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

[yota691]

Oil achieves new gains due to tension in Europe and the Middle East

 

oil

Arabic and international Economy News - Baghdad Brent crude made good gains, at the beginning of the week's trading, as it reached Brent crude of $91.2, due to: 1- The Russian escalation towards Ukraine and the mobilization of thousands of Russian soldiers to occupy Ukraine 2- Russia is the third largest oil producer in the world, and therefore any tension may contribute to the exit of more than 10 million barrels from the global market 3- The escalation between Yemen and the UAE, as it continues to target the UAE depth, which leads to problems targeting the third largest producer in OPEC. 4- Energy experts in the world are squatting. Oil has reached more than $100 in the coming days due to the inability of OPEC Plus to cover global demand.

Views 192   Date Added 01/31/2022

[yota691]

$21 Billion In Losses For OPEC For The Year 2021

 

02/02/2022 | 5:14 PM

Information / translation.

New data showed, on Tuesday, that the production losses of the oil-exporting countries (OPEC) amounted to 21 billion dollars in lost revenues in 2021.

And Reuters said in a report translated by the agency "Information", that "data showed that OPEC missed its target to produce oil by more than 800,000 barrels per day on average last year, and lost billions of dollars in revenue and harmed members of the organization who are struggling to collect liquidity for investment."

"According to the data, based on the $70 per barrel price of OPEC's basket of oil, 800,000 barrels per day of lost production is about half of Britain's daily consumption - equivalent to about $21 billion in lost profits for the group in 2021," he added.

And he added, "After record production cuts in 2020, the Organization of the Petroleum Exporting Countries, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, gradually eased its restrictions on oil production as demand recovers from the worst impact of the Corona virus epidemic."

And while others are matching production targets - which have recently risen by 400,000 barrels per day across the group - analysts say spare capacity has dwindled, with spare capacity, production that can be put into operation on short notice, as a vital cushion. To protect the market from any shock, and mitigate price fluctuations and sudden rises.”

On the one hand, analyst Goldman Sachs said in a note, “Standby capacity remains very low, with concerns about the production capacity of Russia, Kuwait and Iraq that those concerns are likely to be realized by the summer, when demand increases seasonally and international travel reopens.”

The report indicated that “OPEC and its allies are expected to abide by the previously agreed plan to increase March production by 400,000 barrels per day when they meet next Wednesday, although two OPEC sources told that higher prices may prompt the organization to consider other steps.” . finished/ 25 z

[yota691]

The Iraqi government reassures OPEC: There is no departure from the agreement except in this case

• Time: 02/02/2022 13:46:54
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• Reading: 1,105 times

  

{Economic: Al Furat News} The Iraqi government reassured the Organization of Petroleum Exporting Countries (OPEC) regarding Iraq's commitment to the oil agreement.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in an exclusive statement to {Euphrates News} that "the accountability of Iraq's apology from OPEC and its exit from the oil agreement is out of the question because this commitment is considered moral."

Saleh stressed, "It is not possible for Iraq to do such a thing unless it has strong excuses, in increasing its income, especially with the current rise in oil prices, but in general, Iraq is committed to the oil agreements without thinking of exiting from them."

And the (OPEC +) agreed, during its meeting on January 4, to increase its oil production by more than 400,000 barrels per day, according to the previously agreed schedule.

And OPEC announced that the share of Iraq's oil production will reach 4.325 million barrels per day during the current month of February, an increase of 44,000 barrels per day over last January, which amounted to 4.281 million barrels per day, and an increase of 88 thousand barrels per day over last December.

Raghad Daham

[6ly410]

 

 

02/02/2022 13:04

Al-Kazemi's advisor: Iraq's apology from OPEC and its exit from the oil agreement is out of the question

https://almasalah.com/ar/news/221733/مستشار-الكاظمي-اعتذار-العراق-من-أوبك-وخروجه-من-الاتفاق-النفطي-غير-وارد

Baghdad / Obelisk: The Iraqi government reassured, on Tuesday, February 1, 2022, the Organization of Petroleum Exporting Countries "OPEC" regarding Iraq's commitment to the oil agreement.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a statement that the obelisk followed, that "the accountability of Iraq's apology from OPEC and its exit from the oil agreement is out of the question, because this commitment is considered moral."

