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


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  • Time: 04/12/2022 22:10:04
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OPEC issues its new monthly report, surprising the markets!
  
{Economic: Al Furat News} The Organization of Petroleum Exporting Countries, OPEC, said in its monthly report issued today, Tuesday, that global demand for crude oil will rise by 3.67 million barrels per day in 2022, a decrease of 480 thousand barrels per day from its previous forecast.
 

The Organization of the Petroleum Exporting Countries indicated that the reduction in global demand growth expectations for oil during the current year due to the repercussions of the Russian war against Ukraine, in addition to the strong rise in inflation coinciding with the rise in oil prices, in addition to concerns about the return of the outbreak of the new Omicron mutant within China.
On the other hand, the Organization of Crude Oil Exporting Countries expected that the global consumption of crude oil is likely to exceed 100 million barrels per day during the third quarter of this year, as expected in the previous report. OPEC also revised its forecast for Russian oil supplies to drop by 530 thousand barrels per day, to 11.23 million barrels.
It should be noted that the Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barkindo, confirmed during previous statements that it is expected to lose more than 7 million barrels per day of Russia's exports of oil and fuel, due to current and future sanctions or voluntary movements in the markets.

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Source : Reuters
 
Iraqi Oil Minister Ihsan Abdul-Jabbar
Iraqi Oil Minister Ihsan Abdul-Jabbar
 
Today, Saturday, in an interview with Al-Hadath TV, Iraqi Oil Minister Ihsan Abdul-Jabbar announced that Iraq was under pressure to increase its oil production outside the scope of the "OPEC" production policy.
 
The minister added that OPEC is committed to providing the necessary oil supplies to make up for any shortfall in crude oil.
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 2022-04-16 04:01
 

Shafaq News/ "OPEC" announced today, Saturday, that Iraq recorded a small increase in its oil production last March on the basis of secondary sources that the organization relies on.

 

The organization said in a report seen by Shafak News Agency, "The production of oil by the 13 member countries of OPEC rose by about 57 thousand barrels per day during the past month, to reach 28.557 million barrels per day, supported by increased supplies from 8 countries, including Iraq."

 

She added that "the largest increases came from Saudi Arabia, as its oil production rose by 54,000 barrels per day, to reach 10.262 million barrels per day, and the production of Kuwait and the UAE increased by 25-23 thousand barrels per day, respectively, bringing their production to 2,639 million barrels per day for Kuwait." and 2,983 million barrels per day for the UAE.

 

And she added, "The rest of the countries had a small increase, as Algeria recorded an increase of 14,000 barrels per day, and Venezuela, Iran and Equatorial Guinea recorded increases in oil supplies last month, ranging from 8 to 4 thousand barrels per day."

 

He pointed out that "Iraq also recorded a small increase among the member states of the organization in its oil production for the month of March, by 11,000 barrels per day, to reach 4.309 million barrels per day, compared to last February, in which production amounted to 4.298 million barrels per day."

 

The organization indicated that "the oil production of 5 OPEC countries fell last month, namely Libya by 37,000 barrels per day, Nigeria by 24,000 barrels per day and the Congo by 15,000 barrels per day, Angola's production by 8 thousand barrels per day, and Gabon's production declining." by 4,000 barrels per day.

 

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

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Oil Minister: We were under pressure to increase oil production away from OPEC

Baghdad / Obelisk: Oil Minister Ihsan Abdul-Jabbar said, on Saturday, April 16, 2022, that the Oil Ministry was under pressure to increase oil production away from OPEC, indicating that it supports the prices of oil derivatives and there are smuggling operations outside Iraq.

- There is no fuel crisis in Iraq, but illegal practices by some.

- We support the prices of oil derivatives, and there are smuggling operations outside Iraq.

Managing the oil wealth throughout Iraq, including Kurdistan, according to the constitution.

- We do not believe that Kurdistan's oil is completely feasible, and we do not intend to control the region's oil.

The Kurdistan region, through the media, rejected the proposals we presented to his delegation.

- We await an official response from the leadership of the region and call for integration in our activities.

We have major projects in the central region.

