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

[yota691]

 

Iraq is at the top of three countries whose oil production decreased in June

 

 

 2021-07-18 06:34

 

Shafaq News/ OPEC, which consists of 13 countries, announced that three countries, including Iraq, decreased their oil production last June.

 

The organization said in a report seen by Shafak News Agency, "The production of oil by OPEC member countries rose by 586,000 barrels per day during the past month, to reach 26.034 million barrels per day, supported by increased supplies from Saudi Arabia, Iran, Angola and the UAE.

 

She added that "the largest increases came from Saudi Arabia, as its oil production rose by 425,000 barrels per day, to reach 8.906 million barrels per day, followed by the UAE, which recorded an increase of 40 thousand barrels per day."

 

And she added, "Angola came third with an increase of 36,000 barrels, then Iran came fourth with an increase of 33,000 barrels per day to reach 2,470 million barrels per day, Kuwait came fifth with an increase of 25,000 barrels per day, Venezuela ranked sixth with 19 thousand barrels per day, and Algeria with 17 thousand barrels per day, Libya by 7 thousand barrels, the Congo by 6 thousand barrels, and Guinea by two thousand barrels.”

 

The report indicated that "the largest drop came from Iraq, where shipments decreased by 10 thousand barrels per day, followed by Nigeria, with a decrease of 8 thousand barrels per day, and Gabon witnessed a decrease in its oil exports by 7 thousand barrels per day."

 

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

[yota691]

“OPEC +” extends the agreement to reduce oil production until the end of 2022

Raising the production baseline for the UAE, Saudi Arabia, Russia, Kuwait and Iraq from May 2022

18.07.2021

 

 

 

Istanbul

Tariq Khaled / Anatolia

The “OPEC +” alliance, which includes major global oil producers from the “OPEC” and non-OPEC countries, agreed on Sunday to extend the production cut agreement until the end of 2022.

This came, according to a statement issued by the Organization of the Petroleum Exporting Countries (OPEC), on Sunday, after a meeting of the “OPEC +” alliance, which was held via closed-circuit television.

The agreement, which began in early May 2020, was scheduled to actually expire in April 2022, before announcing its extension today.

The UAE recently objected to extending the agreement beyond April, unless the baseline for its production was raised.

According to today's statement, the coalition agreed to raise the baseline for the production of a number of major producers, led by the UAE, from 3.17 to 3.5 million barrels per day as of May 2022, at a rate of 330,000 barrels per day from the levels committed until the end of April 2022.

The baseline for Saudi Arabia and Russia was also raised by 500,000 barrels per day each, from 11 to 11.5 million barrels per day, as well as for Kuwait and Iraq by 150 thousand barrels per day, to 2.96 million barrels per day and 4.8 million barrels per day, respectively.

The alliance agreed to adjust the total production by an increase of 0.4 million barrels per day on a monthly basis, starting in August 2021, to stabilize the production reduction at 5.4 million barrels per day next month, from 8.5 million barrels currently.

Market developments and the performance of the participating countries will be evaluated in December 2021, according to the statement.

The "OPEC +" alliance hopes to end the cut completely by September 2022.

Today's meeting decided to hold the 20th ministerial meeting of OPEC and non-OPEC members on September 1.

The statement added: "Today's meeting noted clear signs of improved demand for oil, and a decline in OECD stocks, as the economic recovery continued in most parts of the world with the help of accelerated vaccination programs."

And the “OPEC +” alliance began in May 2020, a historic production cut by 9.7 million barrels per day to restore stability to the market, which was badly affected by the outbreak of the Corona virus last year, and the reduction was later eased to 5.8 million barrels currently.

[yota691]

OPEC Plus decides to increase Iraq's production by 150,000 barrels per day

 

Oil Minister Ihsan Abdul-Jabbar during the OPEC+ meeting

energy Economy News - Baghdad Today, Sunday, OPEC Plus decided to increase the production of Iraq and Kuwait by 150,000 barrels per day. "OPEC + members reached an agreement after the meeting was disrupted several times recently, and the group agreed to increase the UAE's share to 3.5 million barrels per day, and raise the production of Iraq and Kuwait by 150 thousand barrels per day," Reuters news agency said, in news seen by "Economy News." . The meeting of the Energy Ministers of the OPEC + countries started after one in the afternoon, according to Saudi time, and the meeting will be held via video technology, headed by the Saudi Energy Minister, Prince Abdulaziz bin Salman, and the Russian Deputy Prime Minister, Alexander Novak.