Saleh stressed, "It is not possible for Iraq to do such a thing unless it has strong excuses, in increasing its income, especially with the current rise in oil prices, but in general, Iraq is committed to the oil agreements without thinking of exiting from them."

And the Organization of the Petroleum Exporting Countries, "OPEC", announced the approval of increasing Iraqi oil production to more than four million and 200 thousand barrels per day, during the month of January next, after the "OPEC +" agreement to increase 400 thousand barrels per day

[yota691]

 

OPEC + agrees to increase oil production by 400,000 barrels, starting in March

 

 2022-02-02 08:42

 

Shafaq News/ "Novosti Agency" reported, on Wednesday, that the "OPEC +" group agreed to increase oil production next March by 400 thousand barrels per day.

 

The group also agreed to hold the next meeting on March 2nd to discuss the situation in the international oil market.

 

And earlier, the Joint Ministerial Monitoring Committee in “OPEC +” recommended increasing production by 400,000 barrels per day next month (March 2022).

 

 

 

Yesterday, Tuesday, oil prices recorded an increase, as the price of a barrel of oil reached nearly $90.

 

The increases reached by the barrel of oil are the highest in 7 years.

 

A barrel of oil for April delivery reached $89.50, and the two crude benchmarks, Brent and West Texas, recorded gains of about 17%.

[yota691]

 

OPEC basket records above $90

 

 2022-02-02 09:24

 

Shafaq News/ The prices of the OPEC oil basket recorded, on Wednesday, more than 90 dollars per barrel.

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 recorded $90.46 per barrel, indicating that the price fell from the previous day by 43 cents, when the price amounted to $90.89."

Global oil prices rose gradually with the increase in global demand for oil by the largest oil consumers, in addition to the tensions between Russia and the West over Ukraine, as well as the war between Yemen, the UAE and Saudi Arabia on the other hand.

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

[yota691]

Oil prices fell, and Brent recorded $ 89.30 a barrel

• Time: 02/02/2022 09:34:58
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• Reading: 403 times

  

{Economic: Al Furat News} Oil prices fell on Thursday, after profit-taking, but remained supported by supply shortages, as OPEC + producers stuck to moderate increases in planned production.

Brent crude was down 17 cents, or 0.19 percent, at $89.30 a barrel by 04:34 GMT after rising 31 cents on Wednesday, and US West Texas Intermediate crude was down 35 cents, or 0.40%, at $87.91 a barrel, after rising 6 cents in yesterday.

Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have pushed oil prices up about 15% this year so far.

Prices also came under pressure late on Wednesday after Iran's oil minister said his country was ready to return to the oil market as soon as possible.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, better known as OPEC+, agreed on Wednesday to stick to moderate increases of 400,000 barrels per day in their oil production, as the group already struggles to meet current targets and despite pressure from major consumers to ramp up production more quickly. . 

The organization blamed the price hikes on the failure of consuming countries to ensure adequate investment in fossil fuels as they switch to greener energy.

The OPEC + Joint Technical Committee said in a report that it expects the total surplus in 2022 to reach 1.3 million barrels per day, slightly lower than its previous forecast of 1.4 million barrels per day. 

The US Energy Information Administration said on Wednesday; US crude stocks fell by 1 million barrels last week, against expectations of an increase, while distillate stocks also fell amid strong demand in both domestic and export markets.

[yota691]

Iraq announces an increase in oil production to 4 million barrels per day during next March

Iraqi Ministry of Oil

 February 03, 2022 04:32 PM

Mubasher: The Iraqi Oil Ministry announced today, Thursday, that oil production will rise to more than 4 million barrels per day during the month of March.

The Undersecretary for Extraction Affairs, Karim Hattab, said in a statement to the ministry today, Thursday, that "the ministry succeeded in achieving an increase in financial revenues for the year 2021, after witnessing an increase in the total financial revenues derived from oil exports to 75,650 billion dollars, a noticeable increase from the expectations of last year's budget." .

