the trading session with modest losses.

The benchmark has risen more than 10 percent since the beginning of the year amid fears of tight supplies.

Gasoline stocks rose in the United States, the world's largest oil consumer, by 5.9 million barrels, to the highest level since February 2021, according to the US Energy Information Administration. Crude stocks rose 515,000 barrels last week, missing industry expectations.

The administration's data also showed a limited decrease in crude consumption in refineries, which indicates a decline in demand.

Supply concerns escalated this week after Yemen's Houthi movement attacked the United Arab Emirates, the third-largest producer in the Organization of the Petroleum Exporting Countries, while Russia, the world's second-largest oil producer, amassed troops in large numbers near Ukraine's border, raising fears of a possible invasion.

However, the International Energy Agency said on Wednesday that oil supply is expected to exceed demand soon, as some producers are expected to pump at or above all-time highs, while demand holds up despite the spread of the Omicron from the Corona virus.

Reuters

[yota691]

 

OPEC exports to India fall to the lowest level, and Iraq is its largest exporter

 

 2022-01-22 00:43

 

Shafaq News/ OPEC's share of Indian oil imports fell to the lowest level in at least 15 years, while Iraq maintained its position as India's largest oil exporter.

Industrial data showed that OPEC's share of India's oil imports fell in 2021 to its lowest level in more than a decade, despite a 4 percent rebound in annual crude oil purchases for the world's third-largest oil importer.

Members of the Organization of the Petroleum Exporting Countries (OPEC), mostly from the Middle East and Africa, have seen their share of India's imported oil shrink to 70% in 2021, from a peak of 87% in 2008.

The data showed that India's imports of crude oil rebounded 3.9 percent to 4.2 million barrels per day in 2021, but remained below pre-pandemic levels in 2019.

The data showed that Indian oil imports jumped in December 2021 to their highest level in 11 months at about 4.7 million barrels per day, an increase of about 5% from November, but still 7.8% lower than the previous year.

The data showed that the share of OPEC decreased, with refineries increasing imports from Canada and the United States at the expense of Africa and the Middle East.

US and Canadian oil accounted for 7.3% and 2.7% of India's imports, respectively, compared to 5.5% and 0.7% a year earlier.

According to the data, Iraq remained India's largest supplier in 2021 since it overtook Saudi Arabia in 2017.

Iraqi supplies to India are expected to increase in 2022 as Hindustan Petroleum Corporation (HPCL) will raise 45% of crude oil to expand its refining capacity.

[yota691]

January 23, 20228:31 AM ESTLast Updated 11 minutes ago

 

Iraq schedules crude shipments for March loading amid strong demand-oil official

Reuters

 

1 minute read

A general view of the gas field in Basra , Iraq, August 26, 2017. Picture taken August 26, 2017. REUTERS/Essam Al-Sudani

 

BAGHDAD, Jan 23 (Reuters) - Iraq has already scheduled some oil shipments for loading in March due to projections of strong demand, Ali Nizar, deputy head of Iraq's State Organization for Marketing of Oil (SOMO), told reporters on Sunday.

On the subject of oil prices, Nizar said it was still too early to say if prices will exceed $100 per barrel, as some analysts have forecast.

Oil prices hit a seven-year high just above $89 a barrel on Wednesday. Any price increase will not last, Nizar said, but the Organization of the Petroleum Exporting Countries (OPEC) was taking the current fluctuations into consideration.

 

OPEC+, the group of producers comprising OPEC and allies including Russia, have aimed to raise output by 400,000 bpd a month but production has increased by less than that as some producers struggle to pump more, according to OPEC's monthly report in January. read more

The market could need additional quantities of oil and OPEC+ will offer more to the market if needed, Nizar said.

He added that Iraq's average oil exports are expected to rise to 3.3 million barrels per day in February, from 3.2 million barrels per day in January.

[yota691]

 

Iraqi oil explains the reasons for the rise in crude prices

 

 2022-01-24 07:53

 

 

Shafaq News/ The spokesman for the Iraqi Ministry of Oil, Assem Jihad, revealed on Monday the increase in demand for crude and the increase in its prices due to the cold wave and the shortage of gas supplied to Europe.

