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

[yota691]

Within a month, Iraq is the second largest oil producer in OPEC

•  Time: 03/13/2021 07:59:10
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•  Read: 4,914 times

  

{Economic: Al Furat News} Today, Saturday, OPEC announced that Iraq ranked second, among the most member states that raised its oil production in the organization, during the month of February.

 

 

The organization stated in its monthly report, that "the production of the 13 member states of the Organization of Petroleum Exporting Countries" OPEC "decreased last February, reaching an average of 24.848 million barrels per day, a decrease of 647 thousand barrels per day from the levels of January 2021, which reached 25. 496 million barrels per day. "
According to the OPEC report, 9 countries increased their production during the past month in varying numbers, most notably Nigeria, which increased its production by 161 thousand barrels per day to 1.488 million barrels per day, followed by Iraq by 59 thousand barrels per day, bringing production to 3.898 million barrels per day.

The report indicated that "Iran has also increased its production by about 35 thousand barrels per day, while Venezuela and Libya increased their production by 33 thousand barrels per day, then Kuwait by 8 thousand barrels per day, Algeria and Gabon by 7 thousand per day each, and the Congo by 3 thousand barrels per day." .
On the other hand, 4 countries reduced their production, led by Saudi Arabia by 930 thousand barrels per day, then Angola by 50 thousand barrels per day, Equatorial Guinea by 13 thousand barrels, and the UAE by 1000 thousand barrels per day.

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Iraq reveals its plan to compensate the oilfield companies for the losses of reducing production

 

An oil field in Iraq. Reuters

energy Economy News - Baghdad The Ministry of Oil announced that it had reached understandings with the companies operating the oil fields to compensate them with the production quantities after reducing production, while confirming that it did not receive the quantities of crude exported from the Kurdistan region.   Undersecretary Hamid Yunus Al-Zobaei said in a statement reported by the official news agency and seen by Al-Iktissad News, "After the drop in oil prices, the export quantities were determined by OPEC and turned into quotas," pointing out that "Iraq is the second largest oil producer in OPEC after Saudi Arabia And it has a primary position in terms of influencing the decision and determining the policies that are based on an economic base that is beneficial to the country. "   He added, "Iraq played in the past year a big role with OPEC in controlling global oil prices and creating balances between producers and consumers, whether with OPEC or OPEC Plus, and the effect was evident through the rise in oil prices that exceeded $ 65 a barrel."   He continued, "This role is important and is calculated for Iraq through its position in OPEC, as well as for the purpose of providing much-needed financial resources," noting that "there are understandings with companies operating the oil fields to go in the future by compensating them with productive quantities and not going to the issue of fines."   On the region’s oil, Al-Zobai said, “The center has not yet received any quantity of oil exported by the Kurdistan region,” stressing that “there are understandings between the center and the region in the hope of reaching a bilateral agreement that serves the country's interest in general.”   On clean energy, Al-Zobaie pointed out, "The decline in the world's use of oil and the trend towards producing clean energies through solar cells and wind, does not mean that oil will be dispensed with in the future." Production in every country. "   He continued, "For example, Iraq has a large solar energy. This energy may not be available in other countries, as well as wind is not found in Iraq and is found in other countries, which means that clean energy will not replace oil in the future, although it is important from the point of view." Economic power generation. "   He pointed out that "oil has flexibility in terms of uses, transportation and other matters, as it remains until now the first energy in terms of uses in the countries of the world."

Number of observations 412   Date of addition 3/14/2021

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Iraqi oil: understandings with the companies operating the fields regarding compensation for production cuts

Iraqi Ministry of Oil

 March 14, 2021 12:57 PM

Mubasher: The Undersecretary of the Iraqi Oil Ministry, Hamid Yunus Al-Zobaie, said today, Sunday, that Iraq is the second largest oil producer in OPEC after Saudi Arabia and has a primary position in terms of influencing the decision and determining policies that are based on an economic base that is beneficial to the country.

Al-Zobaie added that after the drop in oil prices, the export quantities were determined by OPEC and turned into quotas, pointing out that, in the past year, Iraq played a major role with OPEC in controlling global oil prices and finding balances between producers and consumers, whether with OPEC or OPEC Plus. And the effect was evident through the rise in oil prices, which exceeded $ 65 a barrel, according to the Iraqi News Agency (INA).

Al-Zobaie stressed that this role is important and is calculated for Iraq through its position in OPEC, as well as for the purpose of providing much-needed financial resources, indicating that there are understandings with the companies operating the oil fields to go in the future by compensating them with productive quantities and not going to the issue of fines.

The Undersecretary pointed out that the central government has not yet received any quantity of oil exported by the Kurdistan region, confirming the existence of understandings between the center and the region in the hope of reaching a bilateral agreement that serves the interest of the country in general.