Views 146   Date Added 07/18/2021

[gregp]

47 minutes ago, yota691 said:

OPEC Plus decides to increase Iraq's production by 150,000 barrels per day

 

Oil Minister Ihsan Abdul-Jabbar during the OPEC+ meeting

energy Economy News - Baghdad Today, Sunday, OPEC Plus decided to increase the production of Iraq and Kuwait by 150,000 barrels per day. "OPEC + members reached an agreement after the meeting was disrupted several times recently, and the group agreed to increase the UAE's share to 3.5 million barrels per day, and raise the production of Iraq and Kuwait by 150 thousand barrels per day," Reuters news agency said, in news seen by "Economy News." . The meeting of the Energy Ministers of the OPEC + countries started after one in the afternoon, according to Saudi time, and the meeting will be held via video technology, headed by the Saudi Energy Minister, Prince Abdulaziz bin Salman, and the Russian Deputy Prime Minister, Alexander Novak.

Views 146   Date Added 07/18/2021

Now this is how you help pay for an RV. 

[yota691]

 

OPEC decides to increase oil production by 400,000 barrels per day next month

 

 2021-07-18 11:57

 

 

Shafaq News/ The Iraqi Oil Ministry announced, on Sunday, that the commitment of the oil countries to the OPEC agreement amounted to 113%, noting that the (OPEC +) members agreed to increase production by 400,000 barrels per day starting next month.

 

Oil Minister Ihsan Abdul-Jabbar said, after the conclusion of the nineteenth ministerial meeting of OPEC and its allied countries, which was held via a televised circuit, according to a statement received by Shafak News Agency, that the commitment of oil-producing countries, including Mexico, during last June, indicates "everyone's keenness to exceed challenges facing the oil market successfully.

 

He pointed out that the meeting emphasized the strengthening of collective cooperation, praising the countries' compliance with the agreement, and the positive development in increasing demand for crude, as well as the decline in stocks and the oil surplus, and this is a positive and influential indicator.

 

Abdul-Jabbar pointed to the importance of the health measures taken by the countries of the world, and the high rate of vaccination programs, as this contributed to the economic recovery and the gradual return of social activity, noting that the meeting reaffirmed the framework of the cooperation declaration signed on December 10, 2016 and approved it in subsequent meetings. , including the site on April 12, 2020, where it was decided to extend the decision of the tenth OPEC and independent ministerial meeting (April-April 2020) until December 31, 2022.

 

For his part, the Director General of the Somo Oil Marketing Company, Alaa Al-Yasiri, said that it was decided during the meeting to adjust the total production by adding a gradual increase by 400,000 barrels per day, starting from August 2021.

 

He indicated that market developments and the performance of the producing countries will be evaluated in December 2021 in order to take the appropriate action by the producing countries, with an emphasis on continuing to adhere to the mechanism of holding monthly ministerial meetings for OPEC and its allies from outside it throughout the period of announcing an agreement and declaring cooperation to assess the conditions The market will decide on production level adjustments for the following month, with a view to ending production adjustments by the end of September 2022.

 

And he indicated that, starting from May 1, 2022, a new reference production will be adopted for some (OPEC +) countries, including Iraq, while reiterating the importance of full commitment and benefiting from extending the compensation period until the end of September 2021, taking into account compensation according to the statement of the ministerial meeting. The fifteenth of the Organization (OPEC +).

 

Al-Yasiri pointed out that during the meeting, it was decided to hold the twentieth ministerial meeting of OPEC and non-OPEC members at the OPEC headquarters on September 1, 2021.

[yota691]

 

Oil prices fell by more than 2% after the decisions of OPEC +

 

 2021-07-19 06:24

 

Shafaq News/ Oil prices fell today, Monday, after the OPEC + alliance agreed to increase crude production by 400,000 barrels per day, starting from next August.

 

On Sunday, the alliance decided to increase oil supplies to calm prices, which rose to the highest level in two and a half years, with the global economy recovering from the Corona virus pandemic.

 

By 09:00 AM GMT, oil prices had lost more than 2% of their value.

 

The price of future contracts for the benchmark Brent crude - September delivery decreased by 2.53% to reach $71.73 per barrel.

 

The price of US West Texas Intermediate crude futures - August delivery - fell by 2.77%, to reach $69.58 a barrel.

 

The OPEC + alliance, which includes OPEC countries and allies such as Russia, agreed to change the base month for a number of countries starting from May 2022, without affecting the amount of 400,000 barrels per day that will enter the market.

During the meeting, it was decided to raise the baseline for OPEC + production from 43.8 to 45.5 million barrels per day, starting from May 2022.

[yota691]

After the conclusion of the OPEC meeting .. SOMO: a gradual increase by adding "400" thousand barrels per day

•  Time: 07/18/2021 18:02:31
•  
•  Reading: 533 times

  

{Economic: Al-Furat News} Oil Minister, Ihsan Abdul-Jabbar, announced, on Sunday, everyone's keenness to successfully overcome the challenges facing the oil market, in which SOMO revealed a gradual increase by adding 400 thousand barrels per day.

