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

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Kuwaiti Oil Minister: “OPEC +” decisions achieve stability and security of supplies, and their effects are positive

Kuwaiti Oil Minister, Muhammad Abdul Latif Al-Faris

 October 05, 2021 09:00 AM

Kuwait - Mubasher: The Minister of Oil and Minister of Higher Education in Kuwait, Muhammad Al-Faris, said that (OPEC +) decisions aimed at achieving stability and security of supplies have shown their positive effects since the start of the Corona pandemic in the gradual balance of markets.

 

This came in a statement by Minister Al-Faris, quoted by a statement issued by the Ministry of Oil, after he headed, yesterday, Monday, the delegation of the State of Kuwait participating in the 33rd ministerial meeting of the Ministerial Committee for Production Monitoring JMMC and the 21st meeting of (OPEC +) countries, through visual communication technology.

Minister Al-Fares indicated, according to KUNA, the atmosphere of optimism in the oil markets with a cautious improvement in the fundamentals, which was contributed by the level of commitment (OPEC +), which strengthened the stability of markets, supported the efforts to recover the economy and ensured the security of supplies, by committing to an agreement of a monthly increase of 400 thousand barrels per day. It has been in operation since last August.

He praised the results of the (OPEC +) meeting, which decided to increase production by 400,000 barrels per day for the month of November 2021 according to the agreement of the monthly increase plan, which was agreed collectively at the 19th ministerial meeting in July 2021, and the share of the State of Kuwait was from the total planned increase in production according to the agreement 27 thousand barrels per day for the month of November 2021.

He stated that the positive factors that contribute to the improvement of market fundamentals include the expansion of countries in vaccination against the Corona virus and the impact of this in encouraging increased movement and mobility of all kinds, industrial and economic activity, and recovery in the rate of growth in demand in exchange for an impact on supply in the wake of Hurricane (Ida and Nicholas) that struck the shores of the Gulf of Mexico In the United States, what affected oil and gas production in addition to the impact on production in Mexico.

Al-Fares indicated that these factors were reflected in the continuation of withdrawals from the oil stock and the floating stock with some additional support expected from the markets, in addition to the rise in gas prices and amid expectations of an upcoming severe winter, indicating that this was reflected in the oil markets, which are witnessing more balance.

He pointed out that (OPEC +) is cautious with regard to the strategy of raising production amid the challenges of the oil markets, which are reviewed on a monthly basis in the context of achieving stability and comfort for the markets.

[yota691]

An Increasing Rise In Global Oil Prices

Author: Ahad6 On 10/08/2021 - 10:08 AM  57

 

Oil Prices Rose On Friday, Tracking Gains Of 4.2 Percent During The Week, Amid Indications That Some Industries Have Begun To Convert Fuel From High-Priced Gas To Oil, Amid Doubts That The US Government Will Release Oil From Its Strategic Reserves At The Present Time.

US West Texas Intermediate Crude Futures Rose 84 Cents, Or 1.1 Percent, To $79.14 A Barrel At 0122 GMT.

Brent Crude Futures Jumped 80 Cents, Or 1%, To $82.75 A Barrel.

Both Contracts Rose About 1.1% On Thursday As The Market Resumed Its Rally, And Was On Track To Jump 4% This Week.

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Iraq and Russia least complied with their oil quotas in September

 

 2021-10-12 04:02

 

Shafaq News/ A new survey conducted by the "S&P" Global Platts platform showed that Iraq and Russia were the least compliant with their production quotas among the members of OPEC + in the month of September.

The platform stated in a report seen by Shafak News Agency that the production of OPEC + countries in September amounted to 40.73 million barrels per day, after it recorded 40.26 million barrels per day in August.

The 13 member countries of the Organization of Petroleum Exporting Countries "OPEC" pumped 27.29 million barrels per day, an increase of 320,000 barrels per day from the previous month.

While Russia and 8 other partners added 13.44 million barrels per day, an increase of 150,000 barrels per day from the previous month.

And she added that despite the increases, the rate of compliance with the agreement reached 111.5%, as the 19 members - who have production quotas under the OPEC + supply agreement - were less than their allocation for this month by 570,000 barrels per day.

