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Oil prices exceed $106 a barrel


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OPEC informs the European Union of its concern over the Russian oil embargo proposal
  
{Economic: Al Furat News} OPEC sources said that the organization's officials believe that a possible embargo by the European Union of Russia's oil due to its invasion of Ukraine would harm customers, and that the organization informed Brussels of its concerns about the matter.

Pressure is mounting amid growing calls by Western countries to impose a blanket ban on Russian energy imports, but Germany has so far refrained, citing possible repercussions for Europe's largest economy.

Putin raised the rhetoric on Wednesday by demanding that payments for gas purchases be made in rubles, which Germany said was a breach of contracts.

US President Joe Biden will participate in Thursday's summit in Brussels, which is expected to focus on energy security.

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Oil prices fall to $118

2022.03.25 - 09:58
Oil prices fall to $118
 

Baghdad - people  

Oil prices fell on Friday, as supply concerns eased as European Union countries remained divided over an oil embargo on Russia, while the United States and its allies considered releasing more oil from storage to calm markets.  

  


Brent crude futures fell 46 cents, or 0.4 percent, to $118.57 a barrel by 0529 GMT, after falling 2.1 percent in the previous session.  


US West Texas Intermediate crude futures fell 47 cents, or 0.4 percent, to $111.87 a barrel, after losing 2.3 percent in the previous session.  

 
 
 
 
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 2022-03-27 05:15
 

 

Shafaq News/ Data for the research company Kpler showed, on Sunday, that Iraq and three Gulf countries, whose exports constitute half of the shipments of fuel oil destined for America in the month of next April.

 

The company said in a statement seen by Shafak News Agency, that "American refineries began to seize shipments of fuel oil from the Middle East this month after US President Joe Biden banned Russian oil imports due to the invasion of Ukraine."

 

According to the data, last year Russia accounted for just under half of the US imports of fuel oil, Mexico 20%, and the Middle East about 5%.

 

The company indicated that "Iraq, Saudi Arabia, Kuwait and the UAE account for about half of the shipments of fuel oil under contracts, and it is expected that they will head to the United States in April."

 

The data showed that "the shipments coming from the UAE and Kuwait scheduled to be unloaded in April will be the first in the past eight months, while March represents the first time that Iraqi fuel oil reaches the United States since mid-2021."

 

Last year, the United States imported about 700,000 barrels per day of various types of fuel oil and other feedstocks that mostly went to US Gulf Coast refineries to supplement heavy crude oil, according to market research data.

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Baghdad - Iraq today:

data for the research company (Kpler) showed today, Sunday; that "Iraq" and three Gulf countries, whose exports constitute half of the shipments of "fuel oil" destined for "America"; Next April.

The company said in a statement; that: “American refineries have begun to snap up shipments of fuel oil from the Middle East; This month, after the US president banned; Joe Biden, Russian Oil Imports Due to Invasion of Ukraine.”

According to the data, “Russia” formed; Last year, just under half of the United States' imports of fuel oil, Mexico: 20%, and the Middle East by about 5%.

The company indicated that: “Iraq, Saudi Arabia, Kuwait and the UAE; It makes up about half of all fuel oil shipments; Under contracts, it is expected to head to the United States in April.”

The data showed that: “The shipments coming from the Emirates and Kuwait; scheduled to be unloaded, in April, will be the first in the past eight months, while March will be; The first time that Iraqi fuel oil reaches the United States since mid-2021.”

Imported "USA"; Last year, about 700,000 barrels per day of different types of “fuel oil” and other raw materials; It mostly went to US Gulf Coast refineries to supplement heavy "crude oil," according to market research data.

SOMO: Indian and Chinese companies were the most numerous purchasers of Iraqi oil...

The Iraqi Oil Marketing Company announced; (SOMO), today, Sunday, that the Indian and Chinese oil companies were the most numerous to buy “Iraqi oil”; during the month of February.

Reported (SUMO); In a statistic published on its official website; That: Indian and Chinese companies were the most numerous among other international companies in buying “Iraqi Oil”; And by: 07 companies each, out of: 34 companies that purchased “oil” during the month of February 2022.

She added that: “American and South Korean companies; It came second with a number: 04 companies for each of them, then the Italian companies came with: 03 companies, and the Greek companies came with two companies, while the rest were distributed to Spanish, British, Turkish, (Dutch-British), Angolan, Russian and Malaysian companies, and one company for each.”