 

The ministry stated in a statement that {Euphrates News} received a copy of it that "this came after the conclusion of the nineteenth ministerial meeting of OPEC and its allied countries, which was held via the television circuit, today, Sunday, July 18, 2021."
During the meeting, the Minister of Oil praised the cooperation and commitment of the oil-producing countries from members of the Organization of Petroleum Exporting Countries and its allies from outside, as the commitment rate reached 113% last June, "including Mexico," stressing "everyone's keenness to successfully overcome the challenges facing the oil market.
" "The meeting emphasized the strengthening of collective cooperation, praising the countries' compliance with the agreement, and the positive development in increasing demand for crude, as well as the decline in stocks and the oil surplus, and this is a positive and influential indicator," he pointed out. 
The Minister of Oil added that “the meeting reaffirmed the framework of the cooperation declaration signed on December 10, 2016 and approved it in subsequent meetings, including the site on April 12, 2020.
Where it decided to extend the decision of the tenth ministerial meeting of OPEC and independent producers ( April-April 2020) until December 31, 2022.
For his part, Director General of the Oil Marketing Company SOMO Alaa Al-Yasiri said that “the meeting decided to amend the total production by adding a gradual increase by” 400” thousand barrels per day per month, starting from August 2021,
and that market developments and the performance of the producing countries will be evaluated in the month of December - December 2021 To take the appropriate action by the producing countries, with an emphasis on continuing to adhere to the mechanism of holding monthly ministerial meetings of OPEC and its allies from outside it throughout the period of announcing the cooperation declaration agreement to assess market conditions.
Al-Yasiri indicated that “a decision will be taken regarding adjustments to the production level for the following month, while seeking to end production adjustments by the end of September-September 2022. As of May 1, 2022, a new reference production will be adopted for some OPEC + countries, including Iraq.
 Reaffirming the importance of full commitment and benefiting from Extending the compensation period until the end of September 2021, taking into account compensation, according to the statement of the fifteenth ministerial meeting of OPEC +.
The meeting decided to hold the twentieth ministerial meeting of OPEC and non-members at the headquarters of OPEC on the first of September - September 2021.

Wafaa Al-Fatlawy

[yota691]

 

Iraq among the top 5 oil producers in 2020

 

 2021-07-21 08:57

 

Shafaq News/ Iraq is one of the founding members of the Organization of Petroleum Exporting Countries, and its oil production is more than four million barrels per day.

 

According to the report of the US Energy Information Administration, and seen by Shafak News Agency, about 100 countries produce crude oil, however, in 2020, five countries accounted for about 50% of the total crude oil production in the world.

 

The report added that "the five largest crude oil producers and their percentage of global crude oil production in 2020 were as follows: USA 15%, Russia 13%, Saudi Arabia 12%, Iraq 6%, Canada 5%."

 

He pointed out that "Iraq's oil production increased from 1.310 million barrels per day in 2003 to 4.100 million barrels per day in 2021, while the production of the United States increased from 5.650 million barrels per day in 2003 to 11.310 million barrels per day in 2021, while Saudi production increased From 8.770 million barrels to 9.620 million barrels per day in 2021.”

 

He added, "Russia's production rose from 8.130 million barrels per day to 9.870 million barrels per day in 2021, while Canada's production rose from 2,320 million barrels per day to 4.200 million barrels per day in 2021."

[yota691]

An international company.. Iraq's oil exports rose 0.9% last month

Economie| 09:51 - 02/08/2021

 

 

 

 

