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

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Oil prices are declining and Brent records 62.77 dollars a barrel

Economie| 08:59 - 12/04/2021

 

 

 

 

Follow-up - Mawazine News
Oil prices fell, Monday, amid an increase in the number of cases of Corona infections globally, and fears that it will rise again in America, the largest oil consumer in the world, after a plan to restore life to it as it was previously.
Brent crude was down 18 cents, or 0.29 percent, to reach $ 62.77 a barrel.
US West Texas Intermediate crude fell 17 cents, or 0.27 percent, to $ 59.11 a barrel.
While the United States has fully vaccinated more than 70 million people, and in Europe the numbers of new infections are dropping as the lockdowns begin, India has reported record new cases and other parts of Asia are seeing a spike in cases. Ended 29 / p4

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Including Iraq’s oil ... OPEC prices exceed $ 61, affected by "the Chinese economy."

 

•  

 2021-04-13 05:30

 

Shafaq News / The prices of the OPEC oil basket increased slightly, on Tuesday, to more than 61.46 dollars, affected by other oil materials.

OPEC stated in a report seen by Shafaq News, "The price of OPEC's basket of thirteen barrels of crude rose by 32 cents to reach 61.46 dollars, compared to last Friday, when the price reached 61.14 dollars."

Some specialists attributed the rise as a result of being affected by other raw materials, which were also affected by reports that showed the growth of the Chinese economy, the second largest in the world.

The Organization of the Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Girasole (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Spring Light (Gabon), Heavy Iran (Islamic Republic of Iran) Iran ), Basra Light (Iraq), Kuwait Export (Kuwait), S Sidr (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Miri (Venezuela).

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OPEC production rises 201 thousand barrels per day in March

 

A worker in an oil field in Basra. Reuters

Arab and international Economy News - Baghdad The Organization of Petroleum Producing Countries "OPEC" said that the production of members of the organization (13 members) increased by 201 thousand barrels per day on a monthly basis during last March, in light of a large increase in production from Iran. The organization indicated in its monthly report that its production rose to 25.042 million barrels per day during the past month, compared with 24.842 million barrels per day in the previous February. The report showed that Iran increased its oil production by 137 thousand barrels per day, to 2.3 million barrels, compared to 2.167 million barrels in the previous February. Iran is trying to increase its crude oil production amid international efforts to revive the nuclear deal with the administration of US President Joe Biden, and to lift sanctions on Tehran. Seven other countries raised their production in marginal increases, ranging from 1,000 to 40,000 barrels per day. Angola raised its production by 40 thousand barrels to 1.1 million barrels per day, then Libya by 26 thousand barrels per day to 1.19 million barrels per day. As for Saudi Arabia, the largest oil producer in OPEC, it reduced its production by 33 thousand barrels per day last month, to 8 million and 90 thousand barrels per day, compared to 8 million and 123 thousand barrels per day in the previous February. Saudi Arabia made a record reduction of 930 thousand barrels per day during the previous February, in light of its commitment to the voluntary reduction within the "OPEC +" agreement. 3 other countries reduced their production, including Kuwait by 6 thousand barrels to 2.32 million barrels, and Algeria by two thousand barrels to 873 thousand barrels per day. The report monitored a marginal reduction in the UAE's production by only one thousand barrels per day, to record its production by 2.61 million barrels per day. And at the beginning of this month, the alliance, which includes members of the "OPEC" organization as well as independent producers led by Russia, agreed to ease production restrictions by 350 thousand barrels per day in May, to stabilize the production cut at about 6.7 million barrels per day. The coalition will implement another easing of production cuts in June by another 350,000 barrels per day to 6,350 million barrels per day. Following that, another easing of 400,000 b / d to 5.95 million b / d in July.

Number of observations 104   Date of addendum 04/14/2021

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High oil prices: Brent touches $ 67 a barrel

Economie

2021-04-19 | 10:58

 

 

1,173 Views

 

Oil prices rose today, Monday, after declining earlier in trading, with increasing concerns about demand due to the high rate of Corona infections.

By 17:10 local time Moscow, Brent futures rose by 0.12% to 66.85 dollars a barrel, and the mixture had earlier recorded a decline of 0.3% to 66.54 dollars a barrel.