He added, "The increase in revenues came despite the economic and health challenges represented by Covid 19 and its aftermath, which contributed greatly to covering a good percentage of the financial deficit of the government's budget for the aforementioned year."

He pointed out, "The importance of the commitment of the producing countries in (OPEC +) in the stability of oil markets, and in overcoming the crises that afflicted the economies of the countries of the world after the spread of the Corona pandemic."

He expressed his hope "that the required balance between supply and demand will continue to be achieved over the coming period, after the increase that will be supplied to global markets by (OPEC +) in the amount of 400,000 barrels per day as of next March, and the increase in Iraq's share to 4.370 million barrels. per day,” they returned it with “the important step to achieve additional financial revenues.”

He stressed "the importance of stabilizing global markets, and Iraq's keenness to adhere to the (OPEC +) agreement along with the producing countries for more stability in the oil markets."

[yota691]

 

OPEC: Iraq's share of oil for "March" will reach 4.370 million barrels per day

 

 2022-02-03 01:12

 

 

Shafaq News/ OPEC announced, on Thursday, that the share of Iraq's oil production will reach 4.370 million barrels per day during the month of March, after the "OPEC +" agreement to increase 400 thousand barrels per day.

 

The organization stated in a table seen by Shafak News Agency, that "the production quota for Iraq for the month of March was set at 4.370 million barrels per day, an increase of 45 thousand barrels per day from February, which amounted to 4.325 million barrels per day, and an increase of 89,000 barrels per day from the month of January." the past".

 

And it indicated that "Iraq was the second largest producer in the organization after Saudi Arabia, and the third largest producer in (OPEC +) after Saudi Arabia and Russia."

 

And she added, "The production of both Saudi Arabia and Russia was set at 10.331 million barrels per day, during the month of March, an increase of about 104 thousand barrels per day from the month of February, and the UAE's production share increased by 30 thousand barrels per day, to reach 2.976 million barrels per day during next month".

 

The organization indicated that "Kuwait set its production at 2,639 million barrels per day, Algeria's production was set at 1,718 million barrels per day, while Mexico's production remained the same at 1,753 million barrels per day."

 

And she indicated that "the share of OPEC from the increase scheduled in March will amount to 253 thousand barrels to reach 25.061 million barrels per day, while the share of allied with OPEC will reach 16.233 million barrels per day."

 

The Organization of "OPEC +" agreed, during its meeting yesterday, Wednesday, to increase its oil production by more than 400 thousand barrels per day, according to the previously agreed schedule.

[yota691]

 

Oil prices closed with significant gains during the past week

 

 2022-02-05 01:18

 

Shafaq News/ Oil prices closed with gains, supported by continued fears of supply disruptions, fueled by cold weather in the United States and political turmoil among major producers in the world.

Brent crude closed in its last session, Friday, with a rise of 2.16 dollars, to reach 93.27 dollars, and achieved a weekly profit of 3.24 dollars, or 3.6%, in a week.

The US West Texas Intermediate crude also closed at a rise of $2.04 to reach $92.31 a barrel, and achieved a weekly profit of $5.49, or an equivalent rate of 6.32%.

Oil prices rose over the past week and concerns about supplies escalated this week after a possible military conflict in Ukraine would disrupt energy markets, and Iraq, the second largest producer in OPEC, was unable to reach its oil production set by the organization of 4.28 million barrels. daily in January, which raises fears of a shortage of oil supplies.

 

[WheresmyRV?]

I'm seeing 150/barrel of oil by the end of spring.

[DoD]

Maybe sleepy Joe will send everyone a stimulus check to pay for the price of gasoline to cover his presidency for the next 3 years….

[yota691]

A decline in oil prices and Brent records $ 92.39 a barrel

• Time: 02/08/2022 09:04:59
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• Reading: 455 times

  

{Economic: Al Furat News} Oil prices recorded Tuesday, before the resumption of indirect talks between the United States and Iran, which may revive the nuclear agreement that leads to the lifting of sanctions imposed on Iranian oil sales and an increase in global supplies.