Baghdad - Mawazine News
, the energy company Standard & Poor's Global Platts announced, on Monday, that Iraq's oil exports increased by 0.9% last July.
The company said in a report seen by / Mawazine News / that Iraq's oil exports rose by 0.9% in July compared to the previous month, as the second largest producer in OPEC enjoyed a higher quota level.
It added that Iraqi oil exports rose to an average of 2.918 million barrels per day in July, up from an average of 2.892 million barrels per day in June.
Iraq's share of OPEC+ rose to 4.016 million b/d in July from 3.954 million b/d in June as the coalition continued to ease production cuts.
Iraq's quota will rise in August to 4.061 million barrels per day as the OPEC + alliance begins to reduce production by 400,000 barrels per day per month until December, adding a total of 2 million barrels per day by the end of this year.
It noted that Iraqi oil exports from the northern and central fields rose by 1% to 2.821 million barrels per day in July compared to June, while the volumes of Kirkuk crude exported from the Turkish port of Ceyhan declined by 5.2% to 97,175 barrels per day.
There were no exports of Qayyarah heavy crude or oil by truck to Jordan in July.
Iraq achieved $6.513 billion by selling its oil at an average price of $72 a barrel, compared to $6.143 billion at $70,801 a barrel in June.
Iraq struggled at the beginning of 2021 and through most of 2020 to stick to its share amid the COVID-19 pandemic, the collapse in oil prices and the financial crisis gripping the country.
OPEC and its allies have gradually raised production quotas this year in anticipation of a rise in global demand for oil as the world continues to emerge from the epidemic.
While OPEC + struck an agreement on July 18 to raise its crude oil production between August and December, with five members allocating more generous production quotas from May 2022, resolving a dispute with the United Arab Emirates that had threatened to destabilize the oil market and the organization itself.
Iraq was one of the five countries that negotiated a higher baseline for its quota, which will rise from 4.653 million barrels per day through April 2022 to 4.803 million barrels per day from May 2022 onwards.
The deal also extends the OPEC+ Supply Management Agreement until the end of 2022, from its previous expiration date in April 2022. Ended 29/77

[yota691]

Oil is preparing to incur the largest weekly loss this year

 

 

 

AM:11:16:06/08/2021

712 views

 

 

On Friday, oil prices extended gains, but remained on track for their biggest weekly decline since March, as travel restrictions to limit the spread of the "delta" version raised concerns about fuel demand.

Brent crude futures rose 47 cents to $71.76 a barrel at 0640 GMT, while US West Texas Intermediate crude futures rose 45 cents to $69.54 a barrel, but both contracts fell 6% this week, the largest number since March.

Japan is preparing to expand emergency restrictions to more prefectures, while China, the world's second-largest oil consumer, has imposed restrictions in some cities and canceled flights, threatening fuel demand. 

However, fears of escalating tensions between Israel and Iran limited the price drop.  

[yota691]

 

Iraq raises its production according to OPEC quotas to 104%

 2021-08-09 08:45

 

Shafaq News/ Iraq raised its commitment to OPEC + quotas to 104%, according to the latest survey by Standard & Poor's Global Platts.

The company said in a report seen by Shafak News Agency; "OPEC and its allies added 750,000 barrels per day of crude oil production in July, which is slightly less than they had planned, as only eight of the 22 producers in the alliance boosted production last month despite the diluted quotas."

The company explained; That "the 19 countries that have quotas under the OPEC + agreement produced 35.99 million barrels per day in July, despite a collective ceiling of 36.34 million barrels per day."

It added that the 13 OPEC members pumped 26.83 million barrels per day in July, an increase of 640,000 barrels per day from June, with Saudi Arabia accounting for 80% of the increase, while the nine non-OPEC partners, led by Russia, produced 13.38 million barrels. per day, an increase of 110,000 barrels per day from June.

It indicated that Russia, the largest producer of the OPEC + group, pumped 9.64 million barrels per day in July, above its quota of 9.50 million barrels per day, and its compliance rate fell in July to 90% from 97% in the previous month.

And she added, "Iraq boosted its production by 50 thousand barrels per day, with an average of 3.99 million barrels per day in July, which is slightly less than its quota of 4.02 million barrels per day," noting that Iraq has increased its commitment to OPEC + quotas, which became questionable in Recent years to 104%, the highest rate since January.

The group's commitment to July quotas fell to 106%, the lowest compliance rate since January, due to the fact that Saudi Arabia, the largest of the Organization of Petroleum Exporting Countries (OPEC), got rid of almost all of its voluntary cuts, producing 9.48 million barrels per day, close to its July quota of 9.50 million barrels per day, the highest level since April 2020.

After heated meetings in July, the coalition finally agreed to increase production by 400,000 barrels per day each month starting in August, while also giving five countries — Saudi Arabia, Russia, the United Arab Emirates, Iraq and Kuwait — higher production targets starting in May 2022.

[ronscarpa]

47 minutes ago, yota691 said:

Iraq raises its production according to OPEC quotas to 104%

 

Thanks yota691 ... progress ... Go Iraq...! Ron 

[yota691]

The Minister of Oil reveals a plan to increase production to 8 million barrels per day

 2021/08/10

 

 520

 

 

Baghdad / Al-Mawrid News

, Oil Minister Ihsan Abdul-Jabbar confirmed, today, Tuesday, that Iraq plans to increase its oil production to eight million barrels per day.
Abdul-Jabbar said in a statement to the official agency, "The Ministry of Oil plans to increase oil production to eight million barrels per day at the end of the year 2027."
For his part, the ministry’s spokesman, Assem Jihad, indicated that “the producing countries, and due to the challenges facing the oil market, reconsidered their plans and accounts,” noting that “the increases have become calculated according to the variables and developments of the oil market, and it is not possible to predict what the oil market will be.”
The OPEC + countries had agreed, earlier, to increase the UAE’s share to 3.5 million barrels per day, as well as the production share of Iraq and Kuwait by 150 thousand barrels per day.
She added, "OPEC + also agreed to further ease production cuts from August, and also agreed to use the new production quotas from May 2022."