- The pipeline for transporting oil through Jordan is a strategic project and is currently available.

- There is no international pressure on Iraq not to develop gas projects.

- The current government has a tendency to develop gas projects.

- We were pressured to increase oil production away from OP

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Iraq was pressured to increase its oil production outside the remit of OPEC’s policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday.

He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages.

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Oil Minister: The acceptable price for a barrel of crude is $100 

04/17/2022 | 2:48 pm

Information / Baghdad..

Oil Minister Ihsan Abdul-Jabbar said that Iraq was under pressure to increase its oil production outside the scope of OPEC's production policy, apparently from the repercussions of the Russian war on Ukraine.

He added in a television interview that "consumers always pressure their governments to reduce prices, while the rise in oil prices was not more severe as imagined, but it is due to the high rates of inflation globally and the increase in the prices of materials and raw materials."

The minister explained that "the price of $100 per barrel of oil is an acceptable price."

Ihsan Abdul-Jabbar stressed that "OPEC is committed to providing the necessary oil supplies to compensate for any crude oil deficit." finished/25h

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  • Time: 04/19/2022 08:33:25
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Brent crude rises to more than $113 a barrel
  
{Economic: Al Furat News} Oil prices rose on Tuesday, with investors worried about global supply tightness after Libya was forced to halt some exports and as factories in Shanghai prepared to reopen after the Covid-19 shutdown, alleviating some demand concerns.

Brent crude futures rose 42 cents, or 0.37 percent, to $113.58 a barrel at 04:43 GMT, while US West Texas Intermediate crude futures rose 11 cents, or 0.10 percent, to $108.32 a barrel.

Both benchmark contracts rose more than 1% in the previous session after reaching their highest levels since March 28 due to the political crisis in Libya, and the country said it could not transport oil from its largest oil fields and closed another field due to political protests. 

The latest supply blow came as fuel demand was expected to rise in China, the world's largest oil importer, as manufacturing plants prepared to reopen in Shanghai.

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 2022-04-19 07:01
 

Shafaq News/ A report issued by the producers' alliance showed that OPEC + produced 1.45 million barrels per day below its production targets in March, as Russian production began to decline after the sanctions imposed by the West, according to "Reuters".

The report showed that Russia produced about 300,000 barrels per day below the target level in March of 10.018 million barrels per day, based on secondary sources.

The data showed that compliance with production cuts rose to 157% in March from 132% in February, the highest level since the group introduced record production cuts of about 10 million barrels per day in May 2020 to counter the impact of the epidemic on demand.

OPEC +, which includes OPEC and allies led by Russia, agreed last month to raise another modest monthly oil production of 432,000 barrels per day for the month of May, resisting pressure from major consumers to pump more.

With the group scrapping production cuts, many producers, namely West African nations struggling with a lack of investment and an exodus of international energy companies, are failing to keep pace.

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  • Time: 04/20 2022 08:22:25
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After sharp losses, Brent crude rose and recorded $ 108 a barrel
  
{Economic: Al Furat News} Oil prices rebounded, on Wednesday, after sharp losses in the previous session, as concerns over reduced supplies from Russia and Libya dominated, while industry data showed a decrease in US crude stocks last week.

Brent crude futures rose 98 cents, or 0.9 percent, to $108.23 a barrel by 04:25 GMT, while West Texas Intermediate crude futures for the near month, which expires on Wednesday, rose 94 cents, or 0.9 percent, to $103.50 a barrel.

Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund on Tuesday cut its global growth forecast by a full percentage point, citing the economic effects of the Russian war in Ukraine, and warning that inflation is now a "clear and present risk" for many countries.

Global oil prices witnessed fluctuations, driven by the tightening of supply expectations after the sanctions imposed on Russia, the second largest oil exporter in the world and the main European supplier.

Other outages have heightened supply concerns. Libya's National Oil Corporation declared force majeure at the Brega oil port on Tuesday, saying it was unable to fulfill its obligations to the oil market.

In the United States, crude stocks fell 4.5 million barrels last week, according to market sources, citing figures from the American Petroleum Institute on Tuesday, against expectations of an increase in stocks.