It noted that both Iraq and Russia exceeded their quotas, according to the survey, and were among the least compliant members of the coalition.

The survey found that Russia pumped 9.86 million barrels per day, above its target of 9.70 million barrels per day, while Iraq rose to 4.18 million barrels per day, exceeding its quota of 4.11 million barrels per day.

The coalition had decided at its last meeting, which was held at the beginning of this month, to install the gradual production policy that was decided last April, to increase production by 400,000 barrels per day every month until at least April 2022 to gradually eliminate the production cut of 5.8 million barrels per day. .

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OPEC identifies three countries, including Iraq, that boosted its oil production in September

 

 2021-10-14 02:23

 

Shafaq News/ The "OPEC" organization, which consists of 13 countries, announced on Thursday that three countries, including Iraq, boosted their oil production further in the month of September.

 

The organization said in a report, seen by Shafak News Agency, that "the production of oil by OPEC member countries rose by 486,000 barrels per day during the past month, to reach 27.328 million barrels per day, supported by increased supplies from Iraq, Saudi Arabia and Nigeria."

 

The OPEC report added, "The largest increases came from Nigeria, as its oil production rose by 156,000 barrels per day, to reach 1.451 million barrels per day, and Saudi Arabia's production increased, recording an increase of 139 thousand barrels per day, bringing its production to 9.678 million barrels per day, while Iraq came third, with an increase of 84,000 barrels, to reach 4.139 million barrels.

 

The report continued, "The rest of the countries had a small increase, as Kuwait recorded an increase of 25 thousand barrels per day, and Algeria, Angola, Congo, Gabon, Iran and the UAE recorded increases in oil supplies last month, ranging from 6 to 22 thousand barrels per day."  

 

The report indicated, “Oil production declined in 3 OPEC countries last month, namely: Equatorial Guinea, Libya and Venezuela, and the decline in supplies was very limited, as it did not exceed 6 thousand barrels per day, as is the case in Venezuela, and reached only one thousand barrels per day in Guinea. While Libya’s production decreased by 5 thousand barrels per day to 1.148 million.”

 

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

[yota691]

Including Iraq..OPEC oil production increased by 486 thousand barrels per day during last September

•  Time: 10/13/2021 19:35:54
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•  Reading: 2,509 times

  

{Economic: Al Furat News} OPEC oil production increased by 0.5 million barrels per day during the past month, as the increase came with the increase in supplies in 3 countries.

 

The monthly report of the Organization of Petroleum Exporting Countries showed that the production of the 13 member states of the organization rose 486,000 barrels per day last September to reach 27.328 million barrels per day.
The strengthening of oil supplies by OPEC countries coincides with the continuation of the OPEC + alliance agreement to gradually increase supplies, after they implemented record cuts in April of 2020 due to the repercussions of Corona.
And 10 OPEC member countries boosted their oil production last month, most notably Iraq, Nigeria and Saudi Arabia.
It should be noted that the countries of the Organization are increasing their supplies of crude in accordance with the quotas agreed upon in OPEC +.
Iraq's production rose last month to 4.139 million barrels per day, an increase of 84 thousand, and Kuwait's production increased to 2.468 million barrels per day.
Nigeria's production rose by 156,000 barrels per day last September, to 1.451 million barrels per day, and Saudi Arabia's production increased by 139,000 barrels per day, recording 9.678 million.
Algeria, Angola, Congo, Gabon, Iran and the UAE recorded increases in oil supplies last month, ranging from 6 to 22,000 barrels per day.
On the other hand, oil production fell in 3 OPEC countries last month, namely: Equatorial Guinea, Libya and Venezuela.
The drop in supplies was very limited, as it did not exceed 6,000 barrels per day as in Venezuela, and reached only 1,000 barrels per day in Equatorial Guinea.
The production of Equatorial Guinea and Venezuela currently stands at 100 and 527 thousand barrels per day, while the production of Libya decreased by 5 thousand barrels per day to 1.148 million.