[yota691]

Iraq raises its production according to OPEC quotas to 0.7% for the month of July

•  Time: 08/11/2021 10:11:44
•  
•  Reading: 377 times

  

{Economic: Al Furat News} Iraq raised its commitment to OPEC + quotas to 0.7%, according to the latest survey by Standard & Poor's Global Platts.

The company said in a report, that Iraq's oil production, including flows from the Kurdistan Region, increased to 0.6% on a monthly basis in July.

And she added, "Iraq, the second largest producer in OPEC, produced 3.886 million barrels per day on average in July, compared to 3.862 million barrels per day in June, with an increase of 0.6%."

Iraq's share of OPEC + rose to 4.016 million barrels per day in July from 3.954 million barrels per day in June, as OPEC + continued to raise the production ceiling.

She added that "the total Iraqi exports for the month of July increased by 0.7% to 3.344 million barrels per day, while the Kurdish flows decreased by 0.4% to 425,800 barrels per day."

And she indicated that "domestic use, which includes burning crude oil and operating refineries, decreased by 17.5% to 501 thousand barrels per day."

Iraq is one of the five countries that negotiated a higher baseline for its quota, which will rise from 4.653 million barrels per day until April 2022 to 4.803 million barrels per day as of May 2022.

Forgiveness of Lights

[yota691]

 

OPEC: The average price of its basket was $73.53 in July

 

 2021-08-12 09:04

 

Shafaq News/ OPEC announced on Thursday that its average basket amounted to 73.53 in July, indicating that the global demand for oil is expected to increase by 3.3 million barrels per day on an annual basis.

The organization said in a report seen by Shafak News Agency; The “spot prices of crude oil rose in July, monthly, as a result of physical market fundamentals and the decline in oil inventories,” noting that “the average OPEC reference basket amounted to $73.53 a barrel in July, which represents an increase of $1.64, or 2.3%, per month, which is higher level since October 2018.

Brent crude rose 88 cents, or 1.2%, per month, to an average of $74.29 per barrel in July, while West New York crude rose by $1.08, or 1.5%, averaging $72.43/barrel.

And she noted, "The forecast for global economic growth for both 2021 and 2022 has been revised by 0.1 percentage point, and therefore growth will be in 2021 by 5.6%, while growth in 2022 is expected to be about 4.2%," noting that however, the Global outlook Growth continues to be affected by uncertainties, including the spread of COVID-19 variables and the pace of vaccine rollout around the world. In addition, sovereign debt levels in many regions, along with inflation."

And she pointed out that "the demand for oil is still estimated to increase by about 6 million barrels per day, with an average of 96.6 million barrels per day, and it is still expected that the global demand for oil will increase by 3.3 million barrels per day on an annual basis."

[yota691]

“OPEC”: Saudi Arabia raises crude production in July for the fourth month by 497 thousand barrels per day

Oil drums bearing the Saudi flag logo

 August 12, 2021 02:21 PM

Mubasher - Mr. Jamal: The Kingdom of Saudi Arabia continued to increase its crude oil production during July 2021 on a monthly basis for the fourth consecutive month.

 

The monthly report of the Organization of Petroleum Exporting Countries "OPEC", issued today, Thursday, showed an increase in the total production of Saudi crude oil by 497 thousand barrels per day during the month of July, compared to the previous month; To account for more than 78% of the resulting increase in the total production of OPEC during the month, which amounted to 637,000 barrels per day.

The Kingdom’s total crude production rose to 9.403 million barrels per day during July 2021, compared to 8.906 million barrels per day in June, and compared to 8.481 million barrels per day in May, and 8.122 million barrels per day in April. April.

On the level of "OPEC" production during the month of July 2021, it recorded an increase of 637,000 barrels per day; It reached 26.657 million barrels per day, compared to 26.020 million barrels per day last June, and 25.454 million barrels per day in May of 2021.

The increase in the production of "OPEC" of crude came during the month of July 2021; With 9 members increasing their production, led by Saudi Arabia, followed by Iraq by 56 thousand barrels per day, recording production of 3.978 million barrels per day, followed by Nigeria, with an increase of 45 thousand barrels per day, recording production of 1.437 million barrels per day.

The UAE and Kuwait came in third place with an increase in their production last July by 42 thousand barrels per day each; Their production reached 2.723 million barrels per day and 2.426 million barrels per day, respectively.

