On the impact of the price boom, the Minister of Oil meets the Secretary-General of OPEC

[yota691]

OPEC Secretary-General: We are not a political organization

01:02

Fourth - follow up

The Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barkindo, announced that the current situation in the energy market shows that the countries of the world should not make the global energy market hostage to their political differences.

"We (OPEC) are not a political organization, and we try as much as possible to stay away from politics. We also continue to work to remove politics from the supply of oil," Berkindo said during the "Serawick" international conference.

 

Earlier on Monday, Russian Deputy Prime Minister Alexander Novak said that oil prices could jump above $300 a barrel if the United States and the European Union banned Russian oil imports.

And the Speaker of the US House of Representatives, Nancy Pelosi, announced yesterday that the House is studying the possibility of preparing a bill banning the import of oil and energy resources from Russia, against the backdrop of the crisis in Ukraine.

 

[yota691]

What does a cartel do?

 

 

What Is a Cartel? A cartel is an organization created from a formal agreement between a group of producers of a good or service to regulate supply in order to regulate or manipulate prices.

[yota691]

Organizations and Cartels

A cartel, as defined by the Organisation for Economic Co-operation and Development (OECD), is when firms create a formal agreement to "raise or fix prices and to reduce output in order to increase profits." This agreement harms consumers because it makes products unavailable or overly-expensive.¹ Industries that are made up of a few large companies, have high start-up costs, and produce less complex goods are more likely to collude on price and production. Historically, cartels have existed in the steel, railroad transportation, and vitamin industries.² In the oil and gas industry, the Organization of the Petroleum Exporting Countries (OPEC) is often used as an example of a cartel. Although there is debate around whether the economic evidence demonstrates it is a true cartel, OPEC's member countries do exert market influence.³ The focus of OPEC is to control oil output in order to influence prices. As natural gas may be produced with with oil, some view OPEC as also being an indirect natural gas cartel. Additionally, a group of countries have formed what is called the Gas Exporting Countries Forum (GECF), which some refer to as a gas-OPEC. The GECF does not try to limit production, nor influence prices in other ways, but some members have called on the organization to change its mandate and try to control production to "make the market more stable." The GECF has been around for about ten years, which is about the same amount of time that it took OPEC to gain its footing and insert itself into the oil market.

Prior to OPEC, the oil market was dominated by seven major oil companies often known as the Seven Sisters, who colluded to manipulate price and production, sometimes under the direct request of the U.S. Government, and other times investigated by the U.S. Government for violating antitrust laws.⁴ After World War II, faced with threats of nationalizing oil production, the Seven Sisters agreed to split oil profits fifty-fifty with oil exporting countries. However, as competition from Russian oil increased, Standard Oil of New Jersey (Exxon) concluded they needed to drastically reduce oil prices. The other majors reluctantly followed suit, which ultimately reduced income to the oil exporting countries. In 1960, as a response to the price drop, the oil exporting countries created OPEC to diminish the influence of multinational oil companies.⁵

ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES (OPEC)

OPEC is a permanent, intergovernmental organization (IGO) created at the Baghdad Conference on September 10-14, 1960. It was an outgrowth of the 1st Arab Petroleum Congress in 1959 when the Oil Consultation Commission, created by a few of the oil producing countries, signed what was known as the Maadi Pact. Its current mission is to coordinate petroleum policies between its member countries with the goal of stabilizing the oil market for consumers, producers, and investors. A number of countries have sought various agreements and acts to limit the impact of OPEC on the global oil market.

[rw.sutton]

https://media.gab.com/system/media_attachments/files/100/935/213/original/93dc79bd74bc61f5.mp4

[yota691]

8 minutes ago, rw.sutton said:

https://media.gab.com/system/media_attachments/files/100/935/213/original/93dc79bd74bc61f5.mp4

Trump at the Gas Station!
1,047 views Mar 7, 2022

 

 

Michael
13 hours ago
Bruh!!! I thought this was a voice over. That is spot on. Make more stuff.

Shawn Gollatz
18 hours ago
You must be in my town.. that's exactly what the prices are at Speedway here

pjbikerful
13 hours ago
This time next year it will be 8 to 10 bucks a gallon.😏

G R
13 hours ago
$4.16 In Central Florida. Thanks Sleepy Joe.

Mr bud gerb
15 hours ago
$95 to fill my pickup.......Its a disgrace!!!

Jay Quellen
17 hours ago
$5.29 central California today

Darkyoda
18 hours ago
California here! Just paid 27.50 for 5 gallons! Thx Joe

Sherry Segreti
11 hours ago
I look soooo forward to these! Love my President Trump!♥️♥️♥️♥️

 

Hoosier Flatty
19 hours ago
About $4.10 in northern Indiana
 

[rw.sutton]

thanks Yota,,I couldnt get the link to post!

[bkeiller]

Try $9.19 a gallon in the UK!

 

https://www.dailymail.co.uk/news/article-10582041/Price-petrol-pumps-hits-unprecedented-7-GALLON.html

[yota691]

On the impact of the price boom, the Minister of Oil meets the Secretary-General of OPEC

2022.03.10 - 16:18

 

Baghdad - people   

Today, Thursday, Oil Minister Ihsan Abdul-Jabbar met with the Secretary-General of OPEC, Muhammad Barkindo, on the sidelines of his participation in the CERAWeek2022 conference in Houston.    