US crude futures "West Texas Intermediate" rose 0.22% to $ 63.27 a barrel, after previously falling 0.2% to $ 62.96 a barrel.

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A rise in OPEC oil prices

•  Time: 04/21/2021 13:01:38
•  
•  Read: 1,625 times

  

{Economic: Al Furat News} The prices of the OPEC oil basket rose slightly, today, Wednesday, to more than $ 65.36, affected by other oil materials.

 

The Organization of Petroleum Exporting Countries stated in a report that "the price of OPEC's basket of thirteen barrels of crude rose by 26 cents to reach 65.36 dollars, compared to Tuesday, when the price reached 65.10 dollars.
Some specialists attributed the increase to its impact on other raw materials that are also affected by the growth of the economy." China is the second largest economy in the world and OPEC's commitment to restrict production.The
reference basket of the Organization of Petroleum Exporting Countries (OPEC) consists of the following: Sahara Blend (Algeria), Girasole (Angola), Djino (Congo), Zafiro (Equatorial Guinea), Spring Light (Gabon) ), Heavy Iran (Islamic Republic of Iran) Iran), Basra Light (Iraq), Kuwait for Export (Kuwait), ES Sidr (Libya), Pony Light (Nigeria), Arab Light (Saudi Arabia), Murban (United Arab Emirates) And Miri (Venezuela).

 

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OPEC Secretary General: Positive signs of recovery in the global economy

Economie| 09:53 - 26/04/2021

 

 

 

 

Baghdad - Mawazine News
, OPEC Secretary-General Muhammad Barkindo announced, during press statements today, Monday, that the organization sees positive signs in the recovery of the global economy and the prospects for the oil industry during the coming period.
Barkindo said, "There are positive indications of recovery in demand with the improvement of the performance of global economies."
The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) added, "Despite signs of improvement in oil market conditions, there are still many factors that require constant monitoring and vigilance during the coming period."

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Oil is rising amid OPEC + optimism

Wednesday April 28, 2021 34

 

  Morning: agencies

 

Oil rose on Tuesday, as OPEC + expected a strong global recovery this year, even as the outbreak of Covid-19 virus in India and other countries affected demand forecasts in the near term.

The OPEC + technical committee raised its forecast for demand growth in 2021, but warned that renewed virus emergence in India, Japan and Brazil could impede the recovery in oil demand.

On Monday, OPEC Secretary-General Muhammad Barkindo said that there are "positive indicators" in the global economy, but he also pointed to factors in the oil market that require continuous vigilance.

West Texas Intermediate for June rose 0.92% to $ 62.48 a barrel on the New York Mercantile Exchange at 5:40 GMT.

Brent crude for June settlement rose 0.60 percent to $ 66.62 on the ICE Futures Exchange, after losing 0.7 percent in the previous session.

The OPEC + Committee of Technical Experts predicted that oil consumption will increase by 6 million barrels per day this year from last year, according to delegates who attended the session on Monday, and said that most of the fuel stocks accumulated during the epidemic will be gone by the end of this quarter.

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India's OPEC oil imports are declining and Iraq maintains its lead

 

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 2021-05-04 02:24

 

Shafaq News / India's oil imports from OPEC countries fell to their lowest levels in at least two decades within a year, until the end of last March, by 11.8% compared to the same period last year, while Iraq maintained its leadership as its largest source.

Data from industry and oil trade sources showed that total crude imports for the world's third largest oil importer fell to 3.97 million barrels per day during the fiscal year ending March 31, 2021.

She explained that OPEC's share of Indian oil imports declined after the decline in total purchases of the third largest economy in Asia to its lowest level in 6 years.

India also bought more American and Canadian oil at the expense of Africa and the Middle East, which reduced purchases from OPEC members to about 2.86 million barrels per day, and reduced the group's share in imports to 72% from about 80% previously.

According to the data, Iraq remained the largest supplier of oil to India, followed by Saudi Arabia and the UAE, then Nigeria replaced Venezuela as the fourth largest supplier.

The United States ranked fifth in the largest supplier to India, two places ahead of 2019-2020.

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Iraqi oil: production cuts doubled Iraq's revenues to $ 6 billion a month

An oilfield - archive

 04 May 2021 1:20 PM

Mubasher: The Iraqi Ministry of Oil said today, Tuesday, that the decision to reduce production has doubled Iraq's revenues to $ 6 billion per month, after the price hike, while indicating that it has not received any revenues so far from the Kurdistan region as part of the budget.

