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

[new york kevin]

On 11/16/2021 at 10:31 PM, nstoolman1 said:

 

Higher prices mean more taxes collected. 

The everyday Dem has no control over fuel prices. They do however elect the ones that do. 

Sitting Dems and Reps get paid so well they don't care about prices. If I was a millionaire I wouldn't even think about $5 a gallon gas. 

BINGO . Up with taxes, to pay for those votes they hope to buy with the increase in entitlements. Like the $450,000 to every Central and South American that waited in Mexico while their claim of asylum was processed in the US , Carello . for 

$5.09/gal . $4.26 for reg and $4.59 for premium at Costco. Why not give $100,000 to each and every American citizen for post covid recovery ?  That would be nice and better . 

[jg1]

On 11/16/2021 at 7:04 PM, WheresmyRV? said:

I think its going to get alot worse before it gets any better.  Gas went up 10 more cents in my neck of the woods today. And if Sleepy Joe gets his way and shuts down that pipeline from Canada that goes through Michigan, gas will rocket.

Continuing obamas legacy..

Distroying our country.

[yota691]

Globally, oil prices drop to $79 a barrel

 

November 19, 2021

 

Follow-up/ The
trading data showed, today, Friday, an acceleration in the decline in international oil prices, by about 3 percent, as the price of a barrel of Brent brand reached less than 79 dollars, for the first time since October 4.
The price of oil futures contracts, the “Brent” brand, for the month of January decreased by 2.95 percent, to reach $78.84 per barrel.
While the price of West Texas Intermediate oil futures contracts decreased by 2.79 percent, to reach the price of $ 76.22 a barrel. International oil prices have recorded a significant increase since October 2021, exceeding the price of a barrel of Brent crude on the 5th of last month, $ 83, for the first time. The first since October 10, 2018.
The price of West Texas Intermediate crude oil also crossed the level of $79 a barrel for the first time since November 2014.

[yota691]

Oil expert: Crude prices will remain volatile at $ 80, and we do not rule out a global recession with the fourth wave

•  Time: 11/21/2021 20:34:04
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•  Reading: 1,560 times

  

{Economic: Al Furat News} The oil expert, Hamza Al-Jawahiri, suggested, on Sunday, that crude prices will remain volatile at $ 80.

 

Al-Jawahiri told Al-Furat News that "oil prices will remain fluctuating within the range of $80 or a little less," explaining, "American pressure on the industrial countries that own strategic oil reserves, they collected quantities of oil that they requested to sell, as well as the removal of the American strategic reserves to the markets for oil on Prices are down."
He stressed, "The speculators are waiting for prices to rise even more, and America's ability to control and manipulate oil prices as a result of the presence of 600 million barrels of oil as strategic storage, other than the reserves that are already in the ground and distributed in the fields."
Al-Jawahiri indicated that "this treasury was stored in saline-layered vaults, and it is not possible to separate about a global economic recession with the invasion of the fourth epidemic wave because it depends on the policies of countries and the presence of reservoirs and decisions of committees or prepared the existing crisis that will decide and vary from one country to another."
And oil prices recorded $78.89 a barrel for the futures contracts for the international benchmark Brent, from the settlement on Friday, as well as the futures contracts for West Texas Intermediate crude for delivery in the month of December.
The OPEC + alliance had decided to continue implementing the decision to increase oil production by 400,000 barrels per day, starting from last August, and continuing until next December.

[yota691]

 

Oil rises with anticipation of the OPEC meeting next week

 

 2021-11-25 07:26

 

Shafaq News/ Oil prices rose today, Thursday, with fluctuations during the early hours of the evening and this morning, awaiting the response of OPEC + to the US-led crude oil release to calm the market, even as data indicated an improvement in fuel demand in the United States.

Brent crude futures rose 14 cents to $82.39 a barrel at 05:12 GMT, after losing six cents on Wednesday.

US West Texas Intermediate crude futures rose one cent to $78.39 a barrel, after losing 11 cents on Wednesday.