Al-Zobaie noted that reducing the world’s use of oil and moving towards the production of clean energies through solar cells and wind does not mean that oil will be dispensed with in the future, indicating that clean energies are very important because of their advantages, but their investment depends on the components of their production in each country.

And the Undersecretary added that oil has flexibility in terms of uses, transportation and other things, as it remains so far the first energy in the subject of uses in countries of the world.

[yota691]

Crude oil prices are on the way to $ 100

14:59 - 14/03/2021

 

  

Information / follow-up.

Analysts said that crude oil prices are on their way to highs not seen since 2014.

With the energy sector approaching its best-ever quarter with year-to-date gains of nearly 40%, Craig Johnson, head of technical analysis at Piper Sandler, said, "There are clearly signs of some hikes in additional oil prices."

Johnson said, "I can in fact see a number that could be higher than $ 100 a barrel, within 6 to 12 months from now," according to what he said to "CNBC", and seen by "Al Arabiya.net."

He explained that the SPDR Energy Sector Index Fund is also showing signs of a rally after the difficult year 2020.

He cited a chart of the 23-stock traded fund documents, indicating the formation of a technical figure indicating the rise represented by a double bottom and two tops.

“We are seeing a multi-year reversal in terms of the performance of the SPDR Energy Fund compared to the S&P 500 and it is clear that there are some very positive trends happening here,” he said. "These are long-term issues and trends that are beginning to unfold."

With OPEC likely to keep production stable until at least the summer, Nancy Tengler of Lafer Tegler Investment expects a further rise in oil prices.

She believes that with the supply not increasing until October, it means that the price of oil can easily rise from its current levels.

Our expectations are somewhere around $ 80 a barrel for the summer, Tingler said.

For its part, JPMorgan chose Chevron and ExxonMobil among its best picks from among "major oil companies" on Friday, citing increased cost efficiency, and said that the balance sheet leverage could return to pre-epidemic levels this year. Ended / 25 h

[yota691]

Updated .. Oil prices are falling for the second consecutive session

March 15, 2021 9:59 PM Last updated: March 15, 2021 9:59 PM
Mubasher: Oil prices fell for the second consecutive session when settling trading on Monday, with the rise of the US currency.

A higher dollar makes it more expensive for holders of other currencies to purchase oil.

Crude prices were higher in earlier trading, supported by optimism about the recovery of the economy of China, the world's largest oil importer.

Official data revealed that industrial production in China rose by 35.1 percent in the first two months of this year.

Oil prices achieved strong gains since the beginning of the year, close to 35 percent, with the support of production restrictions by "OPEC +".

Upon settlement, the price of US "NYMEX" crude futures for April delivery fell by 0.3 percent to $ 64.39 a barrel.

The price of futures contracts for benchmark crude "Brent" for May delivery fell by 0.5 percent to $ 68.88 a barrel, after hitting the level of $ 70.03 in earlier trading.

 

[yota691]

Water is running under OPEC, while she is blind

 