[yota691]

So much BS in this article

 

OPEC: New strains of corona affect the oil market

Economie| 10:50 - 14/10/2021

 

 

 

 

Follow-up - Mawazine News,
Secretary-General of the Organization of the Petroleum Exporting Countries "OPEC" Muhammad Barkindo warned of the repercussions of the Corona crisis on energy markets, and this comes at a time when markets are facing an energy crisis in light of the high demand for crude.
Barkindo told reporters on the sidelines of an energy forum in Moscow today, Thursday, that the uncertainty regarding the Covid-19 pandemic continues to affect the oil market.
He added, "The situation in the oil market is under the influence of new strains of the Corona virus, and countries must accelerate the pace of vaccination."
The work of the International Forum "Russian Energy Week" was launched yesterday, Wednesday, in Moscow, amid active international participation. The forum acquires importance because Russia is one of the most prominent participants in the global energy market.
The forum will be held from 13 to 15 October, and will be held in the Central Exhibition Hall "Mange" in the center of the Russian capital, Moscow.

[yota691]

 

Brent jumps to $84.28 a barrel

 

 2021-10-15 00:31

 

Shafaq News/ Oil prices jumped on Friday, heading towards achieving weekly gains of more than two percent, amid increasing indications of a tight supply over the next few months.

Brent crude futures rose 28 cents, or 0.3 percent, to $ 84.28 a barrel at 01:56 GMT, after rising 82 cents in the previous session, heading towards a rise of 2.3 percent during the week.

US West Texas crude contracts also rose 30 cents, or 0.4 percent, to $ 81.61 a barrel, after an increase of 87 cents yesterday, Thursday, to be on the way to achieving a weekly gain of three percent.

Analysts pointed to a sharp decline in oil stocks in the Organization for Economic Cooperation and Development, to their lowest level since 2015.

Demand has rebounded with the recovery from the COVID-19 pandemic, as well as industry shifting away from expensive gas and coal to fuel oil and diesel for energy.

"This energy crisis, particularly in coal and gas, ... has benefited oil," said Vivek Dar, a commodities analyst at the Commonwealth Bank.

The International Energy Agency said on Thursday that the energy crisis is expected to boost oil demand by 500,000 barrels per day.

This will lead to a supply gap of about 700,000 barrels per day until the end of this year, until the Organization of the Petroleum Exporting Countries and its allies (OPEC +) add more supplies as planned in January.

[yota691]

Oil prices rise to the highest level in 3 years

 

Arabic and international Economy News _ Baghdad Oil prices jumped, today, Friday, heading towards achieving weekly gains of more than 3%, amid increasing evidence of a tight supply during the next few months, with increased expectations of switching to petroleum products in light of the sharp rise in natural gas and coal prices.   Brent crude futures touched their highest level since October 2018, and rose 84 cents, or 1%, to $ 84.84 a barrel by the time (06:52 GMT).   Prices rose to the nearest maturity by 3% this week, heading towards the rise for the sixth consecutive week.   West Texas Intermediate crude futures rose 74 cents, or 0.9%, to $82.05 a barrel, after rising 87 cents on Thursday.   Crude contracts are expected to achieve an increase of 3.4% this week, to rise for the eighth consecutive week.   Analysts pointed to a sharp decline in oil stocks in the Organization for Economic Cooperation and Development, to their lowest level since 2015.   Demand rebounded with the recovery from the Corona pandemic, as well as the industry's shift from expensive gas and coal to fuel oil and diesel for energy.

Views 95   Date added 10/16/2021

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Ministry of Oil: We aim to achieve the highest financial revenues by adhering to the OPEC+ agreement

Sunday 17 October 2021 222

 Baghdad: Farah Al-Khafaf 

The Ministry of Oil confirmed that Iraq aims to achieve the highest financial revenues by adhering to the OPEC Plus agreement. The assurances of the Ministry of Oil came simultaneously with the rise in oil prices, as the price of a barrel of Brent crude oil currently ranges between 83-85 dollars, and this rise is the result of the OPEC Plus agreement, especially since Iraq is at the forefront of the countries that contributed to its success and continuity. In this regard, the official spokesman for the ministry, Assem Jihad, said in an exclusive statement to “Al-Sabah”, that “Iraq was one of the active members in reaching an agreement to reduce production for OPEC Plus, after the great recession that hit the global economy as a result of the repercussions of the spread of Covid-19, and its cause in inflation. The oil surplus in global markets and the decline in demand for crude as a result of countries’ actions to restrict the movement of their citizens, land and air transport, the decline of the industrial sector and other negative repercussions from the spread of the epidemic.