 

Jihad told Shafaq News Agency, "The current cold wave and the shortage in gas supplies in Europe have caused an increase in demand for crude oil and a rise in prices in the global market."

 

He pointed out that "oil prices are related to supply and demand in addition to weather and economic conditions, all of which led to a rise in prices, but they will remain balanced and a specific price cannot be expected in the oil market."

 

Jihad indicated that "there are always regular meetings of OPEC, in which it reviews the reality of the oil market through the submitted reports, and in light of this, plans are made regarding increasing production and exporting or staying on the established plans, and that OPEC is working to achieve balance in the market."

 

Oil prices rose on Monday, on fears of supply disruptions amid escalating tensions in Eastern Europe and the Middle East, which could make an already tight market more tense, while OPEC and its allies continue to struggle to increase production. .

 

Brent crude futures rose 78 cents, or 0.8%, to $88.67 a barrel by 04:46 GMT, reversing a 0.6% loss last Friday.

 

US West Texas Intermediate crude futures also rose 69 cents, or 0.8%, to $85.86 a barrel, after falling 0.5% on Friday.

 

Both benchmarks rose for the fifth consecutive week last week, gaining about 2%, marking their highest level since October 2014. Prices have already risen by more than 10% this year on fears of tight supplies.

[yota691]

Brent jumps to $86 a barrel

•  Time: 01/25/2022 08:42:26
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•  Reading: 429 times

  

{Economic: Al Furat News} Oil prices jumped, on Tuesday, to regain some of the gains they lost in the previous day's sharp losses, due to fears of a possible disruption to supplies amid escalating geopolitical tensions in Eastern Europe and the Middle East.

Brent crude futures rose 59 cents, or 0.71 percent, to $86.87 a barrel at 05:16 GMT, reversing a 1.8 percent decline in the previous session.

US West Texas Intermediate crude futures rose 49 cents, or 0.59 percent, to $83.78 a barrel, after falling 2.2 percent on Monday.

Oil prices reached their highest levels in seven years last week, supported by tight global supply and the return of global demand.

“The tone of the market remains strong, buoyed by rising geopolitical risks,” said Chiyuki Chen, chief analyst at Sunward Trading.

"We saw profit-taking on Monday when prices rose and Wall Street temporarily sank amid concerns about the US Federal Reserve's policy to cut economic stimulus, but the appetite for oil buying remained strong," he said.

On Monday, NATO said it was putting its forces on alert and bolstering Eastern Europe with more ships and combat aircraft, in what Russia called Western "hysteria" in response to its build-up of troops on the Ukrainian border.

[yota691]

A slight decline in oil prices, and Brent falls to 87 dollars

• Time: 01/26/2022 10:44:34
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• Reading: 286 times

  

{Economic: Al Furat News} Oil prices fell, today, Wednesday, with investors selling to take profits before announcing a decision from the Federal Reserve and data from the US Energy Information Administration on crude stocks, but concerns about a lack of supply due to geopolitical tensions limited the losses.

Oil prices hit a seven-year high last week, amid fears of tight supplies due to tensions between Ukraine and Russia.

US President Joe Biden said on Tuesday he would consider sanctions against President Vladimir Putin if Moscow invaded Ukraine, as Western leaders ramped up military preparations and drew up plans to protect Europe from a potential energy supply crisis.

Concerns about the Middle East also heightened on Monday when Yemen's Iran-aligned Houthi movement launched a missile attack on a base in the United Arab Emirates hosting US forces. US and UAE officials said US Patriot missiles thwarted the attack.

“The market trend is limited due to the increasing tension between Russia and Ukraine and the threat to infrastructure in the UAE,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

Brent crude futures fell 32 cents, or 0.4%, to $87.88 a barrel, after jumping 2.2% in the previous session.

US West Texas Intermediate crude futures were down 45 cents, or 0.5%, at $85.15 a barrel, after rising 2.8% on Tuesday.