(SOMO) indicated that it: “relies in selling Iraqi oil; on the main criteria for contracting with major, medium, independent and vertically integrated governmental international oil companies,” noting that: “The most prominent international companies that bought Iraqi oil are: the Indian (Bharat) Company, the Chinese (Petrogaina), (ExxonMobil) and (Chevron) of the United States. British Dutch (Shell), Italian (Eni), and British (BP)

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 2022-03-30 02:47
 

Shafaq News/ The Kingdom of Saudi Arabia, the United Arab Emirates and Iraq said that OPEC and its allies still tightly control the oil market, while the organization is preparing to meet to take a decision on production levels in May, amid anger from oil importing countries over the lack of supplies and high fuel prices.

However, ahead of the March 31 meeting, OPEC+ officials strongly indicated that the alliance is not ready to go beyond the steady monthly increases that have been implemented since August.

“We are experts in our field and have been doing this for a long time,” UAE Energy Minister Suhail Al Mazrouei said at the Atlantic Council’s Global Energy Forum in Dubai. “We are trying to balance the market and it is not an easy task. We know from experience, so trust us."

The monthly increases in production quotas were 400,000 barrels per day, but it is set to rise slightly with the upward adjustments to the basic production levels of Saudi Arabia, Russia, Iraq, the United Arab Emirates and Kuwait which are due to come into effect from May.

Fatih Birol, executive director of the International Energy Agency, said the market was "really disappointed" by the alliance's lack of urgency to moderate the market and that OPEC+ countries were reducing production to their production targets. The International Energy Agency estimates that the global market is facing an estimated deficit of 2.5 million barrels per day as a result of the war.

This comes despite urgent calls from energy consumers for producers to release more oil into the market.

The OPEC+ countries contributed to the tightening of the market, with many members reducing their quota production, collectively, the group fell 1.053 million barrels per day less than its targets in February.

A delegate-level advisory committee will meet on March 30 to assess market conditions and compliance with member quotas.

Russian and Ukrainian officials began peace talks on March 29. These talks could have a significant impact on prices if progress is made and concerns about Russia's ability to supply global markets subside.

Kazakhstan expects a significant drop in production in April after damage to loading facilities at the port of Novorossiysk. The Kazakh Energy Ministry said on March 29 that the accident could lead to the removal of 320,000 barrels per day of Kazakhstan's production from the market in April, while maintenance work is being carried out.

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 2022-03-30 08:01
 

Shafaq News/ The prices of the OPEC oil basket fell, on Wednesday, to record 110 dollars per barrel.

And the Organization of the Petroleum Exporting Countries stated in a report seen by Shafak News Agency, that "the price of the OPEC basket of 13 barrels of crude recorded 110.05 dollars per barrel," noting that "the price decreased from the previous day by 3.34 dollars, after recording 113.39 dollars."

Oil prices fell on Tuesday after the Russia-Ukraine agreement hoped to stop the war, before resuming its rise this morning due to the scarcity of supply.

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

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  • Time: 03/29/2022 11:28:25
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Oil extends losses as Ukraine-Russia talks kick off
  
{Economic: Al Furat News} Oil prices continued their losses today, Tuesday, with the launch of Ukraine and Russia peace talks, and concerns about demand being affected after Shanghai closed the financial center of China, to limit the increase in cases of Corona virus.

Brent crude futures were down 60 cents, or 0.5%, at $111.88 a barrel at 0649 GMT, after falling to $109.97.

US West Texas Intermediate crude futures fell 59 cents, or 0.6%, to $105.37, after hitting a low of $103.46.

Ukraine and Russia are scheduled to meet in Istanbul today, as part of their first peace talks in more than two weeks.

Sanctions imposed on Russia after its invasion of Ukraine slashed oil supplies and pushed prices to 14-year highs earlier this month.

The two-phase, nine-day shutdown of Shanghai is also expected to hurt fuel demand in China, the world's largest oil importer.

ANZ Research analysts said Shanghai accounts for about 4% of China's oil consumption.

The market is awaiting a meeting on Thursday of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the alliance known as "OPEC +".

Several sources close to the group said it would likely stick to plans for a modest increase in oil production in May, despite higher prices and calls from the United States and others for more supplies.

Global demand rose to nearly pre-pandemic levels, but supplies were disrupted, as OPEC+ slowed to restore supplies after cuts made during the pandemic in 2020.