OPEC logo at its headquarters in Vienna. Reuters

Arab and international Economy News - Baghdad For a high - looks dangerous, but most of the fault lines do not look harmful as well as the Organization of Petroleum Exporting Countries "OPEC" suffer from a small crack, could turn into large cracks enough to sink the ship .   Contrary to what some of them think, the discussion is not about the dispute between Saudi Arabia and Iran, nor about the controversy related to Iraq's repeated failure to adhere to the goal of reducing production under the current "OPEC +" agreement. Rather, it is related to the decision of the United Arab Emirates, the third largest producer in the "OPEC", to allow its crude oil to be freely traded on the open market by its main buyer. According to oil analyst Philip K. Verleiger, the final outcome of this step could weaken "OPEC" and the "OPEC +" alliance .   Until now, the major OPEC producers from the Arab Gulf states, such as Saudi Arabia, Iraq, Iran, Kuwait and the United Arab Emirates, sell their crude under strict conditions that determine the location of its delivery, and prevent it from being resold by the main buyer. This gave them the ability to adjust the prices they deal with in different parts of the world, depending on the local conditions of those markets, which would be reflected in an increase in their returns. Failure to comply with these terms will result in the buyer being excluded from future purchases .      By excluding this essential condition, the UAE relinquishes a controlling card, making the buyer able to divert its crude from one region to another, if he deems it more profitable to do so for him. It may also open up the Arabian Gulf crude market to major oil trading companies such as: Vitol, Glencore, and Trafigura. In return, however, the increased flexibility on the part of the UAE, and an expansion of the segment of potential buyers, will improve the attractiveness of its oil compared to its less resilient neighbors . This Emirati advantage can also be doubled, through its ability to increase the level of exports of the country's main "Murban" crude from the port of the Emirate of Fujairah, located outside the sensitive waterway of the Strait of Hormuz, which represents a selling point that its competitors lack in the Arabian Gulf .     It is the first time that "derailment" has been so apparent. Iraq offered oil exports exempt from restrictions on determining the destination of shipment for a limited amount of its crude under a pre-payment contract with the Chinese company "China ZhenHua Oil Co." in December 2020. But this agreement never came into effect, and the Iraqis canceled the deal. Last month, after rising oil prices eased some of their immediate cash revenue needs .   The removal of restrictions on not changing the destination of the shipment and resale was the latest step by the United Arab Emirates, indicating that it has begun to take a different course from its colleagues in the "OPEC" organization .   This was preceded by several indications of differentiation. The Gulf country clashed with its partners in the organization about easing production restrictions when they met at the end of last November, which prompted discussions to continue until the second day, thus delaying the meeting that was scheduled with their non-OPEC allies to agree on Small increase in production for January. The UAE insisted that any decision to raise the volume of targeted production must be accompanied by strict pledges from OPEC + members who failed to comply with previous production reduction goals, to compensate for any surplus production they made during that period, by reducing their production in the following months .   This insistence on the part of the UAE appears to be driven by frustration with the way it was handled, when it briefly increased its production last summer. It was reported that the UAE Minister of Energy, Suhail Al Mazrouei, was invited to Riyadh to clarify the situation in this regard, while Russia, which consistently exceeds its goal of production, has not faced any criticism at all .   The UAE also believes that the restrictions on its production are more stringent than those imposed on others. At the level of exporting 2.63 million barrels per day, its target is equivalent to only 63% of its extractive capacity. This compares to 79% in Saudi Arabia. Even the kingdom's unilateral additional reduction, at the rate of one million barrels per day, does not make the volume of its disrupted production equal to the level of the idle production in the UAE .     Establishing a position   The difference between the UAE and Saudi Arabia regarding oil policy is an additional loophole in the relationship between the two countries, in addition to the UAE's position to reduce its presence in the ongoing war in Yemen. On the other hand, there was talk about Saudi Arabia stopping the embargo on Qatar unilaterally, prompting the Emiratis to follow suit .   In addition, the amendments to the UAE oil contracts, in terms of allowing its crude to be freely traded on the open market, fall within the framework of the country's campaign to adopt Murban crude in Abu Dhabi as a regional benchmark for Middle East oil sales to Asia, which is the most important market for Arab Gulf oil. This would give a boost to Abu Dhabi's efforts to consolidate its position as a hub for the oil trade, and not merely to produce and export it. It is keen to make the most of its production capacity, which it intends to increase by nearly 20% to reach 5 million barrels per day by 2030, before oil demand begins to decline as the world increasingly turns away from fossil fuels, which could lead to its situation. On a collision course with the rest of the OPEC members. Quoting from Bloomberg East

Number of observations 188   Date of addendum 03/16/2021

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The flow of Iranian oil to China undermines OPEC's efforts to control the market

 