However, a weak global economic outlook and ongoing COVID-19 lockdowns in China that have hurt demand in the world's largest importer of crude are impacting prices.

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OPEC: No intention to increase production

Economie09:53 - 04/21/2022

 
image
 
 

 

 

Follow - Mawazine News

The Organization of the Petroleum Exporting Countries, "OPEC", confirmed today, Thursday, that there is no tendency to increase production.
"The reason for the rise in oil prices, to a large extent, is the Russian-Ukrainian crisis," the organization said in a statement, which was followed by "Mawazine News", indicating that the organization will not take other measures to increase supply.
She added, "The global benchmark Brent crude price averaged $98 a barrel in the first quarter, an increase of about $18 over the last three months of 2021," noting that "the rise in oil prices, especially in March this year, is mainly due to tension." The escalating geopolitics in Eastern Europe, and fears that this will lead to a significant shortage of oil supplies amid trade turmoil.
OPEC, which took part in last year's committee meeting, is resisting calls from the United States and the European Union to pump more oil to cool prices that hit a 14-year peak above $139 last month after Washington and Brussels imposed sanctions on Moscow after its invasion of Ukraine.
And OPEC +, which consists of OPEC and other producers, including Russia, will raise production by 432,000 barrels per day in May, as part of the gradual retreat from production cuts decided by the gathering in the worst periods of the Corona pandemic.
The Organization of the Petroleum Exporting Countries said, "OPEC+ has demonstrated a commitment to ensuring that the fundamentals of oil supply and demand are balanced in the Ukraine crisis to support the global economy."
OPEC also highlighted the short-term negative impact of the Ukraine crisis and the ongoing pandemic, adding that “the strong rise in commodity prices, along with ongoing bottlenecks in supply chains and logistical constraints due to Corona, are all factors, fueling already high global inflation.” End 29 / p. 87

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Expectations of a rise in oil prices as “OPEC +” seeks to adhere to production
  
{Economic: Al Furat News} Oil will still be in a state of relative stability, with the OPEC Plus bloc, which includes OPEC and its allies, including Russia, seeking to adhere to specific production targets and a sharp decline in US crude stocks in the week ending April 15, and some experts expect the return of fluctuations Sharp oil market if the European Union imposed an embargo on Russian oil.
 

Oil prices rose during Thursday morning's trading, as investors were affected by concerns associated with new penal decisions against the Russian energy sector, and the imposition of a comprehensive ban against Russian oil and gas imports by the European Union.
As the oil embargo became a reality, the French Minister of State for European Affairs, Clement Bonn, said that a ban on oil imports from Russia should be imposed in the coming weeks, and the European minister added that just as the European Union imposed a ban against Russia on the import of coal, a similar ban will be imposed on We do not rule out imposing the same on natural gas.
JPMorgan experts expect that in the event that the European Union decides to impose a ban on the import of Russian crude, oil prices will continue to rise to reach the level of 185 dollars per barrel of oil, which means a jump in global oil prices by about 65%, which has fueled market fears severely.
Accordingly, oil prices rose today for US crude and Brent crude significantly, as the prices of US crude oil and West Texas crude contracts rose at a rate of approximately 0.81% to record $103.02 per barrel of oil, and at the same time, Brent crude contracts also rose by a similar rate. It amounted to about 1.10% to record 107.98 dollars per barrel of oil.
On the other hand, demand expectations in China continue to cast a shadow on the market, with China, the world's largest oil importer, gradually easing restrictions imposed to combat the Corona virus, which has severely damaged the activity of the manufacturing sector and global supply chains.
On Wednesday, Libya, a member of the Organization of the Petroleum Exporting Countries, announced that it is losing more than 550,000 barrels of oil per day from its production due to the blockade of large oil fields and export ports in the demonstrations.
Therefore, oil prices rose due to fears of a possible embargo, but they remained in a limited range today, after they were affected by supply losses from Libya and worrying expectations for global demand for oil, with the International Monetary Fund reducing its forecast for global growth.