Brent crude fell in the latest trading 30 cents, or 0.32 percent, to reach $ 92.39 a barrel, after hitting a seven-year high of $ 94 on Monday. 

US West Texas Intermediate crude fell 22 cents to settle at $91.10 a barrel.

[yota691]

 

OPEC crude drops to $92

 

 2022-02-09 08:15

 

Shafaq News/ The Organization of Petroleum Exporting Countries "OPEC" announced today, Wednesday, that the price of its basket of crudes decreased by 1.25 dollars to reach 92.17 dollars per barrel in trading on Tuesday, compared to 93.42 dollars the previous day.

The Organization of the Petroleum Exporting Countries (OPEC) bulletin stated that the annual rate of the basket price last year recorded 69.89 dollars per barrel.

The (OPEC +) alliance decided at its 25th ministerial meeting last week to continue adhering to the current production plan, which aims to gradually increase oil production, as it was agreed to continue increasing supplies by 400,000 barrels per day next March.

Global fuel consumption continues to recover from the effects of the crash witnessed in 2020, as traffic increased and factories were active in various Asian oil-consuming countries, as well as decreased crude oil inventories in the United States, which led to a recent rise in oil prices to more than $90 a barrel.

The countries of the (OPEC +) alliance were able to resume about two-thirds of the production that was halted in the early stages of the (Corona emerging - Covid 19) pandemic, while (OPEC) and its partners are still expecting the emergence of an excess of supply, but it seems less than what was previously thought.

[yota691]

A slight rise in oil prices, and Brent recorded $ 91.57 a barrel

• Time: 02/10/2022 09:02:09
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• Reading: 481 times

  

{Economic: Al Furat News} Oil prices rose slightly, today, Thursday, due to a decrease in US crude stocks, while investors await the outcome of nuclear talks between the United States and Iran, which may quickly add crude supplies to global markets.

Brent crude futures rose 2 cents, to $91.57 a barrel. 

US West Texas Intermediate crude also rose, recording $89.71 a barrel.

The Energy Information Administration said that US crude stocks fell by 4.8 million barrels in the week ending February 4, to 410.4 million barrels - the lowest level for commercial stocks since October 2018. 

[yota691]

 

Because of its inability to cover global demand .. Iraq raises its compliance with the decisions of OPEC

 2022-02-10 10:03

 

Shafaq News/ 13 OPEC countries pumped 28.19 million barrels per day of crude oil during last January, an increase of 150 thousand barrels per day compared to December.

While the nine non-OPEC countries pumped 13.99 million barrels per day, an increase of 10 thousand barrels per day.

In a survey, Standard & Poor's Global Platts said 14 out of 18 members had quotas that did not meet their targets, raising the OPEC+ compliance rate to 120.8%, the highest level since the group imposed record production cuts in the spring of 2020 to pull the oil market out of the crash. Epidemiological.

According to the survey, Iraq faced a production obstruction due to bad weather and technical issues, as it pumped 4.26 million barrels per day in January, a decrease of 50 thousand barrels per day and increased its commitment rate by 105.7%.

Russia and Saudi Arabia pumped 10.08 million barrels per day in January, and also failed to reach their quotas of 10.122 million barrels per day, while the UAE slightly exceeded its quota in January with a commitment rate of 94.4%, as it pumped 2.93 million barrels per day.

Venezuela, which is exempt from the quota under the OPEC+ deal, has seen a major slowdown as reduced supplies of thinners slashed production from additional heavy oil fields and the survey found it produced 630,000 bpd in January, down 120,000 bpd.

Libya, which is exempt from the quota, also saw production of less than one million barrels per day for the first time since October 2020 due to problems in its southwestern and eastern oil fields. As a result of bad weather which also led to a decline in exports.

[yota691]

The International Energy Agency issues a warning about OPEC oil

2022.02.11 - 15:23

 

  

Baghdad - people  

The International Energy Agency warned Friday of the "chronic" inability of the Organization of Petroleum Exporting Countries (OPEC) to achieve its production targets, while raising its forecast for oil demand this year under the influence of a statistical review.  