All eyes are now on the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, the so-called OPEC+ community, who are due to meet next week to discuss oil demand and supply.

The group has been adding 400,000 barrels per day of supplies since August to ditch record production cuts made last year when pandemic restrictions slashed demand. OPEC + will meet on the second of December to decide whether to raise production by another 400,000 barrels per day in January.

The US Energy Department has launched an auction to sell 32 million barrels of strategic petroleum reserves in an effort to stem the rise in prices, indicating that it will release more crude to calm oil prices.

[yota691]

Oil announces that OPEC has achieved great success and reveals a program that will continue for the next year

 

energy Economy News _ Baghdad Today, Thursday, the Ministry of Oil announced that the Organization of the Petroleum Exporting Countries (OPEC) is cautiously dealing with pumping operations and production cuts, while revealing a program for the organization that will continue until next year. "The steps taken by OPEC aim to restore balance to the oil market and restore stability between supply and demand as a result of the crises witnessed by the global economy," the ministry's spokesman, Assem Jihad, said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News." He pointed out that “the crises of the global market made all the producing countries who are with OPEC Plus take solidarity steps to confront the problem, and among its decisions is to restrict production to absorb the oil surplus that was generated as a result of successive crises and to set a clear program in conjunction with monitoring the oil market and its repercussions, and consequently the members’ commitment in accordance with this agreement to reduce production. Within a well-studied program that led to the absorption of the oil surplus and the improvement of oil prices in global markets. He pointed out that “there are various reports about oil prices, the increase in supply and demand, and the rise in prices, and these reports are issued by competent authorities,” noting that “the vision for the oil market is unclear due to the confusion that exists in global markets after recovery, and there is a warning of the return of the pandemic, and the accounts have been placed in a confusing state.” ". He added that "some countries, including the United States of America, which is the largest exporter and producer in the world, found that the rise in prices affected them internally, so they asked OPEC to pump more oil," noting that "OPEC deals cautiously with pumping operations and production cuts, and this program has achieved success, Therefore, OPEC does not want to lose this success by pumping more oil, because the oil markets are still fragile, and any additional quantities could lead to a collapse in prices or a certain surplus. He pointed out that "those countries that started relying on their reserves in order to reduce the financial burden on them, and secondly, it can contribute to reducing the existing oil," noting that "those countries provided large quantities of crude oil during the drop in prices, and now prices have risen and the internal crises they face." Make it dependent on its reserves and in the short term its impact will not be significant." And he indicated, "Iraq is among the countries of the world in solidarity with the Organization of Petroleum Exporting Countries, and it has a program that is progressing at a good pace and has achieved successes and so far the oil market is monitored by OPEC Plus. In light of the reports, OPEC takes the appropriate decisions and has programs to pump 400,000 barrels according to a specific program from now to next year." ".

Views 96   Date Added 25/11/2021

[yota691]

For the first time in about two months, Brent drops below $77

internationals

2021-11-26 | 07:05

 

 

701 views

 

Oil prices continue to decline during trading today, Friday, in light of economic fears of the repercussions of monitoring a new mutated version of the emerging Corona virus in South Africa.

And the media said, that the price of a barrel of "Brent" fell below the level of $ 77, for the first time since last September 30. And by 14:29 Moscow time, global crude futures fell by 5.87% to $ 76.17 a barrel.

 

Meanwhile, US West Texas Intermediate crude futures fell 6.77% to $73.08 a barrel.