OPEC logo

Arab and international Economy News - Baghdad The flow of Iranian oil to China in recent weeks has crowded imports from other countries, which threatens to complicate the efforts of the "OPEC +" alliance and undermine its efforts to tighten supplies in the global market.   China, the world's largest importer of crude oil, currently buys nearly 1 million barrels per day of crude oil, condensates, and sanctioned fuel oil from Iran, according to estimates by traders and analysts.   Traders said that this Iranian oil is replacing preferred grades from countries such as Norway, Angola and Brazil, and is leading to an unusually quiet spot market. Most traders and refiners around the world are reluctant to buy Iranian crude due to the US sanctions, which could lead to repercussions, such as a cutoff from the US banking system.   However, the seemingly unstoppable rise in global crude oil prices is making Iranian oil at a very low price increasingly attractive to Chinese buyers, including independent refineries, which account for about a quarter of the country's crude oil processing capacity.   While the global benchmark Brent crude is trading at around $ 70 a barrel due to improved demand and tighter supplies from OPEC +, the continuation or increase of Iranian flows may impede the coalition's efforts to continue raising prices.   Iran's cheap crude competes with OPEC countries It is reported that Iran is a member of the Organization of Petroleum Exporting Countries, but it is exempt from the supply restrictions. However, China's preference for its cheap crude is displacing demand from OPEC countries such as Angola, as well as other producers such as Norway and Brazil, despite the fact that the quality of all these countries' oil is not identical.   According to traders, up to 10 million barrels of Angolan oil scheduled to be exported in April were still without buyers until earlier this week, compared to a month in which these shipments usually have been sold by now.   Traders added that oil from Nigeria and the Republic of the Congo also encountered difficulties due to the lack of desire to buy.   Shipping data shows that three supertankers carrying oil from the Norwegian "Johan Sverdrup" field have been floating off China for at least two weeks without being unloaded. Market participants said that only 16 million barrels of North Sea crude left Europe for Asia in February, the lowest amount in four months, and the downward trend is likely to continue in the short term.   A leap in the export of Iranian oil to China “With the increase in flows from places like Iran, and all other degrees of arbitrage to China now closed, the spot market looks really weak, and between now and June,” said Yuntao Liu, an analyst at Energy Aspects, which is based in London. Until July, it will be very difficult to sell preferred brands such as West African ores, Norway's Johan Sverdrup ores, and Brazilian raw materials.   He states that the Chinese special players in the oil industry are often described as "teapot refineries".   It is worth noting that Iranian oil flowing to China is a mixture of barrels that are transported directly from the Gulf, in addition to Iranian shipments whose trademark has been changed to become Middle Eastern or Malaysian.   Data intelligence company Kepler said last week that China's imports of crude oil from Iran will average 856,000 barrels per day this month, the highest level in nearly two years. Traders said that most of this oil is bought by local Chinese commercial enterprises, as private and state-owned refiners try to distance themselves from dealings with the state subject to US sanctions.   They added that these supplies will likely be kept temporarily in tanks before being resold to local refineries at a later date.   These special processors, which are mostly based in Shandong Province, are known to work on refining Iranian and Venezuelan crude into fuel, and using low-quality sludge fuel oil as feedstock for their units.   These increased Iranian flows appeared as the administration of President Joe Biden tried to revive the nuclear deal with Tehran.   Iran was exporting about 2.5 million barrels per day of oil before the sanctions were imposed in 2018. Ed Morse, head of commodity research at Citigroup, said in a note published in January that Iran is starting the year as a strong alternative player to higher oil prices.

Number of observations 73   Date of addendum 3/17/2021

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Updated .. Oil prices fall at the settlement after the US stockpile data

March 17, 2021 10:06 PM
Mubasher: Oil prices retreated for the fourth consecutive session on settlement of trading today, Wednesday, after the release of US stockpile data.

The US Energy Information Administration revealed that oil inventories in the United States rose by 2.4 million barrels during the past week.

Whereas , US oil production stabilized during the past week at 10.900 million barrels per day.

Crude prices continue to decline, with fears of slowing demand after several European countries suspended the use of the "AstraZeneca" vaccine, amid health concerns.

For its part, the International Energy Agency said that oil demand will not return to pre-epidemic levels until 2023.

Upon settlement, the price of US crude futures, "NYMEX" for April delivery, fell by 0.3 percent to $ 64.60 a barrel.

The price of futures contracts for Brent crude for May / May delivery decreased 0.6 percent to $ 67.98 a barrel.

 

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Saudi oil expert: Some Iraqi oil exports to India are from Iranian oil

 

Iranian oil field

energy Economy News - Baghdad The Saudi oil expert, Muhammad Al-Sabban, announced that some Iraqi oil exports to India are from Iranian oil. Al-Sabban said, in his interview with the Saudi Al-Sharq channel, which was seen by "Al-Iktissad News", that Iranian oil is sold to China and India, which complicates the mission of the OPEC Plus alliance, because he does not know the volume of Iranian exports to these countries. He added that Iraq suddenly jumped to the first place as an exporter of oil to India, and I believe that some Iraqi oil exports are Iranian oil.

Number of observations 484   Date of addendum 3/17/2021

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The International Energy Agency violates Iraq's expectations: your production in 2026 will reach 5.4 million barrels

 

Oil field

energy Economy News - Baghdad The International Energy Agency expected Iraq's production to rise during the year 2026 to 5.4 million barrels, which contradicts the expectations of the Oil Ministry, which confirms that it will reach production of 7 million barrels per day in the year 2025.   And the International Energy Agency said in its report yesterday that Iraq, which is the second largest oil producer in OPEC, will be the most increase in production in the group, with an increase of 1.3 million barrels per day, bringing its total production to about 5.4 million barrels per day by the year 2026.   The Iraqi Oil Minister, Ihssan Abdul-Jabbar, announced that his country can currently produce 5 million barrels of crude oil per day, and aims to reach 7 million by 2025. The International Energy Agency revealed in its latest forecast to the market on March 17 that as soon as demand for crude returns after a recession due to the Corona epidemic, this will require OPEC to boost and increase its crude production by more than 20% from its current production rate to reach nearly 30.8 million Barrels per day by 2026. According to the latest survey data obtained by the Energy Agency Platts, the crude oil production of the 13 member states of OPEC for the month of February reached 24.86 million barrels per day.   The report of the International Energy Agency indicated that the bulk of these increases in production and pumping will come from Saudi Arabia, Iraq and Kuwait, more than what will come from African members of OPEC and Venezuela. The agency said that global oil consumption will grow and double rapidly.   The agency said in its report, "While the demand for oil recovers with the delay in exploration and production investments in other regions of the world, Saudi Arabia, Iraq, the UAE and Kuwait may resort to doubling their production as much as possible to ensure that the global demand for crude is met in the market. On Iran, these countries will do their capacity and speed to keep pace with the demand. "   It is difficult for Iraq to increase its production due to the financial crisis, and its current focus on investing in gas and alternative energy, because the country is almost completely dependent on oil in its financial revenues, which caused a financial crisis during the year 2020 after oil prices fell to less than $ 20.