The ministry’s spokesman, Asim Jihad, told the Iraqi News Agency “INA”: “The decision to reduce oil production, which was approved with the exporting countries, was aimed at controlling the price balance in global markets,” indicating that “increasing production will cause an imbalance.”

Jihad also pointed out that "in the past, Iraq's revenues were estimated at less than one billion dollars a month, but now, with less production quantities, the revenues reached 6 billion dollars."

He added that "the goal of Iraq is to increase financial revenues, not quantity," noting that "increasing the quantity may lead to lower oil prices."

He explained that "Iraq is committed to specific quantities with other countries according to the schedules set by the research centers of OPEC and OPEC Plus, which led to an increase in financial revenues."

He continued that "Iraq is the second largest producer in OPEC, and it is keen to adhere to the quotas established in order to control the balance of the oil market," explaining that "challenges still exist in the oil markets in the presence of the pandemic, and these are temporary measures that will disappear with the disappearance of the causes, and therefore." A concerted effort must be made to achieve the goals. "

Jihad stressed that "any exception may lead to a drop in oil prices in the global markets, and any exit from the agreement could collapse the agreement and oil prices would fall back to less than $ 10," noting that "revenues are now good compared to the current situation."

Regarding the delivery of the quantities of exported oil to Kurdistan according to the budget, Jihad indicated that "the government submitted an objection to the budget paragraphs," indicating that "the Ministry of Oil has not yet received any quantities from the Kurdistan region as part of the budget items."

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Oil prices rise after US crude stocks fell

 

Arab and international Economy News _ Baghdad Oil prices rose, Wednesday, to continue the gains from the previous session after data in the sector indicated that US crude inventories fell by more than expected last week, which reinforces positive views about fuel demand in the world's largest economies. US West Texas Intermediate crude futures rose 48 cents, equivalent to 0.7 percent, to $ 66.17 a barrel by 0440 GMT, after advancing to $ 66.58, a level not reached since March 8, according to Reuters news agency. Brent crude futures rose 49 cents, or 0.7 percent, to $ 69.37 a barrel, after touching a more than seven-week high of $ 69.78 earlier in the session. And contracts for both benchmarks rose nearly 2 percent on Tuesday, ahead of data from the American Petroleum Institute. "It appears that crude oil prices are being supported by the large drawdown of crude and gasoline inventories indicated by the American Petroleum Institute," said Margaret Yang, an analyst at DailyFX in Singapore. And she continued: "The expectations of energy demand are improving thanks to the easing of closure measures in regions of the United States and Britain, which helped offset the impact of concerns about the descent of demand from India and Japan. The driving season next summer may further support fuel demand and raise oil prices." Figures from the institute showed that crude inventories fell by 7.7 million barrels in the week ending April 30, according to two market sources. This was more than three times the amount of drawdown analysts had forecast in a Reuters poll.

Number of observations 101   Date of addition 05/05/2021

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OPEC + production rises to the highest level and Iraq exacerbates compliance

 

•  

 2021-05-11 03:44

 

Shafaq News / A new survey conducted by the S&P Global Platts platform showed that total crude oil production from the Organization of Petroleum Exporting Countries "OPEC" and its allies "OPEC +" rose to the highest level in 3 months, during the month of April.

The platform said, in a report seen by Shafaq News, that the OPEC group produced 25.28 million barrels per day, an increase of 80 thousand barrels per day compared to March, and Russia and 8 non-OPEC partners added 13.21 million barrels per day, an increase of 130 thousand barrels per day.

It added that the 10 OPEC members - who have quotas under the agreement - and 9 non-OPEC allies achieved a level of compliance of 111% in April, but if the additional Saudi cut is put aside, compliance drops to 96%, the lowest level since July. July 2020.

Iraq - which produced 3.97 million barrels per day - and Nigeria - which recorded 1.6 million barrels per day - also contributed to the exacerbation of compliance, reaching their highest levels since May 2020, driven by higher crude oil exports.

He added that Iraq's commitment to its share amounted to 86% after it produced 3.97 million barrels per day, compared to 3.95 million barrels per day in March, while its market share is estimated at 3.857 million barrels per day.