[yota691]

Oil announces that OPEC has achieved great success and reveals a program that will continue for the next year

 2021/11/25

 

 400

 

Baghdad / Al-Ward News
, the Ministry of Oil announced today, Thursday, that the Organization of the Petroleum Exporting Countries (OPEC) is cautiously dealing with pumping operations and production cuts, while revealing a program for the organization that will continue until next year.
The ministry's spokesman, Assem Jihad, said, in a press statement, that "the steps taken by OPEC are aimed at restoring balance to the oil market and restoring stability between supply and demand as a result of the crises that the global economy has witnessed."
He pointed out that “the crises of the global market made all the producing countries who are with OPEC Plus take solidarity steps to confront the problem, and among its decisions is to restrict production to absorb the oil surplus that was generated as a result of successive crises and to set a clear program in conjunction with monitoring the oil market and its repercussions, and consequently the members’ commitment in accordance with this agreement to reduce production. Within a well-studied program that led to the absorption of the oil surplus and the improvement of oil prices in global markets.
He pointed out that “there are various reports about oil prices, the increase in supply and demand, and the rise in prices, and these reports are issued by competent authorities,” noting that “the vision for the oil market is unclear due to the confusion that exists in global markets after recovery, and there is a warning of the return of the pandemic, and the accounts have been placed in a confusing state.” ".
He added that "some countries, including the United States of America, which is the largest exporter and producer in the world, found that the rise in prices affected them internally, so they asked OPEC to pump more oil," noting that "OPEC deals cautiously with pumping operations and production cuts, and this program has achieved success, Therefore, OPEC does not want to lose this success by pumping more oil, because the oil markets are still fragile, and any additional quantities could lead to a collapse in prices or a certain surplus.
He pointed out that "those countries that started relying on their reserves in order to reduce the financial burden on them, and secondly, it can contribute to reducing the existing oil," noting that "those countries provided large quantities of crude oil during the drop in prices, and now prices have risen and the internal crises they face." Make it dependent on its reserves and in the short term its impact will not be significant."
And he indicated, "Iraq is among the countries of the world in solidarity with the Organization of Petroleum Exporting Countries, and it has a program that is progressing at a good pace and has achieved successes and so far the oil market is monitored by OPEC Plus. In light of the reports, OPEC takes the appropriate decisions and has programs to pump 400,000 barrels according to a specific program from now to next year." ".

[yota691]

Ahead of the OPEC meeting, Iraq presents a vision for the balance of the energy market

•  Time: 11/27/2021 19:07:10
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•  Reading: 2,106 times

  

{Economist: Al Furat News} Oil Minister Ihsan Abdul-Jabbar revealed, on Saturday, that Iraq presented a vision to find a balance in the energy market ahead of the new OPEC + meeting early next month.

 

Abdul-Jabbar said, in a press statement, that "Iraq is a major member of OPEC and we have repeatedly worked to find a balance in the energy market," noting that "OPEC is working on the same level and we are monitoring the market, and there will be a periodic meeting with OPEC and its allies, and we will look at the extent of the energy market's balance." For OPEC to make its own decisions."
He added, "We do not have any expectation about whether the current monthly increase of 400,000 barrels per month will remain or not, as member states will wait for market research reports that give a clear vision, and the decision will be based on what is provided by technical experts."

 

[ronscarpa]

Sounds like common sense to me - "wait and see"..!

[yota691]

Oil is falling to its lowest level since last August

•  Time: 11/30/2021 21:40:30
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•  Reading: 1,417 times

  

{Economic: Al Furat News} The price of Brent crude oil fell, today, Tuesday, to a level below $ 68 per barrel for the first time since August.. Follow

Brent crude futures for February 2022 fell on the ICE stock exchange in London, according to the data of the trading session on Tuesday until 18:06 GMT, by 7.4%, to the limit of $67.8 per barrel.

The price of Brent oil fell to a level below $68 for the first time since August 23, 2021.

The price of West Texas Intermediate crude futures for February 2022 fell by 7.51% to $64.7 per barrel, as it also fell below $65 for the first time since August.

[yota691]

Oil returns to rise, and anticipation of the results of today's OPEC meeting

•  Time: 01/12/2021 09:30:49
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•  Reading: 1,040 times

  

{Economic: Al Furat News} Oil prices rose by more than two percent, today, Wednesday, to compensate for some of the sharp losses incurred during the previous session, as major producers are preparing to discuss how to interact with the threat to fuel demand due to the mutated "Omicron".