Traders said that US oil exports have jumped since the Russian invasion of Ukraine, and that domestic barrels of oil that used to go to the storage center in Cushing, Oklahoma, are exported through the Gulf Coast.

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Oil prices exceed $106 a barrel

2022.04.06 - 08:44
Oil prices exceed $106 a barrel
 

Baghdad - people  

 Oil futures rose on Wednesday, recovering from early losses, as the threat of new sanctions against Russia raised supply concerns.  

 

  

Brent crude futures rose 32 cents, or 0.30%, to $106.92 a barrel by 05:04 GMT, after falling to $105.06 earlier in the session.  

US West Texas Intermediate futures rose one cent, to $101.96 a barrel, after falling to $100.37 in early trading.  

The United States and its allies prepared new sanctions on Moscow on Wednesday over the killings of civilians in northern Ukraine, raising concerns once again about a tight supply as the United States and Europe step up sanctions on Russia.  

The proposed EU sanctions, which must be agreed by the 27 member states, would ban the purchase of Russian coal and prevent Russian ships from entering EU ports.  

However, supply fears of lower prices were allayed earlier by a stronger dollar, making oil more expensive for holders of other currencies, and a sudden increase in US crude inventories.  

The dollar rose to its highest level in nearly two years on Wednesday after jumping overnight on more hawkish comments from a Federal Reserve official.  

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

Demand fears also escalated after authorities in China, the largest oil importer, extended a lockdown in Shanghai to cover all 26 million residents of the financial hub.  

Analysts expected oil prices to remain at around $100 a barrel for a while amid demand concerns and expect no conflict in the Middle East during the fasting month of Ramadan, but they may rise again after Ramadan and with the start of the driving season in the United States.  

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  • 2 weeks later...
Oil prices exceed the level of 108 dollars, in conjunction with the rise in US crude stocks
 

Baghdad - people   

Oil prices jumped recently, as a large increase in US crude inventories failed to allay concerns about tight global supply.  

  

 

The price hike comes as major Russian crude oil traders are expected to shy away.  

  

Brent crude rose $4.14, or 4%, to $108.78.  

  

US West Texas Intermediate crude futures closed up $3.65, or 3.7%, to $104.25.  

  

The gains came a day after both benchmarks rose more than 6%.  

  

Sources said that major global trade companies plan to reduce purchases of crude oil and fuel from Russian state-controlled oil companies by May 15, to avoid falling into a state of violation of European Union sanctions imposed on Russia, the world's second-largest crude oil exporter.  

  

The International Energy Agency said earlier that it expected Russian oil production losses to average 1.5 million barrels per day in April, with losses increasing to nearly three million barrels per day as of May.  

  

Market sources said, quoting figures from the American Petroleum Institute, on Tuesday that crude oil inventories in the United States rose sharply last week, while gasoline and distillate stocks declined.  

  

According to the sources, crude stocks increased by 7.8 million barrels during the week ending on the eighth of April.  

 

Gasoline stocks fell 5.1 million barrels, while distillate stocks, which include diesel and heating oil, fell five million barrels.  

  

The Organization of the Petroleum Exporting Countries (OPEC) warned that it would be impossible to offset potential supply losses from Russia and indicated it would not pump more crude.  

  

Oil prices also received support from reports this week of a partial easing of some strict anti-Covid-19 restrictions in China.  

  

However, the gains were limited by weak economic data from China and Japan.  

  

"Eye"  

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The World Bank warns of crises in the Middle East and North Africa as a result of the war against Ukraine
 

Baghdad - people   

The World Bank warned, on Thursday, that the Russian invasion of Ukraine increases the risk of social unrest and crises in the poorest countries in the Middle East and North Africa, against the backdrop of high food and energy prices due to the war.  

 

  

  

In its latest update to its growth forecasts for the region, a World Bank report said that "inflationary pressures" caused by the COVID-19 pandemic are "likely to be exacerbated" by Russia's war against its neighbor.  

  

"The threat of COVID-19 mutant still exists, but the war in Ukraine has multiplied the risks, especially for the poor," said Ferid Belhaj, World Bank Vice President for the Middle East and North Africa, in the report.  

  

World Bank President David Malpass warned this week that Russia's war on Ukraine has already affected the global economy, driving up energy and food prices and exacerbating poverty and hunger.  

  

According to the report issued on Thursday, higher food prices may have "far-reaching effects that go beyond increasing food insecurity," noting that "historically in the Middle East and North Africa, increases in bread prices ... have contributed to social unrest and conflict."  