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Oil prices fell to a two-week low on Monday, extending losses from last week, as fears grew that a prolonged COVID-19 shutdown in Shanghai and a possible US interest rate hike would hurt global economic growth and fuel demand.
Brent crude futures fell $3.15, or 3.0 percent, to $103.50 a barrel by 04:26 GMT. Meanwhile, US West Texas Intermediate crude futures fell $3.01, or 3.0 percent, to $99.06 a barrel, after sliding earlier to $98.93, the lowest level since April 12.

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 2022-05-03 03:36
 

Shafaq News/ A Reuters survey concluded that the increase in OPEC oil production in April was less than the rise planned under an agreement with allies, as declines in Libya and Nigeria compensated for increases in supplies by Saudi Arabia and Iraq.

The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.58 million barrels per day in April, an increase of 40,000 barrels per day from the previous month and less than the 254,000 barrels per day stipulated in the supply agreement.

Production is below the increases pledged from October to March, with the exception of February, when many producers lack the ability to pump more crude after insufficient investment, a trend accelerated by the pandemic.

The largest drop in production was in Libya, which at one point in April lost more than 550,000 barrels per day from closures on fields and stations, and Nigerian production recorded a drop of 40,000 barrels per day with exports lower than in March.

These outages limited the increase in OPEC production as major producers followed an increase in their supply pledge, and the survey found that the largest increase in April of 100,000 barrels per day came from Saudi Arabia, followed by Iraq, where the monthly increase in production was 80 thousand barrels per day.

 

The United Arab Emirates followed the higher share and increased by 40 thousand barrels per day, while Kuwait's production increased by ten thousand barrels per day.

 

The survey found that Iran, which is also exempt from making production cuts, was shipping more to China in 2022 and production rose in April, even as talks on reviving the 2015 nuclear deal with world powers failed to reach an agreement.

The survey found that production decreased or did not increase in Angola, Equatorial Guinea and Gabon, due to a lack of ability to produce more.

The agreement called for an increase of 400,000 barrels per day in April from all OPEC + members, of which about 254 thousand barrels per day is shared by the 10 OPEC producers covered by the agreement.

As a result, the 10 OPEC members are pumping far less than the deal called for.

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The Secretary-General of OPEC: The restrictions of the general closure in China will affect the demand for crude oil during 2022
  
{Economic: Al Furat News} The Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, confirmed during press statements today, Wednesday, that the restrictions of the general closure in China due to the outbreak of the new Corona virus will affect the demand for crude oil during the current year.
 

Haitham Al-Ghais added that there is no spare production capacity in the world to compensate for the potential lost production from Russia.
Earlier, the Organization of Petroleum Exporting Countries, OPEC, said in its monthly report that global demand for crude oil will rise by 3.67 million barrels per day in 2022, a decrease of 480,000 barrels per day from its previous forecast.
The Organization of the Petroleum Exporting Countries indicated that the reduction of expectations for the growth of global demand for oil during the current year due to the repercussions of the Russian war against Ukraine, in addition to the strong rise in inflation coinciding with the rise in oil prices, in addition to concerns about the return of the outbreak of the new Omicron mutant within China.

 
 
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Oil continues its gains...and expectations of an "OPEC +" agreement to increase production
  
{Economic: Al Furat News} Oil prices rose at the beginning of Asian transactions today, Thursday, continuing their gains from the previous session, after the European Union proposed imposing new sanctions on Russia, including the Russian oil embargo, within six months.

Brent crude futures rose 22 cents to $110.36 a barrel, while West Texas Intermediate crude futures rose 15 cents to $107.96 a barrel.

Both crudes rose more than $5 a barrel on Wednesday.

The proposal, announced by European Commission President Ursula von der Leyen, needs unanimous support from the bloc's countries to activate it, including the gradual reduction of Russian crude imports within six months and refining products by the end of 2022.

It also proposes banning all shipping, brokerage, insurance and financing services provided by EU companies for transporting Russian oil within a month.

But the European Union must find alternatives, while energy prices are rising, as it imports about 3.5 million barrels of oil and its products from Russia daily, in addition to its dependence on Russian gas supplies.

And a number of eastern European Union countries expressed concern that the Russian oil embargo would not leave them enough time to adapt to the situation.