The survey indicated that many major countries had failed to respond to the call of the Saudi Minister of Energy, Prince Abdulaziz bin Salman, to improve the commitment of member states to their prescribed quotas.

He indicated that Russia - the main non-OPEC partner, has pumped 9.5 million barrels per day of crude oil, an increase of 160,000 barrels per day compared to March, and much higher than its share of 9.38 million barrels per day, with the increase in seaborne exports throughout the month.

 

And Iran has also been exempt from the obligation to increase production in recent months and found a stable customer in China, according to market sources, as Tehran's production in April reached 2.43 million barrels per day, an increase of 130,000 barrels per day from March, its highest levels. Since May 2019.

OPEC + ministers plan to meet online on June 1 to review market expectations, adjudicate compliance, and determine whether they will continue a gradual quota easing.

The group had decided to stabilize the oil production policy without change, after the agreement to reduce supplies was relaxed at the beginning of April.

The coalition meeting decided to increase oil production for the next 3 months, May, June and July, so that the amendment does not exceed 500 thousand barrels per day.

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Oil fell as fears of pipeline outages subsided

 

•  

 2021-05-11 03:05

 

Shafaq News / Oil prices declined on Tuesday as fears of a long-term outage of the largest fuel pipeline system in the United States, the Colonial Pipeline, faded.

U.S. West Texas Intermediate crude futures fell 61 cents, or 0.94 percent, to $ 64.31 a barrel at 05:12 GMT, after rising 2 cents on Monday.

Brent crude futures were down 56 cents, or 0.82%, to $ 67.76 a barrel, after rising 4 cents on Monday.

"The rise in oil prices has been short-lived as it appears the pipeline disruption will not have a long-lasting effect," Edward Moya, chief market analyst at OANDA, said in a note on Tuesday.

The US pipeline, which carries more than 2.5 million barrels per day of gasoline, diesel and jet fuel, was shut down on Friday after it was hit by a cyberattack.

The privately-owned company said on Monday that it was working to resume work in phases "with the aim of restoring operational service substantially by the end of the week."

Meanwhile, sentiment was affected by the rapid spread of Coronavirus infection in India, which increased calls for Prime Minister Narendra Modi's government to close down the world's second most populous country.

On the positive side for crude, analysts expect data to show that US crude inventories fell by 2.3 million barrels in the week ending May 7, after an eight million barrel drop in the previous week.

 

OPEC is also expected to publish its monthly oil market report on Tuesday, which will include April production numbers.

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International Energy Improves Outlook for Non-OPEC + Oil Production

13:25 - 12/05/2021

 

  

 

The information / Baghdad ..

In its report for the month of May, the International Energy Agency improved its forecast on oil production outside the OPEC + deal for 2021, with an increase of 620,000 barrels per day.

"In general, non-OPEC + production in 2021 will increase by 620,000 barrels per day on an annual basis, partly offsetting losses in 2020 by 1.3 million barrels per day," the agency’s report said.

The International Energy Agency's forecast for production growth in these countries in 2021 was 0.61 million barrels per day.

The International Energy Agency has also lowered the outlook for global oil demand in 2021 and now expects it to grow by 5.4 million barrels per day, according to the OECD report.

"Global demand for oil is expected to grow by 5.4 million barrels per day in 2021 from 2020 levels, which is 270,000 barrels per day less than our previous report," the May report said. In the April forecast, demand was expected to grow by 5.7 million barrels per day, in March - by 5.5 million.

It should be noted that the downgrade is due to weaker oil consumption in the United States and Europe in the first quarter of 2021 than expected. In addition to the deterioration of demand expectations in India due to the recent rise in "Covid-19" cases. End / 25

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An "afflicted" Iraqi governorate calls for its exclusion from the "OPEC" decision ... a document

 

•  

 2021-05-12 11:07

 

Shafaq News / Dhi Qar governorate in southern Iraq demanded, on Wednesday, the Iraqi government to exclude it from the decision to reduce OPEC oil and compensate it from oil fields outside the governorate.

 

Governor Ahmed Al-Khafaji said in an official letter addressed to the Iraqi Prime Minister, that “based on the decision of the Iraqi Council of Representatives No. (12) for the year 2015, which considered Dhi Qar Governorate a disaster province and because the reduction directly affects the financial revenues of the province, the amounts of petrodollars and social benefits, please kindly. By agreeing to exclude our governorate from the above-mentioned reduction. "

 

Al-Khafaji also demanded that his governorate be compensated from the rest of the oil fields (outside the governorate) because the reduction percentages in them are small compared to the production rates.