On the other hand, 4 countries reduced their production, most notably Angola by 38,000 barrels, bringing its daily production to 1.078 million barrels per day, and Venezuela by 26 thousand barrels, reducing its production to 512,000 barrels per day.

Saudi production of crude rose; According to "OPEC" data, which is based on direct contact with oil-exporting countries, by 547,000 barrels per day during July 2021 on a monthly basis.

The Kingdom informed OPEC that its production last July amounted to 9.474 million barrels per day, compared to 8.928 million barrels per day in June, and compared to 8.544 million barrels per day in May.

[yota691]

Oil prices are falling as “OPEC +” hints not to increase production

“NYMEX” is below $ 68, and “Brent” crude loses about 1.1 percent

 August 16, 2021 8:10 PM

 
Mubasher - Mustafa Reda: Oil prices fell in global markets, during Monday's trading, with the "OPEC +" group hinting that it did not intend to increase supplies from the last announced plan to control crude prices.

 

The price of “NYMEX” crude contracts for September delivery fell below $68 a barrel, at the level of $67.63 a barrel, losing 81 cents, or 1.2 percent, by 4:43 pm GMT.

During the same time, the price of Brent crude futures fell by 1.1 percent, losing 74 cents, to record the level of $69.85 a barrel.

Sources in the "OPEC +" group stated that the markets do not need more crude supplies, despite US calls to stop the rise in oil prices.

Four sources told "Reuters", today, that the "OPEC" and its allies from abroad - OPEC + - believe that the markets do not need further reduction of production cuts during the coming period, despite the United States' call to increase supplies to stop the rise in prices.

One of the sources told the agency: "I don't think there is a need for additional oil beyond what is already planned."

Last week, the White House - under the administration of President Joe Biden - called on "OPEC +" to increase oil production to counteract the rise in gasoline prices, which it sees as threatening the recovery of the global economy.

A recent report by Reuters, on July 30, showed that the production of OPEC countries rose in July by 610,000 barrels per day, compared to the levels of the previous June, to reach the highest level from April 2020.

The survey indicated that the rate of compliance with the production cuts for the “OPEC +” group  during the month of July fell to the level of 115 percent.

And “OPEC +” had agreed last July - after difficult negotiations - to increase production by 400,000 barrels per day per month, starting in August, until its current oil production cuts of 5.8 million barrels per day are gradually phased out.

[yota691]

For the first time in a week, oil prices drop

•  Time: 08/26/2021 11:48:54
•  
•  Reading: 468 times

  

{Economic: Al Furat News} Oil prices fell today for the first session this week, at a time when renewed concerns about demand in light of the high infections in Corona ended a three-session rally.

Brent crude fell 0.4 percent to $71.96 a barrel, after rising 1.7 percent yesterday.

Meanwhile, US crude fell 0.6 percent to $67.92 a barrel, after rising 1.2 percent in the previous session.

Prices came under pressure with the return of oil production in Mexico, where a fire broke out last Sunday on an offshore drilling platform that killed five and halted production of just over 400,000 barrels per day.

The outbreak of new coronavirus infections driven by the delta strain is raising concerns about the strength of the global economic recovery.

Forgiveness of Lights 

[yota691]

Kuwait: A possible decision to cancel the increase in oil production by OPEC

2021.08.29 - 12:02

 

 

  

Baghdad - people   

Kuwaiti Oil Minister, Muhammad Al-Faris, revealed a new move on oil production that the “OPEC +” meeting may witness on the first of next September.  

  

 

  

Muhammad Al-Faris told Reuters that, "During the next OPEC + meeting on September 1, the increase of 400,000 barrels per day, which was approved by the group at its previous meeting, may be reconsidered."  

He explained, "We still see that there is concern about the impact of the Corona virus on the oil industry and the economies of East Asian countries and China...we must be careful."  

[yota691]

“OPEC +” raises its forecast for oil demand growth in 2022

 

The headquarters of the Organization of the Petroleum Exporting Countries in Vienna, Austria