Brent crude futures rose $1.90, or 2.7 percent, to $71.13 a barrel by 0504 GMT, after falling 3.9 percent on Tuesday.

US West Texas Intermediate crude futures rose $1.71, or 2.6 percent, to $67.89 a barrel, after falling 5.4 percent yesterday.

The Organization of the Petroleum Exporting Countries meets on Wednesday, and before Thursday's meeting of "OPEC Plus", which brings together "OPEC" with allies, including Russia.

Commenting on the state of oil markets, Sunil Katki, head of retail goods affairs at Kotak Securities, said: “Since the United States and other countries have agreed to use emergency stocks to control price hikes, and since prices have already fallen from $85 a barrel to nearly From $70, OPEC Plus may reconsider its strategy.

He added, "There is a possibility of this happening, given the mutation of the new Corona virus and its impact on global demand, especially in the aviation sector," according to "Reuters".

Even if OPEC Plus agrees to go ahead with the planned supply increase in January, producers may find it difficult to add that much.

A Reuters survey concluded that OPEC pumped 27.74 million barrels per day in November, an increase of 220,000 barrels per day from the previous month, but that was less than the increase of 254,000 barrels per day allowed for OPEC members under the “OPEC Plus” agreement.

[yota691]

Expectations of "OPEC +" rejecting Washington's calls to increase oil production and adhere to the established plan

OPEC - file photo

 December 02, 2021 05:55 PM

Mubasher - Mustafa Reda: Oil prices fell during Thursday's trading, with indications that the "OPEC +" group will stick to the oil production plan scheduled for next January.

By 2:47 pm GMT, the price of the Brent crude futures contract fell 1.2 percent, losing 0.82 cents, to record $68.05 a barrel.

The price of "NYMEX" crude contracts for February delivery in January next fell by more than 1.4 percent, to lose 0.93 cents, at the level of $ 64.64 a barrel.

The performance of oil comes against the backdrop of expectations of informed sources, that  “OPEC +” will move towards rejecting Washington’s calls to increase oil production and  adhere to the previously established plan for the month of next January.

The sources said that it is likely that “OPEC +” will adhere to the current policy to increase production despite considering other options, with large fluctuations in crude prices, increased production in the United States, and concerns about the new “Omicron” variable.

Estimates indicate that the “OPEC +” group will go against the trend of Washington calling for increased oil production to help the global economy, fearing that the increase in supply will harm the recovery of the already fragile energy sector.

Ihsan Abdul-Jabbar, the Iraqi Minister of Oil, had  stated last November 27: “We do not have any expectation  about whether or not the current monthly increase of 400,000 barrels per month will remain, as the member states will wait for market research reports that give a clear vision, and the decision will be Based on what technical experts provide.

And "OPEC +" decided, during its meeting in early November, to keep the monthly increase rate of 400,000 barrels in the month of December.

Russia and Saudi Arabia - the largest producers of "OPEC +" - had said before this week's talks, which began with an online meeting of "OPEC +", yesterday, Wednesday, that there is no need for a quick reaction to amend the established policy.

[yota691]

Oil price jump

•  Time: 12/03/2021 08:34:24
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•  Reading: 2,145 times

  

{Economic: Al Furat News} Oil prices jumped, on Friday, extending their gains, after “OPEC +” said that it will review its plans to increase production before its next scheduled meeting if the new “Omicron” strain of the Corona virus weakens demand, but prices are still on the path Backtrack for a sixth week.

Brent crude futures rose 12 cents, or 0.2 percent, to $69.79 a barrel at 01:22 GMT, after having jumped 1.2 percent in the previous session.

US West Texas Intermediate crude futures were not less fortunate than the previous one, as they also rose 27 cents, or 0.4 percent, to $ 66.77 a barrel, adding to their gains of 1.4 percent at the end of trading Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, surprised the markets on Thursday when it announced plans to increase oil production per month by another 400,000 barrels per day in January.