  

"This link between food prices, conflict and low growth constitutes a serious concern about a humanitarian crisis in fragile states affected by conflict and violence in the Middle East and North Africa," he added.  

  

Ukraine is a major exporter of grain, while Russia is a major producer of energy and fertilizers for agriculture. The Middle East and North Africa region is highly dependent on wheat supplies from both countries.  

  

The report expects the inflation rate in the oil-rich Gulf states to reach 3.0 percent this year, compared to 1.2 percent in 2021, and rise to 3.7 percent in oil-importing countries from 1.4 percent last year.  

  

"For some oil importers, it will be difficult to maintain food subsidies due to limited resources," the report said, while "high oil prices may delay reforms."  

  

Nevertheless, the World Bank expects economic growth in the region to reach 5.2 percent in 2022, the fastest growth rate since 2016.  

  

"The whole region is booming thanks to oil," and its economic performance is "better" than any other region in the world, said Daniel Lederman, chief economist for the Middle East and North Africa at the World Bank.  

  

However, this growth, even if it has actually materialized, is "insufficient and uneven", according to the expert.  

  

"It is not enough because a large number of economies in the Middle East and North Africa region will remain poor in terms of per capita GDP compared to what they were in 2019 on the eve of the epidemic," he said.  

  

He added, "It is uneven because the fastest (recovering) economies in 2022 are expected to be oil exporters, while oil importers are expected to suffer."  

  

The oil-exporting economies are expected to grow by 5.4 percent on the back of the recovery from the epidemic, the expected increase in oil production and the rise in crude prices, while the economies of oil-importing countries will grow by 4.0 percent.  

  

The report warned that 11 out of 17 economies in the Middle East and North Africa may not recover to pre-pandemic levels by the end of this year.  

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Earth News/ The World Bank warned Thursday that the Russian invasion of Ukraine increases the risk of social unrest and crises in the poorest countries in the Middle East and North Africa, against the backdrop of high food and energy prices due to the war.

In its latest update of its growth forecasts for the region, a World Bank report said that the "inflationary pressures" caused by the Covid-19 epidemic were "likely to be exacerbated" by Russia's war against its neighbor.

"The threat of Covid-19 mutant still exists, but the war in Ukraine has doubled the risks, especially for the poor," said Ferid Belhaj, Vice President of the World Bank for the Middle East and North Africa, in the report.

World Bank President David Malpass warned this week that Russia's war on Ukraine has already affected the global economy, driving up energy and food prices and exacerbating poverty and hunger.

According to the report issued on Thursday, rising food prices may have “far-reaching effects that go beyond increasing food insecurity,” noting that “historically in the Middle East and North Africa, increases in bread prices … have contributed to social unrest and conflict.”

He added, "This link between food prices, conflict and low growth constitutes a serious concern about a humanitarian crisis in fragile states affected by conflict and violence in the Middle East and North Africa."

Ukraine is a major exporter of grain, while Russia is a major producer of energy and fertilizers for agriculture. The Middle East and North Africa region is highly dependent on wheat supplies from both countries.

hyperinflation

The report expects the inflation rate in the oil-rich Gulf states to reach 3.0 percent this year, compared to 1.2 percent in 2021, and rise to 3.7 percent in oil-importing countries from 1.4 percent last year.

"For some oil importers, it will be difficult to maintain food subsidies due to limited resources," the report said, while "high oil prices may delay reforms."

Nevertheless, the World Bank expects economic growth in the region to reach 5.2 percent in 2022, the fastest growth rate since 2016.

"The whole region is booming thanks to oil," Daniel Lederman, chief economist for the Middle East and North Africa at the World Bank, told AFP.

However, this growth, even if it has actually materialized, is “insufficient and uneven,” according to the expert.

"It is not enough because a large number of economies in the Middle East and North Africa region will remain poor in terms of per capita GDP compared to what they were in 2019 on the eve of the epidemic," he said.

And he added, "It is uneven because the fastest (recovering) economies in 2022 are expected to be oil exporters, while oil importers are expected to suffer."

The oil-exporting economies are expected to grow by 5.4 percent on the back of the recovery from the epidemic, the expected increase in oil production and the rise in crude prices, while the economies of oil-importing countries will grow by 4.0 percent.

The report warned that 11 out of 17 economies in the Middle East and North Africa may not recover to pre-pandemic levels by the end of this year.

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