Number of observations 238   Date of addendum 3/18/2021

[yota691]

IRANIAN OIL SURGE TO CHINA HURTS OPEC EFFORTS TO TIGHTEN SUPPLY.

[yota691]

Updated .. Oil prices rise upon settlement in a volatile session

 March 22, 2021 10:11 PM
Mubasher: Oil prices rose when settling transactions on Monday, in a volatile session, with the decline of the US dollar.

Crude prices fluctuated between ups and downs during trading with the weak dollar on the one hand and demand concerns on the other hand.

New European lockdowns related to the Coronavirus have dampened expectations for a rapid economic recovery.

Brent and Nymex crude fell by more than 6 percent each last week, after making steady gains for months on the back of production cuts.

Upon settlement, the price of Nymex crude futures in May rose by 0.2 percent to $ 61.58 a barrel, after hitting $ 61.90 in the upside and $ 60.39 in the downward direction.

The price of futures contracts for Brent crude for May delivery rose by 0.1 percent to $ 64.59 a barrel, after recording the level of $ 65.12 in the upside and $ 63.45 in the downward direction.

 

[yota691]

A slight decline in oil prices

•  Time: 03/23/2021 09:20:28
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•  Read: 2,002 times

  

(Baghdad: Al Furat News) Oil prices fell 1%, today, Tuesday, due to fears that the new restrictions on the spread of the epidemic and the slow spread of vaccines in Europe will slow the recovery of demand for fuel and with producers reducing prices, which indicates an abundance of oil supply.

 

US West Texas Intermediate crude futures for May delivery were down 71 cents, or 1.12%, to $ 60.86 a barrel at 05:49 GMT.
May Brent crude futures fell 78 cents, or 1.21%, to $ 63.84, giving up gains of 9 cents in the previous session.
Germany, the largest consumer of oil in Europe, is expected to extend restrictions on shopping and travel until April to contain the third wave of COVID-1 infections, prompting economists to lower their growth forecasts, and there is fear of a third wave of infections that may hit Europe.
Last week, the Paris-based International Energy Agency lowered its forecast for crude demand in 2021 by 2.5 million barrels per day, while the Energy Information Agency expected global oil supply to exceed demand in the second half of 2021.
Africa's largest oil producer Nigeria also on Monday lowered the official selling prices for April shipments, indicating that suppliers are trying to encourage sales. Angola, the continent's second largest producer and the main supplier to China, still has some April shipments still unsold, indicating a lack of interest in Chinese refiners.

Hussein Hatem

[yota691]

US oil production rises to 11 million barrels per day

 March 24, 2021 10:55 PM
Mubasher - Ahmed Shawki: US oil production rose to 11 million barrels per day last week, with a strong decline in US crude imports.

The weekly report of the US Energy Information Administration showed, today, Wednesday, that oil production in the largest economy around the world rose by about 100,000 barrels per day during the week ending March 19, from the level of 10.900 million barrels per day.

The United States' imports of crude rose by about 299 thousand barrels per day during the past week, to reach 5.62 million barrels per day.

While US oil exports declined to 2.48 million barrels per day last week, compared with 2.52 million barrels per day in the previous week.

Net US crude imports (the difference between exports and imports) rose by 338 thousand barrels per day to 3.14 million barrels per day.

The weekly report revealed that US inventories of oil rose by 1.9 million barrels during the past week.

 

[yota691]

Oil Prices Are Falling To Less Than $ 62 A Barrel

Last updated Mar 25, 2021

 

Independent / - Oil prices fell by more than 4% at the close of trading on Thursday, with the rise of the US dollar.

 

Upon settlement, the price of Nymex crude futures for May delivery fell by 4.3 percent to $ 58.56 a barrel.

The price of futures contracts for "Brent" crude for the delivery of the benchmark one hundred / May fell by 3.8 percent to 61.95 dollars 

Crude prices rose by about 6 percent in yesterday's session, with supplies disrupted due to the stranding of a container tanker in the Suez Canal.