  

 

  

The organization had limited its production in order to support prices within the framework of its agreement with its allies in the "OPEC Plus", but it is now producing additional barrels after raising production by 400,000 barrels per day.  

The 23 member countries of "OPEC Plus" decided in early February to maintain the modest increase in their production, despite the threat posed by the high oil price and geopolitical tensions on supplies.  

But the International Energy Agency points to a “chronic” failure of the alliance and its partners to achieve their production goals, which, in addition to geopolitical tensions, has contributed to the increase in prices.  

In January, the price of a barrel of West Texas Intermediate crude, similar to Brent crude, rose by more than 16 percent, and the two benchmarks for crude reached record levels not recorded in more than seven years.  

The agency indicated that "if the gap between OPEC Plus production and the target levels continues, the disruption in supply will increase, which increases the possibility of more volatility and upward pressure on prices."  

And it concluded that "these risks, which bear significant economic repercussions, can be reduced if producers in the Middle East, who have a surplus, compensate the countries whose stocks have run out."  

No country was mentioned, but Saudi Arabia, the coalition leader who often partially compensates for the failures of its other partners, appears to be invited.  

And between December and January, the OPEC member states raised their production by only 64,000 barrels per day, bringing the total production to 27.981 million barrels per day, according to indirect sources mentioned in the organization's report published Thursday.  

According to the International Energy Agency, global demand is expected to rise by 3.2 million barrels per day this year, bringing daily production to 100.6 million barrels, as restrictions related to Covid-19 are eased.  

This is much higher than the agency's expectations for this year so far (99.7 million barrels per day), but this change can be explained by reviewing historical data related to Saudi Arabia and China. For his part, the expected growth rate has practically not changed.  

  

France 24  

[yota691]

 

Oil closes with gains for the fifth consecutive week

 

 2022-02-12 01:40

 

Shafaq News/Oil prices closed for the fifth week in a row with gains, supported by continued fears of supply disruptions, fueled by fears that Russia, one of the major energy producers, would invade Ukraine.

Brent crude closed in its last session yesterday, Friday, with an increase of 3.03 dollars to reach 94.44 dollars, and achieved a weekly profit of 1.17 dollars, or 1.25% in a week.

The US West Texas Intermediate crude also closed with a rise of $3.22 to reach $93.10 per barrel, and also achieved a weekly profit of $0.79, or 0.86%.

Oil prices rose during the past week, and the two benchmark crudes touched their highest levels since late 2014, exceeding the record levels recorded on Monday, and amid growing concerns about global supplies as demand recovers from the Corona virus pandemic.

[Wiljor]

!00usd per barrel here we come 

[rvmydinar]

The higher the price of oil, the quicker the Iraqi government will pay off all the remaining debts.

[yota691]

 

Oil prices jump to their highest level in 7 years

 

 2022-02-14 08:50

 

Shafaq News/ Oil prices hit their highest levels in more than seven years on Monday, amid fears that a possible Russian invasion of Ukraine would lead to US and European sanctions that would disrupt exports from the world's largest producer in an already narrow market.

 

Brent crude futures were at $95.49 a barrel by 04:31 GMT, up $1.05, or 1.11%, after earlier hitting a peak of $96.16, the highest since October 2014.

 

US West Texas Intermediate crude rose $1.27, or 1.36%, to $94.38 a barrel, hovering near a session high of $94.94, the highest since September 2014.

 

Comments from the United States about an imminent attack by Russia on Ukraine have shaken global financial markets.

 

The United States said on Sunday that Russia could invade Ukraine at any time and could create a sudden pretext for an attack.

 

The tensions come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies struggle to boost production despite monthly pledges to raise output by 400,000 barrels per day until March.

 

The International Energy Agency said the gap between OPEC+ production and its target widened to 900,000 bpd in January, while JPMorgan said the gap for OPEC alone was 1.2 million bpd.

[yota691]

A new jump in global oil prices

2022.02.14 - 23:08

 

  

Baghdad - people  

The price of West Texas Intermediate crude today crossed the $95 per barrel mark, for the first time since mid-September 2014.  