 

And OPEC Plus is an agreement that includes 23 oil-exporting countries, including 13 member states of the Organization of Petroleum Exporting Countries (OPEC), as this agreement was reached in November 2016 with the aim of reducing oil production to improve oil prices in the markets.

Jihad added that {the commitment of the producing countries in OPEC and OPEC Plus to reduce production led to their success in controlling the oil surplus in global markets, and raising the price of a barrel below $20 to current prices, as OPEC and OPEC Plus hold their periodic and emergency ministerial meetings as required. Conditions and developments of the oil market, preceded by meetings of the governors {representatives of the producing countries in OPEC}, discussing oil market developments and reviewing reports for the concerned authorities and research centers in OPEC, and in light of this it submits its recommendations to the meeting

 Ministerial}.

 

careful handling

And regarding the future outlook, the official spokesman saw that {the challenges to the oil market are still present, due to the lack of control by the countries of the world over the Corona virus and new strains, as well as other circumstances, including security and political tensions, economic conflicts, natural conditions, and others in multiple regions of the world} , indicating that it {requires careful handling by the oil-producing countries with the changes in the oil market, and therefore the situation of the oil market can be described as {fragile} as a result of its great influence on the circumstances and changes}.

Oil prices in global markets continued their rapid rise, and prices grew by about 1 percent, to exceed the price of a barrel of Brent crude benchmark, the level of 84 dollars for the first time since 2018.

 

oil strategy

Jihad explained that “the strategy of OPEC and OPEC Plus limits production to the end of 2022 in order to achieve more stability and balance in the oil market, stressing that Iraq aims to achieve the highest financial revenues by adhering to the agreement.”

He also found that the increase in prices to more than $ 80 is a “positive indicator”, but this requires its stability for a long period in order to achieve good financial revenues, warning the need to deal with the requirements of the oil market and prices realistically, and not to rely on the prices of the “bubble” that are generating and declining. As a result of a circumstance or event.

 

oil price

Concerning the prices of Iraqi crude oil, Jihad explained: {The price of Iraqi oil and the producing countries depend on the monthly price of the exported oil and is not subject to daily variables.. Unfortunately, despite the ministry’s notice, many media professionals and observers make the mistake of calculating the daily oil, and they refer to the daily price figures for the barrel, Although Iraq achieved large financial revenues for the state treasury by exporting less quantities of crude oil compared to the quantities previously exported, which proves the ministry's success in implementing its plans and directions.

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The Ministry Of Oil Comments On The Rise In Oil Prices Globally

Author: Ahad7 On 10/17/2021 - 5:57 PM  408

Today, Sunday, The Oil Ministry Commented On The Rise In Global Oil Prices To More Than $80 A Barrel.
The Ministry’s Spokesman, Assem Jihad, Said In A Statement, “Iraq Aims To Achieve The Highest Financial Revenues By Adhering To The OPEC Plus Agreement,” Noting That “The Price Of Iraqi Oil And The Producing Countries Depend (The Monthly Price) For The Exported Oil And Is Not Subject To Daily Changes.”

And He Indicated, "The Rise In Prices To More Than $ 80 Is A Positive Indicator, But This Requires Stability For A Long Period."

He Pointed Out That "The Ministry Succeeded In Implementing Its Plans And Directions," Stressing That "Challenges Related To The Global Oil Market Are Still Present Due To The Lack Of Complete Control Over The Corona Virus And New Strains."

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Iraq expects oil prices to reach $100 a barrel

 

 2021-10-20 05:57

 

Shafaq News/ The Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected oil prices to reach $100 per barrel in the first and second quarters of 2022, with global stocks dropping to their lowest levels, Reuters reported.