[yota691]

Iraq: OPEC raises the Iraqi oil production quota to 4.281 million barrels per day

 

 

 

Baghdad, December 4 (Petra) - The Iraqi Oil Ministry said today, Saturday, quoting from the Organization of Petroleum Exporting Countries, that the oil production quota for Iraq for the month of next January was set at 4.281 million barrels per day, an increase of 44,000 barrels per day from December, and an increase By 88 thousand barrels per day from last November.
The sources said that Iraq's share will exceed four million and 200 thousand barrels per day during the month of January next, after the "OPEC +" agreement to increase 400 thousand barrels per day, for the producing countries affiliated under it.
-- (Petra)
FB/B 04/12/2021 12:53:24

[yota691]

OPEC sets a new production quota for Algeria to start early next year

Yesterday, 11:44

Follow - conscious

The Algerian Ministry of Energy and Mines reported that Algeria's oil production share will reach 972 thousand barrels per day during January 2022, with the approval of the OPEC ministerial meeting.

According to a statement by the Ministry of Energy and Mines, "the share of Algerian oil production will reach one million during January 2022, after the amendment plan that was identified last Thursday, in the framework of the 23rd ministerial meeting of OPEC and non-OPEC countries, in which Algerian Minister of Energy and Mines Mohamed Arkab participated ."

The statement indicated that "the 23rd ministerial meeting of OPEC and non-OPEC countries, which took place via videoconferencing technology, approved the total upward adjustment of monthly production by 400,000 barrels per day for the month of next December," as this decision is considered a "reconfirmation of the adjustment plan." that were identified at the nineteenth ministerial meeting of the "OPEC +" group.

As for Algeria, its production level will reach 972 thousand barrels per day during the month of January 2022, an increase of ten thousand barrels per day compared to the current month of December, according to the statement .

The statement said, "It was agreed during the meeting that the current meeting would remain open to monitor the development of the epidemiological situation, closely monitor the market, and make adjustments if necessary . "

The ministerial meeting of the "OPEC +" group was preceded by the 35th meeting of the Joint Ministerial Monitoring Committee "GMMC", which was devoted to assessing on the basis of the report of the Joint Technical Committee the current oil market conditions in the short term, as well as the level of compliance with the production adjustment obligations of the signatory countries to the declaration of cooperation. For the month of October 2021, which amounted to 116 %.

The Joint Ministerial Monitoring Committee (GMMC) has been meeting periodically since January 2017, with the aim of ensuring the implementation of voluntary production adjustments by the member countries of the Organization of Petroleum Exporting Countries and non-OPEC countries that have signed the Declaration of Cooperation .

 

Source: Russia Today

[yota691]

 

“OPEC” SETS A NEW PRODUCTION QUOTA FOR IRAQ

 

 

 

Saturday, December 4, 2021 1:09 PM

Baghdad/National News Center

The Organization of the Petroleum Exporting Countries announced, on Saturday, that the share of Iraqi oil production will exceed four million and 200 thousand barrels per day during the month of next January, after
the “OPEC +” agreement to increase 400 thousand barrels per day.

The organization stated in a table, that "the production share for Iraq for the month of January was set at 4.281 million barrels per day, an increase of 44,000 barrels per day from the month of December, which amounted to 4.237 million barrels per day, and an increase of 88 thousand barrels per day compared to last November."

And she added, "The production of both Saudi Arabia and Russia was set at 10.122 million barrels per day, during the month of January, an increase of about 104 thousand barrels per day from the current month of December, and the UAE's production share increased by 31 thousand barrels per day, to reach 2.916 million barrels per day. over the next month.”

She indicated that "the share of OPEC from the planned increase of 400,000 barrels per day in January will amount to 254 thousand barrels to reach 24.554 million barrels per day, while the share of allied with OPEC will reach 146 thousand barrels to reach 15,794 million barrels per day."

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

[yota691]

Oil prices rise to more than $73 a barrel

•  Time: 12/07/2021 09:07:44
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•  Reading: 806 times

  

{Economic: Al Furat News} Oil prices rose, on Tuesday, after a recovery of close to 5 percent the previous day, as concerns receded about the impact of the Omicron variable on global demand for fuel.