Arabic and international Economy News - Baghdad The "OPEC +" alliance of oil producers revised up its forecast for crude demand in 2022 ahead of a meeting to be held today, Wednesday, at a time when the alliance faces pressure from the United States to increase production at a faster pace to contribute to supporting the global economy. Two sources in "OPEC +" said that coalition experts revised their forecasts for oil demand growth in 2022 to 4.2 million barrels per day, up from a previous forecast of 3.28 million barrels per day. Reuters quoted 4 sources in "OPEC +" as saying that the coalition's focus remains on increasing oil production per month by 400,000 barrels per day, despite an upward revision of demand expectations. Oil prices recovered today, Wednesday, after a sector report showed that US crude inventories fell more than expected last week, raising prices after losses last night as a result of the repercussions of Hurricane Ida on American refineries. The rise in crude prices comes, before the OPEC + meeting scheduled at 1500 GMT; The group, which includes members of the Organization of Petroleum Exporting Countries (OPEC), Russia and allies, is likely to adhere to a plan to add 400,000 barrels per day to the market every month until December. Avtar Sandu of Phillips Futures said that the American Petroleum Institute report issued yesterday, which showed a more-than-expected decline in US crude inventories, supports prices. Two market sources, citing figures from the American Petroleum Institute on Tuesday, revealed that crude stocks fell by four million barrels over the week ending on August 27. Ahead of the US Energy Information Administration's weekly report due at 14:30 GMT, analysts in a Reuters poll expected inventories to fall by 3.1 million barrels, but pressure on US crude prices is expected to continue with the gradual recovery of oil and gas production in the Gulf of Mexico, Analysts said that the refineries' return to normal operation will take longer.

Views 41   Date Added 09/01/2021

[yota691]

Iraq increases oil exports by 400,000 barrels per day in agreement with "OPEC"

energy

Baghdad

Aktham Seif El Din

02 September 2021

 

 

 

The pumping of the increase will start from the beginning of next October (AFP)

 

Iraqi Oil Minister  Ihsan Abdul-Jabbar announced an agreement with the Organization of Petroleum Exporting Countries (OPEC) to gradually increase his country's oil production by 400,000 barrels per day, expressing his hope for the stability of the oil market during the coming period.

Iraq has been trying to increase its oil exports for several months, trying through this to overcome the country's chronic financial crisis, which resulted from rampant corruption, as well as the consequences of the Corona pandemic, which was accompanied by the drop in global oil prices.

 

And last August, Iraqi oil exports amounted to 94.66 million barrels, according to preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), with revenues of $6.53 billion.

The minister said, in a statement carried by local Iraqi media yesterday, Wednesday, that "it was agreed with OPEC to gradually increase Iraq's oil exports, and that pumping the increase, estimated at 400,000 barrels per day, will start from the first of next October."

He stressed, "Iraq's support for all agreements that lead to the stability of the oil market," noting that "the agreements to reduce production and pump deliberate, gradual increases to the oil market have led to containing the chaos caused by the repercussions of the spread of Covid-19 during the previous period."

 

He stressed that "the oil market will remain subject to the monitoring of the research and concerned authorities in OPEC and member states in order to deal in real time with changes in supply and demand," expressing his hope "for the stability of the oil market during the coming period, and to work on that by everyone."

Iraq is working to develop its oil fields in order to increase production, as part of the government's plan to increase financial revenues from oil exports.

Lukoil recently announced its endeavor to increase oil production in the "West Qurna 2" field, southern Iraq, to 480,000 barrels per day in 2022. 400 thousand barrels per day to 450 thousand.”

He added, "We will also start producing 30,000 barrels per day from experimental wells to form Al-Yamamah, to reach 480,000 barrels per day," noting that "we are still planning to reach the peak production that was previously scheduled to be reached by 2025, which is 800,000 barrels per day." barrels per day by 2030, but it may be too early to talk about that.”

 

Oil is the main resource for Iraq, which is suffering from a stifling financial crisis due to the drop in global oil prices, in light of rampant corruption and conflicting party interests that negatively affected the performance of the country's economy as a whole.

Iraq exports crude oil from its southern fields through the ports of the Persian Gulf in the south, and from northern fields through the Turkish port of Ceyhan.

[yota691]

 

OPEC: 44 thousand barrels, the planned increase for Iraq in its oil production

 

 2021-09-04 02:42

 

Shafaq News/ OPEC announced that the share of Iraq's oil production was set at 44,000 during the month of October, after OPEC + agreed to increase 400 thousand barrels per day during the next month.

The organization stated in its schedule, seen by Shafak News Agency, that "the production quota for Iraq for the month of October was set at 4.149 million barrels per day, an increase of 44,000 barrels per day compared to September and an increase of 88 thousand barrels per day compared to last August."

And she added, "The production of both Saudi Arabia and Russia was set at just over 9.8 million barrels per day, during the month of October, an increase of about 100,000 barrels per day from the current month of September, and the UAE's production share increased by 30 thousand barrels per day, to record 2.825 million." barrels per day for the next month.

She pointed out that "the share of OPEC from the planned increase of 400,000 barrels per day in October will reach 254 thousand barrels, while the share of countries allied with OPEC will reach 146,000 barrels per day."

And OPEC + agreed during its meeting last week to increase its oil production by 400 thousand barrels per day.