The Iraqi Oil Minister had confirmed in previous statements that oil prices should stabilize around the current levels, which reflects the market balance.

On the sidelines of his recent participation in the Russian Energy Week conference in Moscow, he said that the market must be balanced during the second half of this year, explaining that the fair price of oil is $85 per barrel.

Iraq is counting on the oil price to reduce the budget deficit, as next year's budget is expected to witness an increase in the average price of a barrel, which was calculated at about $50 in the 2022 budget.

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The Saudi Energy Minister expects a demand of 600,000 barrels per day if the transition from gas to oil

Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, archive

 October 20, 2021 06:08 PM

Riyadh – Mubasher: Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz said today, Wednesday, that users who switch from gas to oil could represent a demand of between 500,000 and 600,000 barrels per day. Depending on winter weather and related energy prices .

Prince Abdulaziz added that the rise in energy prices now is due to limited investment in hydrocarbons, low stocks and a recovery in demand after the Corona pandemic, according to Reuters.

Prince Abdulaziz considered that low investment in hydrocarbons affects oil prices, stressing that Saudi Arabia has always been a source of stability in the oil market .

The Saudi Energy Minister stressed that the world needs to seriously care about securing supplies, stressing that the world will still need fossil fuels and that gasoline and gas stocks are low .

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Brent above $86.. Oil rises due to lack of supply

 

 2021-10-25 01:39

 

Shafaq News/ Oil prices jumped on Monday, continuing their gains to reach their highest levels in several years, as global supplies remained scarce amid strong demand for fuel in the United States and elsewhere in the world as economies recovered from the Corona virus epidemic. Caused depression.

US West Texas Intermediate crude futures rose 77 cents, or 1.0 percent, to $84.53 a barrel at 05:30 GMT, after rising 1.5 percent on Friday. 

Brent crude futures rose 71 cents, or 0.8%, to $86.24 a barrel, after last Friday's 1.1% gain. 

After more than a year of reduced demand for fuel, consumption of gasoline and distillates is back in line with five-year averages in the United States, the world's largest consumer of fuel. 

Meanwhile, US energy companies last week halted oil and natural gas drilling for the first time in seven weeks even as oil prices rose, energy services firm Baker Hughes said in its closely watched report on Friday. 

Oil prices were also boosted by concerns about coal and gas shortages in China, India and Europe, prompting a shift to diesel and fuel oil for power generation.

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OPEC+ cuts its forecast for oil demand growth in 2021

•  Time: 10/29/2021 12:09:25
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•  Reading: 481 times

  

{Economic: Al Furat News} Reuters quoted two sources as saying that the joint technical committee of OPEC + reduced its estimates for the growth of global oil demand this year to 5.7 million barrels per day from 5.8 million, amid the continued strong recovery of consumption since its collapse in 2020.

One of the sources said that the Joint Technical Committee, which met on Thursday, kept its forecast for demand over the next year at 4.2 million barrels per day.
The source added that the revision of growth estimates in 2021 is "no cause for concern" as it serves as an update to the data.
Ministers of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, the alliance known as OPEC+, meet on November 4 to decide on production policies.

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Confusion in the oil market.. lower prices after signs of the return of Iranian production and a huge increase in stocks

2021-10-29

Yes Iraq: Follow up

 

Oil prices rose on Friday but were set to post their first weekly losses in at least eight weeks after US inventories rose more than expected and Iran signaled it would resume talks with Western powers that could lead to an end to sanctions.

Brent crude futures rose 19 cents, or 0.2 percent, to $84.51 a barrel, while US West Texas Intermediate crude futures rose two years to $82.83 a barrel.

"The rally is likely nearing its peak and prices, which remain high, will decline in the near term," analysts at Fitch Solutions said in a weekly note on Friday. According to Reuters

The two crudes are on track to decline 1% during the week, in the first weekly decline in ten weeks for US crude and the first in eight weeks for Brent crude.

Data from the US Energy Information Administration on Wednesday showed that crude oil inventories in the United States rose much more than expected in the week ending October 22.