 

 And OPEC decided, last April, to stick to the plan to reduce oil production cuts with the current month of May.

 

 

 

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OPEC Plus agreed to ease oil production cuts in June and July

17:57 - 01/06/2021

 

  

Information / follow up..

A source said that the group of oil exporting countries “OPEC” and its allies known as “OPEC Plus” agreed to adhere to the current plans to ease oil production cuts in June and July.

The source added that the group that held its meeting today, Tuesday, did not discuss the production policy for the month of August, and decided to hold the next ministerial meeting on the first of July.

The collective “OPEC +” oil production is scheduled to rise by 350,000 barrels per day between May and June 2021, and then rise to 440,000 barrels per day in the month of next July.

Saudi Arabia is gradually easing its additional unilateral cuts by one million barrels per day over the next few months, starting with monthly production increases of 250,000 barrels per day in May, 350,000 barrels per day in this month of June, and 400,000 barrels per day in next July. According to Arab media.

In April, OPEC Plus decided to return 2.1 million barrels per day of supply to the market between May and July, in anticipation of a rise in global demand despite the growing infections of the Corona virus in India. finished/25h

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OPEC President: Global oil stocks fell by 160 million barrels within a year

 

•  

 2021-06-08 02:08

 

Shafaq News/ The Secretary-General of "OPEC", Muhammad Barkindo, announced on Tuesday that global oil stocks have decreased by 160 million barrels within one year.

 

In a virtual appearance at the Nigeria International Petroleum Summit, Barkindo said that OPEC and its allies expect a further decrease in oil stocks in the coming months, indicating the success of the producers' efforts to support the market.

 

He explained that "oil stocks in the developed world fell by 6.9 million barrels in April, down by 160 million barrels from the same period a year ago," expecting that "we will see more reductions in the coming months."

 

The Organization of the Petroleum Exporting Countries (OPEC) and its allies - known as OPEC+ - decided in April to return 2.1 million barrels per day to the market from May to July. Producers stuck to that decision at a meeting last week, sending oil prices higher.

 

He pointed out that "the market continued to respond positively to the decisions we took, including the upward adjustments in production levels that began in May of this year," noting that "OPEC + complied with 114% of the production restrictions agreed upon in April." / April".

 

While noting that the vaccine launch and "massive fiscal stimulus" helped spur an optimistic outlook, he said global disparity in vaccine availability, rising inflation and the continuing outbreak of COVID-19 pose ongoing risks to oil demand.

 

He added during a later session at the conference that while OPEC did not deny climate change, the global economy still needed oil.

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Iraq's commitment to the OPEC + agreement during the month of May reached more than 88%

 

energy Economy News _ Baghdad A new survey conducted by the "S&P Global Platts" platform, Thursday, showed that Iraq's commitment to the OPEC + agreement reached more than 88% in May. The platform stated in a report seen by "Economy News", that "with the easing of restrictions imposed on production quotas, the OPEC + commitment to the agreement to reduce total production remained stable at the level of 111.45 percent, compared to 111.16% in April." He added that "the coalition's oil production witnessed an increase of 430,000 barrels per day during the past month, and the largest share of the increase was from Saudi Arabia, which accounted for 84% of the monthly increase." The survey revealed that Iraq's commitment improved by 88.64% in May, with 3.99 million barrels per day of oil pumped, an increase of only 20 thousand barrels over April, in which Iraq pumped 3.97 million barrels per day. The coalition had decided at its last meeting, which was held at the beginning of this month, to fix the gradual production policy that was decided last April, during the months of May, June, and July, provided that the adjustment does not exceed 500,000 barrels per day. S&P Global Platts, a provider of energy and commodity information and benchmarking source, and Argus Media, are recognized as the two most important price reporting agencies for the oil market.

Views 20   Date added 10/06/2021

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Oil price exceeds $73 a barrel for the first time in two years منذ

22:01 - 11/06/2021

 

Information/Baghdad.

Today, Friday, the price of Brent crude oil exceeded the level of $73 per barrel, for the first time in more than two years.