  

 

  

A statement of the Ministry of Oil, of which “Nass” received a copy (10 March 2022), stated that “Oil Minister Ihsan Abdul-Jabbar Ismail met with the Secretary-General of the Organization of Petroleum Exporting Countries, Muhammad Barkindo, and this came on the sidelines of his participation in the CERAWeek2022 conference, which is being held in Houston for the period from 7 - March 11.
Oil Minister Ihsan Abdul-Jabbar Ismail said that during the meeting, they discussed developments in the global oil market in light of the current situation and war between Russia and Ukraine, and its repercussions on the oil market.  

  

The two sides affirmed "the (OPEC Plus)'s keenness to achieve a balance between supply and demand and to work for stability in the oil markets."   

[yota691]

The Minister of Oil and the Secretary General of OPEC discuss the repercussions of the Ukraine war and stress the market balance

• Time: 03/10/2022 16:22:36
•  
• Reading: 429 times

  

{Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar Ismail met with the Secretary-General of the Organization of Petroleum Exporting Countries, Mohammed Barkindo, on the sidelines of their participation in the CERAWeek2022 conference, which will be held in Houston for the period from 7-11 March.

Ismail said, according to a statement by the ministry, which the agency {Euphrates News} received a copy of, that "during the meeting, they discussed developments in the global oil market in light of the current situation and war between Russia and Ukraine, and its repercussions on the oil market."
The two sides affirmed "the (OPEC Plus)'s keenness to achieve a balance between supply and demand and to work for stability in the oil markets."

[yota691]

 

Iraq and OPEC reassure the oil market: We are working to achieve a balance between supply and demand

 

 2022-03-10 11:16

 

 

Shafaq News/ On Thursday, Iraq and OPEC affirmed their keenness to achieve a balance between supply and demand, against the backdrop of the Russian invasion of Ukraine and the United States' imposition of a ban on the import of Russian oil and gas.

 

In a statement received by Shafaq News Agency, the Iraqi Oil Ministry stated that Minister Ihsan Abdul-Jabbar Ismail met with the Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" Muhammad Barkindo, on the sidelines of his participation in the CERAWeek2022 conference that is being held in Houston for the period from 7-11 March .

 

The Minister of Oil said that during the meeting, they discussed developments in the global oil market in light of the current situation and war between Russia and Ukraine, and its repercussions on the oil market.

 

The two sides affirmed the "OPEC +" keenness to achieve a balance between supply and demand and to work for stability in the oil markets.

 

Earlier today, the UAE Energy Minister, Suhail Al Mazrouei, announced the UAE's commitment to the "OPEC +" agreement.

 

Al Mazrouei said in a statement to the Emirates News Agency, WAM, that "the UAE is committed to the (OPEC +) alliance agreement and its current mechanism for adjusting monthly oil production."

 

Earlier, US President Joe Biden said that Washington had banned energy imports from Russia due to the situation in Ukraine. Meanwhile, Biden acknowledged that such sanctions would keep fuel prices at US gas stations going up, which have already risen by 75 cents a gallon since the start of the Russian operation in Ukraine.

[yota691]

Mystery surrounds the fate of OPEC+

Saturday 12 March 2022 52

 

 Morning: Follow up

 

The fate of OPEC Plus is shrouded in mystery due to the pressures that are pushing the markets and the current global conditions. At a time when oil prices rose as a result of the war in Ukraine to more than 130 dollars a barrel, they fell on Thursday to 110.60 dollars a barrel after Russia announced its pledge to fulfill its obligations 

contractual.

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

The OPEC Plus agreement includes, in addition to the OPEC countries, Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan, Sudan.

 The American energy security adviser, Amos Hochstein, said that OPEC Plus no longer exists, and that OPEC Plus is Russia, which can no longer produce or at least export.

 Hostein added at an energy conference held in Houston, America, in which Iraq participated, that the United States of America and other countries would consider releasing more barrels of oil from the reserves, if necessary. 

command.

Meanwhile, Iraqi Oil Minister Ihsan Abdul-Jabbar and OPEC Secretary-General Muhammad Barkindo stressed the importance of stabilizing the oil market and achieving a balance between supply and demand. This came in a meeting between the two sides on the sidelines of the aforementioned conference, which concluded on Friday. The minister said in a statement: "During the meeting, the developments of the global oil market were discussed in light of the situation and the ongoing war between Russia and Ukraine, and its repercussions on the oil market."

According to the statement, "The two sides affirmed the keenness of the OPEC + (alliance) to achieve a balance between supply and demand, and to work for stability in the oil markets."

Oil prices have risen sharply in the past two weeks, touching $140 a barrel, driven by the Russian military operation in Ukraine, and Washington imposing a ban on energy imports from Russia.

Iraq is the second largest producer of crude oil in “OPEC” after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and depends on oil revenues to finance up to 92 percent of state expenditures.

The Iraqi Oil Ministry had announced in early March that crude exports during last January amounted to 3.314 million barrels per day, with a total of about 92 million barrels, with revenues exceeding $8 billion.

Iraq has adhered to the agreement to reduce production since May 2020, which was approved by the “OPEC +” alliance in April 2020, which affected the volume of the country’s exports, which in normal conditions amounted to 107 million barrels per month.