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Iraq between them ... a disagreement and a bickering of words between India and Saudi Arabia because of oil prices

Al-Noor News / Arabic and International: On
Friday, the Indian Minister of Oil, Dharmendra Pradhan, described the advice of his Saudi counterpart to reduce oil stocks to deal with high crude prices, as "non-diplomatic."

"That was a kind of non-diplomatic answer from some of our old friends," Pradhan said at an event in the Indian capital. I politely disagree with that approach.

And he continued: "Certainly India has its own strategy, when and how to use its stocks, and we are aware of our interests."

Pradhan criticized the production cuts by OPEC and Saudi Arabia, which aim to stabilize prices and indicated that India would have to search for energy alternatives to Gulf oil, its main source of crude.

With India hit hard by high oil prices, Pradhan has repeatedly called on the Organization of the Petroleum Exporting Countries (OPEC) and its allies to ease supply restrictions.

In response, Saudi Energy Minister Prince Abdulaziz bin Salman suggested that India turn to its strategic reserves filled with low-priced oil purchased last year.
 


India, the third largest importer and consumer of oil in the world, called on refiners to accelerate import diversification and reduce dependence on Middle East oil.

Sources told Reuters this month that Indian refiners plan to cut imports from Saudi Arabia by about a quarter.

"Today, Iraq is the number one resource for our requirements, and we get a large amount from the Emirates as well," Pradhan said. The UAE is a very reliable partner, ”he said, adding that Indian companies are free to buy oil from any country.

In order to reduce dependence on imports, he said, India would consider meeting additional requirements through renewables.

On Thursday, Pradhan said African countries could play a major role in India's efforts to diversify its oil resources.

[yota691]

Oil Minister: We suppor t keeping crude production at the levels agreed upon at the OPEC + meeting

 

energy Economy News _ Baghdad On Saturday, Oil Minister Ihsan Abdul-Jabbar said that his country supports keeping crude oil production at the levels agreed upon in the recent "OPEC +" meeting, in order to avoid provoking an unwanted sensitivity in the oil market. Abdul-Jabbar said in an interview with Al-Sharq TV and which was followed by Al-Iktissad News, that "Iraq's position in the next meeting will be briefly towards not requesting an increase in production," and that his country supports "keeping production as it is now, especially with the presence of cases of closure." In several European countries "due to the increase in cases of Covid-19 virus. He stressed that his country does not wish to be a contribution to the instability of the oil market. In his opinion, "the market is very sensitive to these pressing factors, and we do not want to be part of any imbalance in crude oil prices." The minister believes that "the average price that stabilizes everyone is between $ 65 to $ 70 a barrel." He pointed out that the gains that can be gained due to the increase in immediate prices may not be in the interest of the Iraqi economy, hinting that it prefers stable prices over a longer term. Many do not lead to the stability of the national economy. " Iraq is witnessing a shortage of gas due to the increasing internal demand, which necessitated the search for external suppliers, especially the neighboring countries. Abdul-Jabbar blamed the Ministry of Electricity's policies during the past decade regarding the current situation related to gas, stressing that the need for "importing gas from neighboring countries is a constant issue ... and Iraq is trying to diversify import sources in order to cover the difference between the real need and the real production." Pointing out that "the real need is in power plants now, and in the near future." He emphasized that "there are discussions with several tankers and gas-exporting companies ... and with companies and gas-producing countries with a view to diversifying the sources of gas in order to fill the current deficit." On the other hand, Abdul-Jabbar underestimated the impact of the activity of shale oil producers on the major players in the energy market, and expected that shale oil producers would not have a hindering influence, as long as OPEC members abide by their agreements. One of the factors that pressurize the stability of the oil price, but the real reliance now is on the understanding between the major producers in OPEC and its allies. He added, "The amount of shale oil does not constitute a major obstacle to the commitment of the allies in" OPEC "and the collapse of prices is due to the increase in supply from the major traditional oil producers. Shari within reasonable limits that do not affect the stability of the market. "

Number of observations 75   Date of addendum 3/27/2021

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OPEC revises production estimates at the request of Saudi Arabia

•  Time: 03/30/2021 23:48:26
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•  Read: 1,534 times

  

{Economist: Al Furat News} A committee of OPEC + technical experts agreed to review oil demand estimates for 2021 after Saudi Arabia indicated that the number appears to be very high, according to Bloomberg, which quoted committee officials.

Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. To subscribe click here

This step, which Algeria also supported, comes days before the group’s meeting to discuss production levels in May, following a recommendation from the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohamed Barkindo that the coalition remain "very cautious."

And at the previous meeting, this sense of caution led to the sudden decision to maintain virtually all restrictions on the group's production, rather than to increase production in anticipation of the economic recovery after the coronavirus pandemic.