 

The price of the August futures contract for the North Sea oil mixture “Brent” on the “ICE” exchange in London rose by 0.79%, to reach the level of $73.09 per barrel.

 

This is the first time that the price of Brent crude has exceeded the level of $73 a barrel since May 20, 2019.

 

The July futures contracts for West Texas Intermediate (WTI) crude also recorded a rise of 1.1% to reach $71.06 a barrel, exceeding the $73 point for the first time since October 15, 2018.

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Iraqi "Oil" announces the possibility of producing 5 million barrels per day to deal with increased demand

archive photo

 June 13, 2021 07:00 PM

Mubasher: The Ministry of Oil confirmed Iraq's ability to deal with any increase in demand for oil in global markets, with the possibility of producing 5 million barrels per day.

A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA), today, Sunday: "Iraq is among the countries organizing the OPEC + agreement, which was formed from the oil-exporting countries of OPEC and producers from outside OPEC."

And he indicated that the organization always meets and reviews developments in the oil market, and in light of it, it deals with the requirements of the global market in a way that achieves the required balance so as not to affect the stability of the global oil market and achieve balance, and this is the goal of the producers.

The spokesman added, "The expectations from the International Energy Organization or others come as a result of developments in the process of addressing the Corona pandemic, which has promoted vaccination with vaccines on a large scale, creating positive conditions for transport movement, and gradually returning life to normal requires some time."

He pointed out that "Iraq is among the countries that will increase their quotas in the event of an increase in quotas, because there is an agreement that is not mandatory, but rather a moral agreement between the producing countries."

He stressed that this commitment achieved its goals to confront the complete stagnation in the global economy as a result of the Corona pandemic, and it was carried out with a collective agreement and solidarity between OPEC and producers from outside it, and this led to restoring balance and returning prices to a good position after the price of a barrel fell to 10 dollars.

 

And Jihad indicated that "proper handling through a gradual and realistic reduction in production and realistic dealing with the oil market led to good results, and therefore the organization or producers outside OPEC would remain watching the oil market and dealing with its developments and the balance between supply and demand."

The spokesman also stressed that "Iraq has available capacity of up to five million barrels, but due to production restrictions and the OPEC + agreement, it is currently producing up to four million barrels."

He explained that "any increases approved by OPEC or non-OPEC producers are made after meetings and study because decisions are made according to a study of the oil market and what research centers provide to OPEC and in the light of realistic studies, and from here come the right decisions that bring positive results."

He pointed out that "the oil market is exposed to shocks and crises and is affected by circumstances beyond its control," noting that "any current or future change will be in cooperation with the producers because the decision has become collective and takes into account the interest of all, and the evidence is that the oil market was saved from the crisis that swept the world."

And the spokesman indicated that "Iraq is working with other producing parties to stabilize the oil markets, and it has available energy and therefore deals with the changes that occur in the event of increased demand so as not to affect the oil market," noting that "the oil market is unstable in the long run, and Iraq is ready for any gradual changes." ".

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Including Iraq..OPEC reveals countries that increased their oil production in the past month

Economie| 09:55 - 06/16/2021

 

 

 

 

Follow-up - Mawazine News
, OPEC announced, on Wednesday, that 8 countries, including Iraq, increased their oil production last May, while the production of five member countries decreased.
In a report seen by Mawazine News, the organization said that "the production of oil by OPEC member countries rose by 390,000 barrels per day during the past month, to reach 25.463 million barrels per day, supported by increased supplies from Saudi Arabia, Venezuela, Iran and Iraq."
She pointed out that "the largest increases came from Saudi Arabia, as its oil production rose by 345 thousand barrels per day, to reach 8.466 million barrels per day, followed by Venezuela, which recorded an increase of 45 thousand barrels per day."
She added, "Iran came third, with an increase of 42 thousand barrels, and then Iraq came fourth, with an increase of 33 thousand barrels per day, to reach 3.967 million barrels per day, while Kuwait ranked fifth, with an increase of 32 thousand barrels per day, and the UAE was sixth with 28 thousand barrels per day, and Libya with 23 thousand barrels per day, and finally Algeria by 12 thousand barrels per day.
The organization indicated that "the largest decline came from Nigeria, where shipments decreased by 72,000 barrels per day, followed by Angola by 60,000 barrels per day, while Gabon, Congo and Equatorial Guinea witnessed a decrease in production by 19, 11, 7 thousand barrels per day over straight". Ended 29/A 4

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An American bank expects the price of a barrel of oil to rise to $100

 

•  

 2021-06-21 06:08

 

Shafaq News/ The American investment bank "Bank of America" expects that the price of a barrel of "Brent" blend will rise to the level of $100 by 2022.