All eyes are on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, or the OPEC+ group, on November 4. Analysts expect the bloc to stick to its plan to add 400,000 barrels per day to supply per month until April 2022.

"Saudi Arabia has warned that with the cloudy demand picture, there could be a 'massive increase' in global oil inventories in 2022," analysts at JPMorgan said in a note.

 

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Iraq: The "OPEC" agreement to increase oil production is sufficient to absorb medicine and stabilize the market

archival

 October 30, 2021 07:32 PM

 

Mubasher: Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail confirmed today, Saturday, that the “OPEC” agreement to increase production is sufficient to absorb demand and stabilize the market.

He pointed out that Iraq has made great strides in the field of clean energy by contracting with major international companies.

Ismail said - in a statement reported by the Iraqi News Agency (INA) - that the oil and energy market data in light of the rise in gas and coal prices, especially in Europe and Asia, resulting from the supply deficit in them may lead to an increase in demand for crude oil within certain limits during the winter period.

He pointed out that the "OPEC" and "OPEC +" began to increase the production of their countries by 400,000 per month from last August until next year, and that this cumulative increase, which will reach two million barrels per day by the end of the year, will absorb any increase in demand and will lead to stability oil market.

The Iraqi Oil Minister added that his country does not see the need to take any decision to increase its production capabilities over the plan for the OPEC countries, pointing out that Iraq is striving hard to increase gas production through an increase in investment in the fields, as well as accelerating plans and projects to catch the gas emitted from oil in the oil fields. Iraq, especially by pumping investments into the projects of the Basra Gas Company and the rest of the southern fields, in order to achieve the highest possible independence in the energy file and fill the deficit during the peak consumption season (summer).

On clean energy, Ismail confirmed that Iraq contracted with major international energy companies to produce 2500 megawatts before 2024, as part of its plans to diversify the sources of the energy industry and contribute to efforts to protect the environment within an integrated energy program.

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Reuters: Today's "OPEC +" meeting will maintain the same production plan

2021.11.04 - 13:37

 

  

Baghdad - people  

The Organization of Petroleum Exporting Countries and its allies within the framework of the "OPEC +" alliance will hold a meeting Thursday to discuss the volume of oil production in December, under pressure from consuming countries, which are putting pressure to increase production.  

  

  

  

  

The ministers of the 13 member countries of the organization and ten allies in the framework of the "OPEC +" agreement will hold their meeting via video conference at 14:00 GMT, after an introductory technical presentation.  

Most analysts expect the continuation of the current strategy, i.e. putting an additional 400,000 barrels per day on the market in the last month of this year.  

But consumer discontent, led by the United States, could encourage the cartel to take action.  

Last Sunday, on the sidelines of the Group of Twenty summit in Rome, US President Joe Biden expressed his regret that "Russia, Saudi Arabia and other major producers refraining from pumping more oil is not fair," directly targeting the "OPEC +" alliance.  

Halima Croft of the Royal Bank of Canada group said, "Given the intensity of pressure exerted by the White House and other consuming countries, we cannot in any way rule out that Saudi Arabia (which leads the coalition) on Thursday will give the green light for an increase of more than 400,000 barrels per day."  

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Oil prices are turning higher, and the markets are awaiting the results of the “OPEC +” meeting

Ghayda news 15 minutes ago

 

 

Oil prices turned higher during Thursday’s transactions, which started with a decline of more than 1%, while markets are awaiting the outcome of the “OPEC +” meeting to consider production policy, in light of calls from consumers to pump more supplies into the market.

New York’s West Texas Intermediate futures traded above $81 a barrel after losing nearly 4% over the past two days.

The United States is asking the coalition to increase production by up to 800,000 barrels per day, twice the amount the coalition is supporting, but OPEC+ is expected to stick to the planned December increase when it meets later on Thursday, delegates and diplomats said.

Oil prices incurred more losses at the beginning of today’s trading, as US crude fell below $80 a barrel, while the benchmark Brent mix fell to its lowest level in a month.