While demand for fuel in the United States showed strong signs of a recovery, the resurgence of the virus undermined the recovery elsewhere, which convinced the group that they had "made the right decision," according to representatives of OPEC countries, some of whom spoke to Bloomberg, asking not to be named.

"While the last month witnessed many positive developments, it also witnessed a reminder of the continued doubts and fragility caused by the Corona epidemic," Barkindo said at the start of the OPEC Joint Technical Committee timed conference on Tuesday.

OPEC had estimated that the demand for oil would grow by 5.9 million barrels per day this year with the recovery of the global economy from the Covid-19 epidemic.

However, purchases of crude oil in Asia quickly slowed and oil supplies swelled as Iran's exports to China increased in defiance of US sanctions.

Ammar Al-Masoudi

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Kuwaiti Oil Minister: We suppor t the efforts of "OPEC" to commit to reducing production levels

Minister of Oil and Minister of Higher Education in Kuwait, Muhammad Al-Faris

 March 31, 2021 11:50 AM

Kuwait - Mubasher: The Minister of Oil and Minister of Higher Education in Kuwait, Muhammad Al-Faris, said that his country supports all the efforts taken by the (OPEC) organization and independent producers from outside it through its full commitment to reduce production levels as required and agreed upon, which greatly contributed to the improvement of the supply balance And demand during the last period.

In a press release issued by the Ministry of Oil, Al-Faris said that the State of Kuwait is keen on the success of all the organization’s efforts aimed at achieving market balance and returning oil stock levels to normal levels.

He added that OPEC + decisions are characterized by a vigilant approach to keeping pace with the changing events of market needs, which the organization decides on monthly basis during the regular meeting.

He praised the cooperation between all OIC countries and partners from outside within the framework of their continuous efforts to work and joint cooperation to support the stability of the oil market and promote global economic recovery by maintaining stable global energy flows.

He praised the consensual decision that was taken during the previous meeting to extend the current production cuts for an additional month during April 2021, praising as well the initiative of the sisterly Kingdom of Saudi Arabia to continue to reduce its production voluntarily during the month of April, which will support stability in the oil markets and the efforts and consultations made Saudi Arabia led it intensively with Russia and with the rest of the countries participating in the (OPEC +) agreement.

Minister Al-Faris expressed "cautious optimism" regarding the signs of improvement in the oil market indicators, especially with the spread of the distribution of Corona virus vaccines, the gradual recovery in industry activity and the return to normalcy.

Al-Fares heads the Kuwaiti delegation participating in the 28th meeting of the Joint Ministerial Committee for Production Control (JMMC) scheduled for Wednesday, and the 15th Ministerial Meeting of the Organization of Petroleum Exporting Countries and Producing Countries from outside it (OPEC +) scheduled to be held tomorrow, Thursday, through video communication technology.

In addition to Minister Al-Faris, the Kuwaiti delegation to the two meetings includes Haitham Al-Ghais, the governor of the State of Kuwait to OPEC, and the national representative of Kuwait to (OPEC) Muhammad Al-Shatti.

[yota691]

Reuters: OPEC + is hesitant between extending oil production cuts and increasing supplies

 

Arab and international Economy News _ Baghdad Sources in OPEC + told Reuters that the group will discuss two main options for oil policy in May and after that, among them an extension of existing cuts and a gradual increase in production. Two sources said the increase would not exceed 0.5 million barrels per day.

Number of observations 62   Date of addition 04/01/2021

[yota691]

OPEC + announces the agreement on a gradual increase in oil production as of next May

•  Time: 04/01/2021 18:40:59
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•  Read: 3,354 times

  

{Economy: Al Furat News} An informed source announced, on Thursday, that the "OPEC +" group has reached an agreement on a gradual increase in oil production as of next May.

 

The news sites quoted the source as saying that "OPEC +" agreed to increase production by 350 thousand barrels per day in May, and the same in June, then 400 thousand barrels per day in May.
On the other hand, a source confirmed that Saudi Arabia has not yet reported plans for its voluntary reduction.
The "OPEC +" group cuts production by about seven million barrels per day to support prices, while Saudi Arabia adds one million barrels per day to those cuts.
Wafa Al-Fatlawi

[yota691]

Novak: The "OPEC +" countries will return to the production schedule agreed upon a year ago in July

Economie| 11:50 - 01/04/2021

 

 

 

 

 

Follow-up - Mawazine News

Russian Deputy Prime Minister Alexander Novak predicted that the return of the "OPEC +" countries to the schedule agreed upon last April for oil production will be next July.
"For the first time, we have the highest level of implementation of the agreement, which reached 113% last February. This indicates a high level of implementation by all countries of their obligations," Novak said in an interview with "Russia 24" channel.
He added that the "OPEC +" countries agreed to start restoring the volume of production within 3 months starting from next May, stressing that "therefore we will reach the standards set under the agreement, and the" OPEC + "countries will adhere to the general schedule stipulated in the agreement that we reached in April 2015. 2020 '.