Regarding the reasons that will lead to the growth of oil prices so quickly, the US bank referred to the delayed demand after the closure measures that were imposed due to the Corona crisis, and the increase in demand for fuel due to the increase in travel distances.

Bank of America analysts also raised their forecast for oil prices for 2021 from $60 to $68 a barrel, amid a recovery in demand driven by the vaccination process against the Corona virus, thanks to the recovery in demand for black gold and record production cuts by producers within the framework of the “OPEC” agreement. +".

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The Minister of Oil talks about the agreement and collective solidarity in OPEC: It contributed to the stability of the oil markets

Economie| 05:10 - 06/21/2021

 

 

 

 

Baghdad - Mawazine News
Oil Minister Ihsan Abdul-Jabbar Ismail confirmed, on Monday, that the collective agreement and solidarity within the Organization of Petroleum Exporting Countries (OPEC) contributed to the stability of oil markets.
During his visit to the ministry’s pavilion, which bore the name (OPEC in Baghdad) at the Baghdad International Book Fair, the minister praised the great and important role of producers in “OPEC” and its allies in the stability of global oil markets after the crisis that swept the economies of the world and caused its stagnation, due to the repercussions of the spread of Covid 19.
The minister said, "The positive change that occurred in global markets came thanks to the cooperation of all producers from members of the Organization of Petroleum Exporting Countries and outside it through the implementation of a programmed and deliberate agreement to reduce oil production according to the requirements and needs of the market, as well as trading, communication and joint coordination in order to develop successful solutions to challenges." facing the oil market.
He pointed to "the importance of the role of "OPEC", which emerged from Baghdad (60) years ago, in stabilizing global oil markets, and that the ministry is interested in celebrating this occasion in Baghdad and in the People's Hall, which hosted the first meeting of the organization in 1960."
And he indicated that "the organizing committee, in coordination with the "OPEC" organization, is preparing and organizing well cultural, artistic, heritage and folklore paragraphs that illustrate the importance of this occasion, which started from Baghdad, Dar es Salaam, while the media committee has promoted this celebration in the book fair by showing spots and documentaries about "OPEC". "Because of the importance of this cultural event, which is of great interest to the public and intellectuals."

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Oil prices fell upon settlement, pressured by expectations of an increase in “OPEC +” production

The price of "NYMEX" crude contracts for July delivery fell by 0.8 percent to the level of $73.06 a barrel

 June 22, 2021 10:02 PM

Mubasher - Mustafa Reda: Oil prices fell upon settling transactions, today, Tuesday, after sources revealed the possibility of approving an increase in crude production by “OPEC +” starting from next August.

The price of "NYMEX" crude contracts for July delivery fell by 0.8 percent, losing 60 cents, to record the level of $73.06 per barrel - on the expiration day -.

The price of "NYMEX" crude for August delivery also decreased by 0.4 percent, losing 27 cents, at the level of $72.85 a barrel.

By 6:35 pm GMT, the price of the “Brent” futures contract fell 0.1 percent to the level of $ 74.80 a barrel, after it had exceeded $ 75 a barrel for the first time since April 2019, during today’s trading.
 

Expectations to increase production

Two sources within the "OPEC +" group revealed to "Reuters", today, the possibility of increasing crude production starting from next August.

"OPEC + is discussing further easing of oil production cuts from August as oil prices rise and demand recovers, but no decision has been taken on the exact volume of production returned to the market," the two sources said.

It is likely that OPEC and Russia will reach common ground again on oil production policy, as Moscow insists on increasing production further to avoid higher prices, while major OPEC producers have not given any indications on the next step so far.

And “OPEC +” decided, last April, to increase production by about 2.1 million barrels per day to the market during the period from May to July 2021, as part of a plan to gradually ease the restrictions on record oil production last year.

The "OPEC +" group is scheduled to meet in early July to discuss its decision on the volume of production.