Brent crude futures rose 62 cents, or 0.85 percent, to $73.70 a barrel. 

US West Texas Intermediate crude was at $70.28 a barrel, up 70 cents, based on a 4.9% gain in the previous session. 

[yota691]

Iraq: "OPEC" policy has reservations about the unjustified increase in oil production

expressive image

 December 08, 2021 12:55 AM

 

Mubasher: Iraqi Oil Minister Ihsan Abdul-Jabbar announced that the policy in OPEC is based on reservations about the unjustified increase in production.

In an interview published today, Tuesday, on the ministry's Facebook page, Ihsan Abdul-Jabbar said that the contract with Total was a great achievement and would generate profits for Iraq of more than $85 billion over 20 years.

The Minister of Oil hinted: "Iraqis make up 90 percent of the workforce in licensing round contracts."

And Abdul-Jabbar suggested, earlier today, that the price of crude would reach above $75 a barrel, while noting that "OPEC" is trying to control the energy market positively.

Abdul-Jabbar said: "There is no political pressure regarding the conclusion of the Total contract," noting that "the Total project does not include mortgaging Iraqi gas."

He pointed out that "the Total project will address all the problems in the country's oil industry," stressing that "at the end of 2024, gas flaring in the southern fields will decrease by 90%."

He pointed out that "ExxonMobil's departure from Iraq was a strategic decision," explaining that "Basra is currently producing 3 million and 250 thousand barrels per day."

He pointed out that "all the top universities in government engineering have been appointed to the Ministry's staff."

[yota691]

Brent fell to $75 a barrel

•  Time: 12/08/2021 08:39:33
•  
•  Reading: 780 times

  

{Economic: Al Furat News} Oil prices fell, today, Wednesday, to reverse the gains made earlier in the week, with the rise in US gasoline stocks, and with investors trying to assess the full impact of the Corona virus or Micron variable on global demand for fuel and the effectiveness of current vaccines.

Brent crude futures were down 21 cents, or 0.29 percent, at $75.21 a barrel at 05:11 GMT, after settling up 3.2 percent on Tuesday. US West Texas Intermediate crude recorded $71.78 a barrel, down 27 cents, or 0.37 percent, after rising 3.7 percent in the previous session.

Oil prices rebounded earlier this week from last week's collapse with growing optimism that Omicron's new formula will not cause significant economic damage.

"Investors remain not entirely optimistic and are taking a wait-and-see approach until they see the full impact of Omicron," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

US crude stocks fell last week while gasoline and distillate stocks rose, according to market sources citing figures from the American Petroleum Institute on Tuesday.

[nannab]

Good morning Yota and DV  

[yota691]

Economie

NOVAK: WITHOUT THE “OPEC +” AGREEMENT, THE OIL MARKET WOULD COLLAPSE

 

 

 

Saturday, December 11, 2021 3:45 PM

Baghdad/National News Center

Russian Deputy Prime Minister Alexander Novak stated that the global oil market would have collapsed without the “OPEC +” group agreement, due to the excess production of black gold.

In an interview with a Russian TV channel, the senior official indicated today, Friday, that the global oil market would have collapsed without the agreement, to the point where there would be no room for oil storage.
He added that the "OPEC +" agreement, in which oil production was regulated for a period of five years, paved the way for re-attracting investments to the oil industry, as well as restoring confidence in the oil sector.
Novak indicated that the “OPEC +” group will continue to increase supplies to the market to meet the growing demand for crude.
On his expectations for the next year, the Deputy Prime Minister said that Russia expects a recovery in the balance of supply and demand in the global oil market in 2022.
At a meeting held early this month (December 2021), the “OPEC +” group agreed to move forward with the planned increase in oil production in January 2022 with a volume of 400,000 barrels per day.