[ronscarpa]

3 hours ago, yota691 said:

OPEC: 44 thousand barrels, the planned increase for Iraq in its oil production

 

Thanks yota691 ... BOOM...in oil output..! RON 

[yota691]

Suggestions that “OPEC” will reduce its “optimistic” forecast for demand

The scarcity of US supplies pushes Brent crude towards $ 73 a barrel

Saturday - 3 Safar 1443 AH - 11 September 2021 AD, Issue No. [15628]

 

 

Sources expect OPEC to reduce its forecast for oil demand growth in 2022 (Reuters)

London: «Middle East»

Two sources from “OPEC Plus” told “Reuters” that “OPEC” is likely to adjust down its forecast for oil demand growth in 2022 on Monday, as the spread of the “delta” strain of “Covid-19” casts doubt on the speed of recovery in oil consumption. fuel.
On September 1, separate sources said that the Organization of the Petroleum Exporting Countries and its allies, an alliance known as "OPEC Plus", had increased their forecasts for crude demand growth in 2022 to 4.2 million barrels per day, up from 3.28 million barrels per day.
The two sources in “OPEC Plus” indicated that this number was seen by some in the organization as optimistic, which might suggest the downward revision. OPEC is due to announce its latest supply and demand forecast in a report on Monday. "(OPEC) may adjust the number again in next month's report," one of the sources said, asking not to be named.

 

Governments, companies and dealers are closely watching the speed of the recovery in oil demand after its collapse in 2020, and the slow recovery can pressure prices and support the view that the pandemic may affect consumption patterns for a longer period or permanently. And "OPEC" currently has the highest expectations for demand growth among the three main parties that issue such forecasts: "OPEC", the US Energy Information Administration, and the International Energy Agency. The latter releases its latest monthly report on Tuesday.
In 2021, OPEC expected an increase in oil demand of 5.95 million barrels per day, which exceeded the expectations of the International Agency, which predicted it to be 5.3 million barrels per day, and the Energy Administration, which expected it to be limited to 5 million barrels per day.
For OPEC’s forecasts of oil demand growth for 2021 to be achieved, demand must reach an average in the fourth quarter of the year to 99.82 million barrels per day, which is about one million barrels per day more than the expectations of the International Energy Agency in that period.
In the markets, oil rose strongly towards $73 a barrel yesterday, supported by increasing indications of tight supplies in the United States as a result of Hurricane Ida, and hopes for trade between the United States and China boosted the appetite for high-risk assets. And still about three-quarters of offshore oil production in the US Gulf region, or about 1.4 million barrels per day, has been suspended since late August. Figures this week showed US crude stocks fell to the lowest level since September 2019. “With the delay in resuming offshore crude production, the odds are that the (IDA) impact will remain in the coming weeks,” said Steven Brinnock of PVM oil brokerage. . Brent crude rose $1.20, or 1.7%, to $72.65 by 08:25 GMT. US West Texas Intermediate crude reached $69.19, up $1.05, or 1.5 percent. Oil and stock markets also got a boost from news of a phone call between US President Joe Biden and his Chinese counterpart Xi Jinping. Analysts said the call raised hopes for warmer relations and more global trade.
Brent crude is on its way to end the week with slight gains, and it has risen about 40% this year, driven by supply cuts adopted by the Organization of the Petroleum Exporting Countries and a somewhat recovery in demand from the impact of the pandemic.

[yota691]

 

Iraqi oil production in August increased by 1.9% per month

 

 2021-09-11 03:35

 

Shafaq News/ The State Oil Marketing Organization "SOMO" said on Saturday that Iraq's oil production, including flows from the Kurdistan Region, rose 1.93 percent on a monthly basis last August, even as the country pumped less than its quota in OPEC + .

 

Iraq, "the second largest producer in OPEC", pumped an average of 3.961 million barrels per day in August, compared to 3.886 million barrels per day in July, SOMO data showed.

 

Iraq's share of OPEC + rose to 4.061 million barrels per day in August from 4.016 million barrels per day in July as the coalition continued to raise the production ceiling.

 

Iraq's quota in September is 4.105 million barrels per day as the OPEC + alliance continues to ease production cuts by 400,000 barrels per day each month between August and December, with a goal of adding 2 million barrels per day by the end of 2021.

 

Total exports rose 2.1% to 3.419 million barrels per day in August, as these government exports increased by 4.7% to 3.053 million barrels per day, and Kurdish flows decreased by 14% to 365,000 barrels per day, according to "SOMO" data. .

 

Domestic use, which includes burning crude oil and operating refineries, rose 9.2% to 547,000 bpd.

 

OPEC + reached an agreement last July to increase its crude oil production to 400,000 barrels in August, with more production quotas allotted to five members as of May 2022.