  

 

  

Brent crude futures prices for April 2022 delivery rose 0.4 percent, equivalent to 0.40 cents, near the level of $95 at $94.82 a barrel, after recording earlier at $96.16, the highest level since October 2014.  

And the prices of West Texas Intermediate crude futures for March delivery rose 34 cents, or 0.4 percent, above the level of $ 93 at $ 93.44 a barrel, after hovering near the highest level in the session at $ 94.94, the highest since September 2014.  

  

The Independent RT+  

[yota691]

 

Oil prices stabilize as tensions between Russia and Ukraine subside

 2022-02-16 09:25

 

Shafaq News/ Oil prices stabilized on Wednesday, after falling more than 3 percent in the previous session, as investors watched the impact of easing tension between Russia and Ukraine in light of a tight balance between tight global supplies and the recovery of fuel demand.

Brent was trading at $93.19 a barrel at 05:13 GMT, down 10 cents, after falling 3.3% overnight after Russia announced a partial withdrawal of its forces near Ukraine, the United States has yet to verify.

US West Texas Intermediate crude was also flat and was last traded at $92.13, after the contract ended Tuesday's session 3.6% lower.

The two benchmarks hit their highest levels since September 2014 on Monday, with Brent touching $96.78 and WTI $95.82. The price of Brent crude jumped 50% in 2021, while WTI rose about 60%, as the global recovery in demand from the COVID-19 pandemic strained supply.

On Tuesday, the Russian Defense Ministry released footage showing it is returning some troops to their bases after the exercises, a move that led to profit taking in oil, as well as a rebound in Wall Street and European stock markets.

Analysts said that apart from the tension in Ukraine, the oil market remains tight and prices are still on the way to around $100 a barrel.

[yota691]

Despite its 2% drop, the president of "OPEC" expects oil prices to break the $100 per barrel barrier soon

OPEC - file photo

 February 17, 2022 05:59 PM

Mubasher: OPEC President Bruno Jean-Richard Eto'o expected today, Thursday, that oil prices would soon break the $100 per barrel barrier, despite falling more than 2% during trading.

 Bruno Jean-Richard Eto'o said, in an interview with "Al Arabiya" channel, that the producers will discuss their ability to increase production at the next meeting of "OPEC".

Itwa explained that "OPEC", "OPEC +" and producers from outside it are working together to maintain market and price stability.

He pointed to the pursuit of market stability, because high prices do not serve consumers or producers, and do not benefit the global economy and affect global economic growth.

The head of "OPEC" warned earlier that oil supplies are not enough, and oil companies are not investing enough, saying that "there are no urgent solutions to deal with high oil prices."

By 2:36 pm GMT, the price of the Brent crude futures contract fell by 2.1 percent at the level of $92.82 a barrel.

At the same time, the price of "NYMEX" contracts for next March delivery fell by more than 2 percent, recording $91.75 a barrel.

[yota691]

 

Arab support for an Iraqi opinion on the "OPEC +" agreement

 

 2022-02-20 15:58

 

 

Shafaq News / The Iraqi Oil Minister, Ihsan Abdul-Jabbar, urged on Sunday, "OPEC +" to adhere to its current agreement, which adds 400,000 barrels per day to production per month.

"In the interest of the entire energy markets, OPEC + must remain committed to the current ongoing and sustainable agreement," Abdul-Jabbar said, during a dialogue session with his Arab counterparts.

And the Arab oil and energy ministers agreed with what the Iraqi Minister of Oil put forward, as Saudi Minister Abdulaziz bin Salman stated that “focusing only on renewable energy sources is a mistake, and that the world may not be able to produce all the energy needed for economic recovery from the Corona virus pandemic.”

Bin Salman added, during an energy conference held in the Saudi capital, Riyadh, that "the epidemic crisis and the ongoing recovery have taught oil producers the value of caution."

For his part, the Kuwaiti Oil Minister stressed the importance of "all producers' commitment to the OPEC + agreement," noting that "the stability and balance of the market is one of the pillars of the energy strategy, and that efforts to maintain additional production capacity have proven important to maintain the security of energy supplies."