Market parties are awaiting the meeting of the “OPEC +” bloc, which includes the Organization of Petroleum Exporting Countries “OPEC” and its allies, including Russia, today, Thursday.

Four envoys in "OPEC +" told "Reuters", that the group is expected to agree to increase production by 432,000 barrels per day during June, in compliance with plans to gradually increase monthly production.

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“OPEC +” members agree to increase oil production by 432,000 barrels per day next month
 

Baghdad - people   

Members of the “OPEC +” alliance agreed to increase oil production by 432,000 barrels per day in June, during an online meeting today on the production policy of the oil alliance.  

  

  

And the technical committee of the alliance raised its estimates of the surplus oil in the market to 1.9 million barrels per day.  

  

The "OPEC +" alliance had kept its forecast for the growth of oil demand unchanged, at the conclusion of the meeting of the Joint Technical Committee yesterday of the alliance that includes major oil producers.  

  

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Muhammad Barkindo, said yesterday that the general closure in China is affecting the demand for oil, amid expectations that China will face the biggest shock in terms of demand for crude since the early days of the pandemic in 2020.  

  

Today's meeting is another virtual session of the Technical Committee, as all gatherings have been since the outbreak of the epidemic. Delegates from member states say the next personal meeting may have to wait until the end of the year, once the next Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham al-Ghais, takes office.  

  

The decision of the oil alliance comes amid European plans to ban oil imports from Russia in light of its invasion of Ukraine, while American lawmakers are discussing the NOPEC bill to hold the organization accountable for its oil policy, which they see as harming the interests of the United States.  

  

"the East"  

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OPEC decides to maintain its strategy of restricting production
 

  

Baghdad - people  

The ministerial meeting of the oil-exporting countries (OPEC) and non-OPEC producing countries decided today, Thursday, to maintain their previous strategy regarding production restrictions without change.  

  

  

  

Undersecretary of the Ministry of Oil, Hamid Younis, who headed the Iraqi side in the OPEC meetings, the OPEC Plus meeting, and the ministerial committee to monitor production through ransom, said that the meetings concluded to "keep the previously established levels of production unchanged, and to proceed with the (OPEC Plus) plan towards gradual increases and according to the schedule." The time schedule for the strategy that was approved last year, which aims to achieve a balance between supply and demand and according to the requirements and needs of the global oil market, which faces many challenges that affect its stability.  

  

For his part, the ministry’s spokesman, Assem Jihad, confirmed that “(OPEC Plus) and the research and specialized bodies in the organization will monitor the developments of the global oil market during the next stage, as it is every time, through preparing technical reports and recommendations for ministerial meetings, where realistic dealings with The market, according to the variables by the producers, leading to more stability and the required balance.  

  

He also stressed that "the (OPEC Plus) strategy includes increasing production at a rate of (432 thousand barrels) per day during next June 2022."  

  

It is noteworthy that this increase is divided among the producing countries and according to the previously approved production rates.  

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 2022-05-05 10:01
 

Shafaq News/ The Iraqi Oil Ministry announced, on Thursday, its support for the (OPEC +) decision to keep its strategy unchanged despite the challenges facing the global oil markets.

And the ministerial meeting of the oil-exporting countries (OPEC) and non-OPEC producing countries decided to keep their previous strategy regarding production restriction unchanged, according to a statement issued by Iraqi Oil.

The statement quoted the Undersecretary of the Ministry, Hamid Younis, who headed the Iraqi side in the (OPEC) meetings, the (OPEC Plus) meeting, and the Ministerial Committee for Monitoring Production via video, that the meetings concluded to maintain the previously established production levels without change, and to proceed with the (OPEC Plus) plan. Towards gradual increases and according to the timetable of the strategy that was approved last year, which aims to achieve a balance between supply and demand and according to the requirements and needs of the global oil market, which faces many challenges that affect its stability.

For his part, the ministry’s spokesman, Assem Jihad, confirmed that: (OPEC Plus) and the research and specialized bodies in the organization will monitor the developments of the global oil market during the next stage, as it is every time, by preparing technical reports and recommendations for ministerial meetings, where realistic dealings with The market, according to the variables by the producers, leading to more stability and the required balance.