The Federal Reserve wraps up its two-day meeting later in the day as traders eagerly await more indications about the timing and pace of interest rate hikes, as well as how the US central bank will begin to trim its nearly $9 trillion balance sheet.

The weekly US inventory data released by the American Petroleum Institute overnight came in line with expectations.

Sources said that the data showed a decline in US crude stocks and distillates, while gasoline stocks rose during the week ending on January 21.

[yota691]

Reuters: "OPEC +" will stick to the planned increase in oil production in March

 

- 01/26-2022 04:52 PM - Read: 6360

Several sources in (OPEC +) said that the group will likely adhere to the planned increase in the target oil production level for the month of March when it meets next Wednesday, as it believes that demand is recovering despite the possibilities of a decline caused by the pandemic and the expected increases in interest rates.

While two sources from OPEC + said that the price of oil, which reached its highest level in seven years near $ 90 a barrel, may prompt the group to consider further steps, most of the sources ruled out making a new decision at the online meeting on February 2.



A Russian source told Reuters that Moscow is concerned that the rise in prices will lead to the return of shale oil production in the United States to boom again.

[yota691]

A Barrel Of Oil Is Expected To Reach $100 In The Middle Of The Year

On January 28, 2022

The Independent/ - A specialized economic report expected that oil would reach $100 per barrel, in the middle of this year, despite the lack of enthusiasm by the Organization of the Petroleum Exporting Countries (OPEC).

"The Morgan Stanley investment bank expects the global reserve oil production capacity to shrink from 6.5 million barrels per day at the present time to two million barrels per day by the middle of the year," the specialized "Oil Price" bulletin added in its report.

The bank indicated that this will be “the result of OPEC and its partners increasing production in accordance with their agreement to return to pre-pandemic production levels.”

And he expected that “this decrease in spare capacity will push Brent crude to $ 100 and perhaps more,” a vision supported by “Oil Price”.

And last Wednesday, Brent crude futures were trading at $90 a barrel, its highest level in 7 years, and this came with the support of the Ukraine crisis amid tensions between Russia and the West.

Oil Price estimates that oil reaching $100 is “something that OPEC does not want and that many do not agree on, but it may be achieved at the end of the second quarter of this year, with the strength of the current emerging factors in the market.”

It quoted Ole Hansen of "Saxo Bank" as saying that "the momentum behind the rise in oil prices is slowing, and we could see a correction soon."

As for tensions in Ukraine, which has also been named among the factors driving oil higher, Hansen noted that “these tensions are more likely to affect natural gas prices in the event of an escalation rather than oil prices.”

The "Oil Price" report added that "whatever the immediate future movements of oil prices, the fact remains that OPEC, Russia and their partners in Central Asia do not seem to be able to adhere to their production quotas."

He explained the reasons for this as “ranging from political problems in Libya to technical problems in Nigeria and dwindling spare parts in Russia and most of OPEC.”

In contrast, strong oil demand and insufficient investment seem to have been consistently underestimated by some forecasters.

“This could add more bullish potential for prices, which is looming in the oil industry,” the report said.

Saudi Arabia and the former Secretary-General of "OPEC" had warned that the lack of investment would negatively affect last year.

At the same time, most forecasters are betting on a continued decline in oil demand, as the lights are on low-carbon energy.

“But the fact - says the Oil Price report - has proven otherwise, and it is only a matter of time before highlighting the world's increasingly limited oil production capacity."

The report of the specialized bulletin concluded that “OPEC” does not want oil at $ 100, according to what some officials in the organization said. Expensive oil is not good for exporters because it weakens demand.

But this time, it seems that there is little that OPEC can do about it except to hope that demand will not grow too quickly too soon, so that prices remain relatively unchanged from what they are now.

(agencies)

[yota691]

Oil continues to rise

•  Time: 01/28/2022 17:46:29
•  
•  Reading: 260 times

  

{Economic: Al Furat News} Oil prices rose today, Friday, and the global crude "Brent" mix rose above the level of $ 91 a barrel, for the first time since October 2014.

US West Texas Intermediate crude futures rose 1.89% to $88.25 a barrel.

Brent crude futures rose 1.75% to $91.07 a barrel, according to Bloomberg website data.