And the Iraqi Oil Ministry expected, last Sunday, that crude prices would rise to $80 a barrel.

 

Assem Jihad, a spokesman for the ministry, said: "We are optimistic about the rise in prices, but we are counting on their stability," expecting that "prices will exceed $70 and reach $80 a barrel."

US stocks and Iran

The performance of oil comes as investors await data from the US Energy Information Administration, tomorrow, with expectations of a decline in crude stocks in the United States by 3.6 million barrels.

Last Wednesday, the US Energy Information Administration announced that oil inventories in the United States fell during the past week - ending on June 11 - by 7.4 million barrels.

It is noteworthy that oil prices rose, yesterday, Monday, supported by the suspension of talks to end US sanctions on Iranian crude temporarily.

And oil achieved, last Friday, weekly gains for the fourth time in a row , although the extent of its rise was limited by some of the dollar's rise against major currencies in global markets.

[yota691]

 

OPEC+ plans a new increase in oil production

 

•  

 2021-06-30 08:00

 

 

Shafaq News/ Media specialized in economic affairs reported on Tuesday that the member states of the Organization of the Petroleum Exporting Countries and their allies, through the "OPEC +" agreement led by Saudi Arabia and Russia, will hold a meeting late this week to decide on a new increase in production.

 

The timing of the meeting comes to support the economic recovery and stop the rise in prices, especially since if the improvement in demand is the motive behind the recent increases, the current price level will guide the decision of the Producers Club, which a strategy launched in April 2020 in response to the Covid-19 epidemic, achieved almost very good performance .

 

The thirteen member states of OPEC and its ten allies, through the OPEC + agreement, decided at the time to reduce production quotas in order to correct prices that had deteriorated due to the absence of demand.

 

Thanks to the policy of withdrawing millions of barrels from the market, it has succeeded since July in stopping the deterioration of prices and is currently cautiously reopening production, through monthly quotas.

 

And it achieved relative success in this because the price of a barrel of Brent and a barrel of West Texas Intermediate, the two reference contracts on both sides of the Atlantic, reaches $ 75, a price that has not been recorded since October 2018.

 

This situation has begun to constitute an obstacle because Russia is expected to push again in the direction of increasing production "to ensure its market share."

 

The rise in prices is certainly favorable for the treasury of the OPEC + member states, but it also leads to more competition, as it encourages other parties that are not subject to the quota system, to enter the market thanks to production that suddenly became profitable.

 

And OPEC + members have a large margin of maneuvering to increase supply, because they will still cut 5.8 million barrels per day in July.

 

Investors are now betting on a slight increase of 500,000 barrels per day as of August. But OPEC+ is used to making surprises.

 

The outlook is getting better month by month. The International Energy Agency confirmed this in its last report in mid-June, expecting global demand for oil to exceed pre-pandemic levels by the end of 2022.

 

The spread of a highly contagious delta mutant, which leads to restrictions affecting demand, as happened in Australia, Thailand or South Africa, and introduces the situation into a state of uncertainty, also enters into the discussion.

[yota691]

Sources: “OPEC +” may add about two million barrels of oil per day to the market until the end of the year

2021.07.01 - 14:40

 

  

Baghdad - people   

Reuters reported, quoting a source in "OPEC +", that the group is moving towards adding about two million barrels per day of oil to the market in the period from August to next December.  

 

  

The source added that the monthly increases may amount to at least 0.5 million barrels per day.  

The first source and another source in “OPEC +” said that Saudi Arabia and Russia, the largest producers in the “OPEC +” alliance, had initially reached an agreement to increase oil production from August.  

Oil prices extended their gains thanks to the news, while benchmark Brent crude is trading at $76 a barrel, near the highest level in two and a half years.  

Sources said earlier that "OPEC +" ministers will meet later today to decide on production policy from August and may also consider extending the group's comprehensive agreement to restrict supplies beyond April 2022.  

To face the severe damage to oil demand due to the Covid-19 crisis, “OPEC +” agreed last year to reduce production by nearly ten million barrels per day as of May 2020, provided that these restrictions end at the end of April 2022. The reduction is currently about 5.8 million. barrels per day.  

Earlier, a confidential report seen by "Reuters" stated that a committee of "OPEC +" warned of "great uncertainty" and the risk of a possible disruption to the global oil market after April 2022.