[yota691]

 

OPEC: Iraq and Saudi Arabia led the highest increase in oil supplies last month

 2021-12-14 01:16

 

 

Shafaq News/ OPEC announced on Tuesday that Iraq and Saudi Arabia led the highest increase in oil supplies among nine countries that raised their oil production last November.

 

The organization said in a report seen by Shafak News Agency, that "the production of oil by the 13 member countries of OPEC rose by about 285,000 barrels per day during the past month, to reach 27.717 million barrels per day, supported by increased supplies from nine countries, including Iraq."

 

And she indicated that "the largest increase came from Saudi Arabia, as its oil production rose by 101 thousand barrels per day, to reach 9.897 million barrels per day, and Iraq came second with the largest increase in its oil production by 91 thousand barrels per day to reach 4.240 million barrels per day."

 

And she added, "Nigeria raised its oil production by 85,000 barrels per day to reach 1,420 million barrels per day, Kuwait raised its production by 29,000 barrels per day to reach 2.531 million barrels per day, and the UAE increased by 21,000 barrels to reach 2,850 million barrels per day."

 

And OPEC indicated that "Venezuela raised production by 15,000 barrels to reach 625,000 barrels per day, Gabon and Algeria raised their production by 9,000 barrels per day, while Equatorial Guinea raised its production by 1,000 barrels per day for the month of November."

 

She pointed out that "oil production fell in 4 OPEC countries last month, which are Angola by 38,000 barrels per day, Libya by 15,000 barrels per day, the Congo by 14,000 barrels per day, and Iran's production decreased by 9 thousand barrels per day."

 

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

[yota691]

Energy Minister: Saudi Arabia will raise its oil production in 2022

 

Saudi Energy Minister Prince Abdulaziz bin Salman

Arabic and international Economy News - Baghdad Saudi Energy Minister Prince Abdulaziz bin Salman said, from the Saudi Budget Forum, that the latter will be one of the few countries that will increase oil production in 2022. Prince Abdulaziz bin Salman expected that oil will constitute 28% of energy demand until at least 2045, compared to 30% in 2020. The Saudi Energy Minister hinted that reducing investments in exploration and drilling could reduce oil production by 30 million barrels per day by 2030. He said, "We are heading towards a stage that could be dangerous if there is not enough spending on energy." This could result in an "energy crisis," he added. Prince Abdulaziz bin Salman said that if the demand for oil shrinks in the future, OPEC producers will represent a larger market share. The Saudi Energy Minister pointed out the great contradiction between the expectations and demands of the International Energy Agency regarding fossil fuels and the future, "it urges halting investment in conventional energy, and on the other hand it warns against the contraction of production in the future and its impact on the markets." Saudi Arabia, the world's largest oil exporter, is among the few countries still spending billions of dollars to increase production. The kingdom is trying to increase its capacity to 13 million barrels per day from 12 million by 2027. Global spending on oil and gas projects fell 30% to $309 billion in 2020, and recovered slightly this year, according to the Riyadh-based International Energy Forum.

Views 80   Date Added 12/14/2021

[yota691]

 

For the third day in a row, oil prices continue to decline, and the rate reaches 1%

 2021-12-14 23:49

 

Shafaq News/ Oil prices fell for the third day in a row on Wednesday due to growing expectations that supply growth will outpace demand growth next year, although the Omicron Corona virus variable is not seen as limiting mobility as sharply as the previous variants of COVID-19 .

West Texas Intermediate crude futures were down 82 cents, or 1.2%, at $69.91 a barrel at 0413 GMT, after losing 56 cents in the previous session.

Brent crude futures fell 71 cents, or 1 percent, to $72.99 a barrel, after losing 69 cents on Tuesday.

Both contracts fell by more than $1 earlier in the session while the monthly spot spread for Brent crude inverted briefly on Tuesday.

On the other hand, the Organization of the Petroleum Exporting Countries (OPEC) on Monday raised its forecast for global oil demand for the first quarter of 2022.

In another bearish indication, industry data showed that US crude inventories did not decline last week as much as expected.