Kuwaiti Oil Minister Muhammad Al-Faris said in previous statements that his country supports the policy of “OPEC +” in gradually increasing crude production, noting that Kuwait supports “OPEC +” raising production by 400,000 barrels per day, as continued work with this strategy ensured the sufficiency of the supply, as It has proven its usefulness in achieving balance and price stability.

Losses for the third day in a row

Oil prices have been subject to a wave of losses for three consecutive sessions, which pushed crude prices to the lowest level in 4 weeks under pressure from a number of factors, the most important of which are:

• Markets are awaiting the results of the “OPEC +” meeting regarding production policy.
• US President Joe Biden’s pressure on the alliance to increase production.
• Announcing a more-than-expected increase in US crude inventories.
• Iran and world powers agree to resume nuclear talks later this month.

the prices

US West Texas Intermediate crude for December delivery rose 0.3% to $81.12 a barrel, on the New York Mercantile Exchange at 8:11 am London time, after falling below $80 earlier in trading, and had incurred losses of 3.6% yesterday, Wednesday. .

Brent crude for January delivery rose 0.9% to $82.70 a barrel, on the European ICE Futures Exchange, after losing 3.2% in trading yesterday.

US oil inventories rise more than expected

Oil inventories in the United States rose more than expected last week, while gasoline stocks fell to their lowest level in four years, according to a report by the US Energy Information Administration, as crude inventories increased by 3.3 million barrels to 434.1 million barrels, compared to analyst expectations of an increase In the range of 2.2 million barrels.

“The drop in oil prices is partly due to increased US inventories, but the biggest driver of the drop in oil prices was Iran’s announcement that the US and Iran would resume talks aimed at reviving the deal,” Vivek Dar, a commodity analyst at the Commonwealth Bank, said in a note reported by Reuters. nuclear”.

Iran’s nuclear file

Ali Bagheri Kani, Iran’s chief nuclear negotiator, said in a tweet on Twitter that he had agreed with Enrique Mora, the European Union envoy, to resume

His country’s nuclear talks with world powers on November 29, while the United States, through the spokesman of the US State Department, Ned Price, said that reaching a compromise to save the nuclear agreement with Iran is possible “quickly” if Tehran is “serious” in its intentions after its announcement. Resumption of negotiations.

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OPEC Plus recommends keeping the oil production increase at 400,000 barrels per day in December

•  Time: 04/11/2021 17:16:34
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•  Reading: 1,365 times

  

{Economic: Al Furat News} The Joint Ministerial Monitoring Committee of OPEC + recommended fixing the current production policy, which includes an increase in production by 400 thousand barrels per day until next December.

 

The OPEC + meeting continues until now, for the group to announce its final decisions regarding production policy.  

[yota691]

OPEC + ignores Washington's call to increase production

Economie| 11:36 - 04/11/2021

 

 

 

 

Baghdad - Mawazine News,
"OPEC" and its allies ignored Washington's call for more oil supplies in order to curb prices, and agreed at today's meeting to stick to plans to increase production by 400,000 barrels per day.

Russian Deputy Prime Minister Alexander Novak said that since August, "OPEC" has added two million barrels per day to global supplies, and will continue its plan to add another 400,000 barrels per month until the end of the year and during the first months of 2022.

On the reason for "OPEC +" choosing not to increase production, he said Novak: “There are some indications of a decline in oil demand in the European Union in October, while global demand for oil is still under pressure from the effects of the Corona mutated delta.”

Saudi Energy Minister Abdulaziz bin Salman said that producers are concerned about moving too quickly, fearing new setbacks in the battle against the pandemic and the pace of economic recovery.

He added that oil stocks will witness a "tremendous" rise at the end of 2021 and early 2022 due to the slowdown in consumption.

US President Joe Biden had urged the major energy producing countries in the Group of Twenty that have spare capacity to increase production to ensure a stronger global economic recovery.

[yota691]

 

Sources reveal the results of the “OPEC +” group meeting

 

 2021-11-04 11:55

 

 

Shafaq News/ Informed sources from within the "OPEC +" group revealed this evening, Thursday, the results of the group's meeting on the oil market, and the results were in line with the expectations of experts and analysts.