The rise came amid fears of disruptions to crude supplies due to geopolitical tensions.

[currenzcraze]

**Oil prices continue to rise .. Brent approaches $ 92 a barrel**
Economie| 05:46 - 28/01/2022

Follow-up – Mawazine News
: Oil prices rose, on Friday, and the global “Brent” blend rose above $91 a barrel, for the first time since October 2014.
By 17:14 Moscow time, US West Texas Intermediate crude futures rose by 1.89 % to $88.25 a barrel.
Brent crude futures rose 1.75% to $91.07 a barrel, according to Bloomberg website data.
The rise came amid fears of disruptions to crude supplies due to geopolitical tensions. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=182945

[yota691]

 

Sumo to Shafak News: The market needs additional quantities of oil and prices will rise

 

 2022-01-29 05:59

 

Shafaq News/ SOMO explained on Saturday, the reasons for the rise in oil prices in the global market.

The assistant director of the Oil Marketing Company (SOMO), Ali Nizar, told Shafak News Agency; "The cold wave, the freezing of gas pipelines, and the resort of European countries to crude oil, contributed to the rise in oil prices," he said, expecting "prices to rise more than they are now."

Nizar added; "Countries now need more than planned quantities of crude oil." 

He added, "Iraq announced some immediate shipments for the month of February, because the demand for crude oil will be very strong, and the market will need additional quantities of oil."

And he indicated that "the quantities announced by Iraq of crude oil are within the determinants of OPEC + and cannot be exceeded."

Oil prices rose last week and concerns about supplies escalated this week after a possible military conflict in Ukraine would disrupt energy markets, especially natural gas supplies to Europe.

[yota691]

 

Oil starts the first session of the week on the rise, and Brent is above $ 90

 

 2022-01-30 23:55

 

Shafaq News/ Oil prices rose more than 1%, on Monday, to approach the highest level in 7 years recorded in the previous session, while supply concerns and political tensions in Eastern Europe and the Middle East put prices to achieve their largest monthly gain.

 

Brent crude rose $1.22, or 1.36 percent, to $91.25 a barrel at 04:40 GMT, after adding 69 cents on Friday.

 

US West Texas Intermediate crude rose $1.07, or 1.2 percent, to $87.89 a barrel, after rising 21 cents on Friday.

 

And fueled oil prices, fears of a possible military conflict in Ukraine, which would cause turmoil in energy markets, especially natural gas supplies to Europe.

 

And the markets began to pay attention to the meeting on February 2 of the OPEC + group, which includes the Organization of Petroleum Exporting Countries (OPEC), along with other producers, including Russia.

 

The group is likely to stick to its plans to increase the target level of oil production in March, according to several sources from OPEC +.

 

Credit Suisse expects Brent crude prices to reach $ 100 levels, and Goldman Sachs, in turn, believes that prices may reach these levels during the third quarter, due to geopolitical tensions and the increasing exposure of commodity markets to turmoil due to the Corona pandemic crisis.

[yota691]

Oil prices are near their highest level in 7 years

•  Time: 01/31/2022 08:00:57
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•  Reading: 1,222 times

  

{Economic: Al Furat News} Oil prices rose today, Monday, to approach their highest levels in more than 7 years, which they recorded in the previous session, as political turmoil in Eastern Europe and the Middle East raised concerns about a lack of supplies.

Brent crude, the benchmark, rose 92 cents, or 1.0 percent, to $90.95 a barrel by 00:51 GMT, after increasing 69 cents on Friday.

US West Texas Intermediate crude rose 99 cents, or 1.1 percent, to $87.81 a barrel, after rising 21 cents on Friday.

On Friday, the two benchmarks hit their highest level since October 2014.

The major producers in the Organization of the Petroleum Exporting Countries, "OPEC" and its allies led by Russia in what is known as "OPEC +", are seeking to raise their production levels.

Tensions between Russia and the West have pushed up oil prices.

It is noteworthy that the dispute between Russia, which is the second largest oil producer in the world, and the West over Ukraine has raised fears of a possible shortage of energy supplies in Europe.