Novak expressed his belief that vaccinating people against the Corona virus may help the return of car transport and aviation in the summer, which will lead to increased fuel consumption and stability in the oil market.
He pointed out that Russia will gradually increase its oil production between May and next July, with a total volume of 114 thousand barrels per day within the framework of the "OPEC +" deal.
Novak stressed that the "OPEC +" countries agreed to continue holding monthly meetings to monitor the situation in the oil market, and to amend the decision on increasing production if necessary.
According to the new agreements, OPEC + countries will increase oil production by 350 thousand barrels per day in May and June, and by 450 thousand barrels per day in July.

[yota691]

The "OPEC +" alliance approves a gradual increase in oil production, starting from May

 01 April 2021 07:33 PM
Mubasher: The "OPEC +" alliance agreed to gradually increase oil production, starting next May, for a period of 3 months.

According to the statement issued today, Wednesday, production will be increased by 350 thousand barrels per day in May and the same in June, then 450 thousand barrels per day in July.

The statement referred to the positive market developments supported by global vaccination programs and stimulus packages in major economies, but stated that the fluctuations observed in recent weeks warrant a cautious and vigilant approach in monitoring market developments.

The ministers agreed to abide by the mechanism of monthly "OPEC +" meetings, to assess market conditions and decide on adjustments to the level of production for the next month, so that the adjustment does not exceed 500 thousand barrels per day.

The ministers noted that since the April 2020 meeting, OPEC and non-member states have contributed to adjusting the global oil supply by 2.6 billion barrels of oil by the end of February 2021, which has accelerated the rebalancing of the oil market.

The next meeting of the "OPEC +" alliance is scheduled for April 28, 2021.

 

[yota691]

Saudi Energy Minister Denies Impact of US Officials' Talks on OPEC + Decision

Prince Abdulaziz bin Salman, Saudi Minister of Energy - an expressive image

 01 April 2021 07:34 PM

Mubasher:  Prince Abdulaziz bin Salman, Saudi Energy Minister, said that the meeting of OPEC and the independents did not discuss oil markets with American officials, and that the talks with them did not affect the decision to gradually increase oil production starting from May, according to Reuters news agency.

The Saudi Minister of Energy emphasized that the OPEC group and independent producers will continue to maintain the stability of energy markets with a gradual increase in production at a rate of 350 thousand barrels per day in May and the same in June, then 400 thousand barrels per day in the following July.

 Prince Abdulaziz bin Salman bin Abdulaziz indicated that the Arab Saudi Oil Company "Aramco" maintained the terms of its contracts despite all the reductions that had been previously approved.

The "OPEC +" alliance agreed  to gradually increase oil production, starting next May , for a period of 3 months.

Production will be increased by 350 thousand barrels per day in May and the same in June, then 450 thousand barrels per day in July, according to the statement issued today, Thursday.

The statement referred to the positive market developments supported by global vaccination programs and stimulus packages in major economies, but stated that the fluctuations observed in recent weeks warrant a cautious and vigilant approach in monitoring market developments.

The ministers agreed to abide by the mechanism of monthly "OPEC +" meetings, to assess market conditions and decide on adjustments to the level of production for the next month, so that the adjustment does not exceed 500 thousand barrels per day.

[yota691]

A new rise in oil prices

•  Time: 04/07/2021 09:08:27
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•  Read: 5,824 times

  

{Economic: Al Furat News} Oil prices rose today, Wednesday, due to the prospects of achieving stronger global economic growth amid increased vaccinations against the Corona virus and a report on the decline in crude stocks in the United States, the largest consumer of fuel in the world.

 

Brent crude futures rose 34 cents, or 0.5 percent, to $ 63.08 a barrel by 05:07 GMT, while US West Texas Intermediate crude for May rose 32 cents, or 0.5 percent, to $ 59.65.
Prices rebounded as data on Tuesday showed that jobs in the United States rose to their highest level in two years in February as employment increased. This came on the heels of previous data which showed that US service activity reached a record level in March, and the Chinese services sector showed the largest increase in sales in three months.
The International Monetary Fund said on Tuesday that unprecedented public spending on fighting COVID-19, especially by the United States, will push global growth to 6% this year, a rate not seen since the 1970s.
US crude oil inventories have declined in the last week, while fuel inventories have risen, citing American Petroleum Institute (API) numbers ahead of government data on Wednesday.
The US Energy Information Administration said that oil production in the United States is expected to decline by 270,000 barrels per day in 2021 to 11.04 million barrels per day, sharply lower than its previous monthly forecast of a drop of 160,000 barrels per day.

Hussein Hatem