He stressed that the (OPEC Plus) strategy includes increasing production at a rate of (432 thousand barrels) per day during next June 2022.

It is noteworthy that this increase is divided among the producing countries and according to the previously approved production rates.

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 2022-05-07 08:02
 

Shafaq News/ OPEC announced that the share of Iraq's oil production will reach 4.509 million barrels per day during the month of June, after OPEC + agreed to increase 432,000 barrels per day.

 

And the organization stated in its schedule, seen by Shafak News Agency, that "the production quota for Iraq for the month of June was set at 4.509 million barrels per day, an increase of 4.8 thousand barrels per day over the month of May, which amounted to 4.461 million barrels per day, and an increase of 95 thousand barrels per day over last April." , indicating 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."

 

She added, "The production of Saudi Arabia and Russia was set at 10,663 million barrels per day for each of them during the month of June, an increase of about 114,000 barrels per day from the current month of May, and the UAE's production share increased by 35,000 barrels per day, to reach 3.057 million barrels per day during the month." next".

 

She pointed out that "Kuwait set its production at 2.724 million barrels per day, and Algeria's production at 1.023 million barrels per day."

 

She indicated that "OPEC's share of the increase scheduled in June will amount to 275,000 barrels to reach 25.864 million barrels per day, while the share of allied with OPEC will reach 157,000 barrels to reach 16.694 million barrels per day."

 

And OPEC + agreed, during its meeting last Thursday, to increase its oil production by more than 432,000 barrels per day, according to the previously agreed schedule.

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31624.jpg
 
  

 energy


Economy News-Baghdad...

The Organization of the Petroleum Exporting Countries announced that the share of Iraq's oil production will reach 4.509 million barrels per day during the month of June, after the OPEC + agreement to increase 432,000 barrels per day.

 

According to Shafaq News Agency, OPEC stated in its schedule, that "the production quota for Iraq for the month of June was set at 4.509 million barrels per day, an increase of 48,000 barrels per day over the month of May, which amounted to 4.461 million barrels per day, and an increase of 95 thousand barrels per day over last April." ", indicating that "Iraq came as the second largest producer in the organization after Saudi Arabia, and the third largest producer in OPEC + after Saudi Arabia and Russia."

 

She added that "the production of Saudi Arabia and Russia was set at 10.663 million barrels per day for each of them during the month of June, an increase of about 114,000 barrels per day from the current month of May, and the UAE's production share increased by 35,000 barrels per day, to reach 3.057 million barrels per day during the month." next".

 

She pointed out that "Kuwait set its production at 2.724 million barrels per day, and Algeria's production at 1.023 million barrels per day."

 

She stressed that "the share of OPEC from the increase scheduled in June will amount to 275,000 barrels to reach 25.864 million barrels per day, while the share of allied with OPEC will reach 157,000 barrels to reach 16.694 million barrels per day."

 

And OPEC + agreed, during its meeting last Thursday, to increase its oil production by more than 432,000 barrels per day, according to the previously agreed schedule.

 
 
Views 142   Date Added 05/07/2022
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CNN: Iraq is unable to compensate for Russian oil losses

  • THURSDAY, MAY 12-2022,PM 3:04
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  • KARAR AL ASADI
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http://non14.net/public/images/large/8-1652357048.jpg

The American "CNN" website addressed the reasons that prevent the expectation of assistance from the countries of the Middle East to Europe in the event of an embargo on the import of Russian oil.

He explained that the Middle East appears to be the only resort with sufficient production capacity to compensate for the shortfall in supplies if Europe decides to dispense with Russian oil.

But the question is whether any of the big producers have the technical capacity let alone the willingness to provide such assistance?

The site answered this question that Europe should not rely on it, while the International Energy Agency was quoted as saying that the European Union's imposition of the embargo on Russian oil may lead to a shortage of 2.2 million barrels per day in crude oil supplies, in addition to 1.2 barrels per day in supplies of petroleum products.

Although the Middle East possesses about half of the world's proven oil reserves and most of its surplus production capacity, the lack of investment in infrastructure, conflicts, political alliances, and sanctions prevent the region from coming to the rescue of Europe.