 

And Reuters news agency quoted sources as saying that the “OPEC +” group agreed to proceed with increasing production by 400,000 barrels per day next December, the last month of this year.

 

The results revealed by the sources were in line with the expectations of analysts, who indicated that the group will continue with its current strategy, and put an additional 400,000 barrels per day on the market in the last month of this year.

 

Oil prices rose today, Thursday, supported by expectations that the “OPEC +” group will continue with its current strategy, as the “Brent” mix rose 1.4%.

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OPEC determines Iraq's share of daily oil production during the next month

 

 2021-11-06 03:58

 

Shafaq News/ OPEC announced that the share of Iraq's oil production was set at 4.237 million barrels per day during the month of December, after OPEC + agreed to increase 400 thousand barrels per day.

The organization stated in its schedule, seen by Shafak News Agency, that "the production share for Iraq for the month of December was set at 4.237 million barrels per day, an increase of 44,000 barrels per day compared to the month of November, which amounted to 4.193 million barrels per day, and an increase of 88 thousand barrels per day from the month of October." first last.

And she added, "The production of both Saudi Arabia and Russia was set at 10.018 million barrels per day, during the month of December, an increase of about 105 thousand barrels per day from the current month of November, and the UAE's production share increased by 30 thousand barrels per day, to reach 2.885 million barrels per day. over the next month."

She pointed out that "OPEC's share of the planned increase of 400,000 barrels per day in December will amount to 253,000 barrels to reach 24,300 million barrels per day, while the share of those allied with OPEC will reach 147,000 barrels to reach 15.794 million barrels per day."

And OPEC + agreed, during its meeting last Thursday, to increase its oil production by 400,000 barrels per day, according to the previously agreed schedule.

[yota691]

OPEC raises Iraq's oil quota to 4.237 million barrels per day

Economie| 06:29 - 06/11/2021

 

 

 

 

 

Baghdad - Mawazine News

The Organization of the Petroleum Exporting Countries announced, on Saturday, that Iraq's share of oil production will be increased during the month of December to 4.2337 million barrels per day.
The organization said in a statement received by Mawazine News, a copy of it, that Iraq’s share of oil production will increase during next December by 88,000 barrels per day compared to last October, and that it has set Iraq’s production quota for the month of next December at 4.237,000 barrels per day, an increase of Its amount is 44,000 barrels compared to the quota for the month of November, which amounts to 4.193 million barrels per day.
OPEC clarified that its share of the planned increase of 400,000 barrels per day in December will amount to 253,000 barrels to reach 24.3 million barrels per day, while the share of those allied with OPEC will reach 147,000 barrels to reach 15.794 million barrels per day.
And OPEC Plus agreed, during its meeting last Thursday, to increase its oil production by 400,000 barrels per day, according to the previously agreed schedule. Ended 29/R77

[yota691]

The rise in oil prices and Brent crude is close to 84 per barrel

•  Time: 11/08/2021 08:24:35
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•  Reading: 988 times

  

{Economic: Al Furat News} Oil prices rose on Monday, after the state-owned Saudi Aramco oil producer raised the official selling price for its crude, indicating that demand remains strong at a time when supplies are dwindling.

Brent crude rose 90 cents, or 1.1%, to $83.64 a barrel, at 05:11 GMT, after dropping nearly 2% last week. US oil rose 87 cents, or 1.1%, to $82.14, after dropping nearly 3% on Friday.

Aramco late on Friday raised the December official selling price to Asia for its Arab Light crude to $2.70 a barrel against Oman/Dubai crude. 

The Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, better known as OPEC+, agreed last week to stick to their plan to increase oil production by 400,000 barrels per day from December.

US President Joe Biden has called on OPEC + to produce more barrels to curb the price hike and said on Saturday that his administration has "other tools" to deal with rising oil prices. 

Elsewhere, China's oil imports slumped in October to their lowest level in three years, as state-owned refineries halted purchases due to rising prices, while independent refineries were restricted with limited quotas to bring in crude oil.

[ronscarpa]

A plus for Iraq & Opec, and a hit for US and the rest of the world..!