The site takes the example of Saudi Arabia and the UAE to suggest the possibility of not responding to European calls to increase their production, as the two countries possess, according to Amina Bakr of Energy Intelligence, the lion's share of OPEC's spare production capacity, which is estimated at 2.5 million barrels per day.

But Saudi Arabia, which is the largest oil producer in the "OPEC", has repeatedly rejected US calls to increase its production above the quota agreed upon with Russia and other non-OPEC producers.

There is, of course, the possibility of diverting oil shipments from the region to Asian countries, but the site indicates that this will threaten the growing strategic partnership between the region and China, which is the main buyer of Middle Eastern oil.

The CEO of "Sea Markets" Youssef Al-Shammari in London believes that Iraq, which currently produces 4.34 million barrels per day out of a maximum production capacity of 5 million barrels per day, can increase its production by 660,000 barrels per day, but sectarian divisions and the political impasse They mean that it cannot be relied upon to make up for the deficiency.

The lack of the necessary infrastructure to increase production and investments in petroleum products takes years to bear fruit.

As for Libya, it is almost impossible to rely on it, says Al-Shammari, because part of its production has been suspended for years amid a state of instability.

Iran remains the country most qualified to make up for the shortfall, but it is subject to US sanctions.

If these sanctions are lifted, it could contribute up to 1.2 million barrels per day. According to Kepler data, it possesses an estimated 100 million barrels of oil stored in tankers, meaning that it can add 1 million barrels per day, or 1% of the global supply. for about 3 months.

Of course, lifting sanctions is linked to reaching a new nuclear agreement in Vienna, and it is unlikely, as Amina Bakr says, that the United States will sign a new bad agreement with Iran to allow more oil to be put on the market.

The other possibility comes from countries with excess production capacity from outside the region, such as Nigeria and Venezuela, but these countries also have their problems.

The only option left is American oil, but this will not be sufficient or adequate for Europe's needs. The American crude is very light and, according to Robin Mills, head of Qamar Energy in Dubai, it is not suitable for the European market or for the production of diesel that it mainly needs.

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 Paris: AFP
 
The Organization of Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth again, due to the impact of the war in Ukraine and associated restrictions. 
by the epidemic.
And the organization now expects demand for crude oil to grow this year by 3.4 million barrels per day, 0.3 million barrels per day lower than Nissan forecasts due to “potential declines in global GDP and the re-emergence of the Omicron mutation in 
China".
Previously, in April, OPEC cut its forecast by 0.5 million barrels per day, compared to 
March.
"Oil demand growth in the second quarter is expected to be slower at 2.8 million barrels per day, compared to 5.2 million barrels per day during the quarter," the organization said in its monthly report. 
the first".
Over the course of the year, OPEC expects global demand of 100.3 million barrels of oil per day, 100,000 barrels more than in 2019.
The Organization of the Petroleum Exporting Countries stated that "in the first quarter, global demand for oil recorded strong growth, mainly due to the strong economic recovery driven by programs to support the economy and ease health restrictions."
She added that the lowering of demand forecasts for the rest of the year was mainly justified by "the current economic outlook."
OPEC expects the global economy to grow by 3.5 percent in 2022, while it estimated it at 3.9 percent last month 
percent. 
In particular, she called for a "closely" follow-up to the impact of geopolitical tensions and the epidemic on the economy, as well as the rise in inflation or even the "exacerbation of problems in chains of 
supply.”
The production of OPEC countries increased by 153,000 barrels per day in April, according to secondary (indirect) sources mentioned in the report 
monthly.
OPEC estimated that supply will be driven by the United States, Canada, Brazil, Kazakhstan, Guyana and Norway for the whole of the year. 
At a meeting in early May, the member states of OPEC and its ten partners in “OPEC +” agreed to adhere to a gradual increase in production during June, despite the pressure the market has been facing since the start of the war in Ukraine and Western threats to impose an embargo on Russian oil. 
For its part, the International Energy Agency continued to issue reassuring indicators in its monthly report published last Thursday, stressing that the world will not witness a shortage of oil in the short term.
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