Oil markets are waiting for big cuts in OPEC

[yota691]

Between US pressure and OPEC Plus... What will the oil price scene look like in 2023?

reports
   

Economy News-Baghdad
With the rapid geopolitical changes in the world, energy markets remain widely affected by ups and downs, which experts believe is directly reflected in the hypothetical price of oil in the Iraqi budget for the year 2023.

Former head of the Iraqi Oil Marketing Company, Falah Al-Amiri, says, "The confrontation between OPEC Plus and the major industrial countries in the world has become public and is not hidden from anyone. It is a confrontation of an economic-political nature, and the West considered it a matter of national security. In this case, it is a serious confrontation, and its results will be clearly visible during this time." public, and this issue is not only an opinion, but a fact that must be taken into account.

He added to "Al-Iqtisad News", that "OPEC Plus has tools to keep oil prices at a fair price for both parties, which is around $80 a barrel. As for the Western countries, led by America, they find that the fair price is around $60, which is the same price imposed by America and the European Union on Russia." as a ceiling for the price of Russian oil.

He explained, "If we look deeply and carefully at the above prices, we will find that the confrontation will remain until one of the two sides wins," noting that "OPEC plus is not as strong as the West in general and the major industrialized countries, meaning that it is a struggle between two parties, a very strong party and a relatively weak one, except that it is OPEC." Plus, this means that the price will settle at $60 a barrel sooner or later.

From the foregoing, Al-Amiri believes that “Iraq, for example, will sell its oil at an average price of no more than $55 per barrel, because the bulk of Iraqi oil is heavy or medium, and its sulfur content is high.” Concluding that “the hypothetical price of oil should not be more than 45 dollars on the basis that the ten dollars are deducted from the price as a precaution for possible collapses in the oil markets.

Thus, “the default price of oil in the budget should be 45 dollars, and there is still money from that that must be transferred to the Sustainable Development Fund through the legislation of a text in the budget that requires that these funds be transferred to this fund monthly, but if the price is less than 45 during any month The deficit must be covered by the savings of this fund.

For his part, energy expert Ahmed Sabah believes that "oil markets have a relationship with supply and demand," indicating to "Al-Iqtisad News" that "supply cannot be increased in the short term, just as there is no production surplus. As for demand, it is linked to the state of the global economy, which It will not collapse unless it enters into a deep recession."

Politically, Sabah believes that "all of America's previous attempts to withdraw from its strategic reserve of up to 240 million barrels led to the depletion of that reserve and did not affect prices, and the same applies to OPEC + production cuts that did not raise prices."

And he believed that "crude prices will remain in the range of 70-85 dollars per barrel during this year, because this price is suitable for the global economy to continue recovering from the consequences of the Corona pandemic, and at the same time it gives an incentive to pump more investments to increase global oil production after years of the decline of these investments due to low prices, which Making the market without any surplus production to support the continuation of global economic growth.

And he considered that "any political attempt to influence prices, whether from America or the OPEC + coalition, is futile and doomed to failure, because prices will remain in the range that was mentioned."

 

 

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Views 118

Added 01/08/2023 - 9:53 AM

Updated 01/08/2023 - 4:38 PM

[yota691]

Oil prices fluctuated, with Brent hitting $84 a barrel

• Time: 01/17/2023 08:25:29
•  
• Read: 793 times

  

{Economic: Al Furat News} Oil prices fluctuated in early trading on Tuesday, as fears of recession dominated the headlines at the World Economic Forum meeting in Davos, but the prospects for a recovery in fuel demand in the largest oil importer. China limit decline.

Brent crude futures rose 17 cents, or 0.20 percent, to $84.63 at 04:14 GMT, while US West Texas Intermediate crude futures fell 57 cents, or to $79.26.

In a bearish poll released at the Davos summit, two-thirds of the private and public sector economists surveyed predicted a global recession this year, with around 18% believing it to be "very likely".

"Brent crude has risen about 10% over the past 10 days as optimism about China's reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain," energy analysts said.

[yota691]

“OPEC” confirms its expectations for the growth of global oil demand during 2023

• Time: 01/17/2023 17:03:57
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• Read: 1,300 times

  

{Economic: Al Furat News} The Organization of Petroleum Exporting Countries (OPEC) kept its expectations for the growth of global demand for oil during the current year unchanged at 2.2 million barrels per day.

 

OPEC also kept its forecast for oil demand growth in 2022 unchanged at 2.5 million barrels per day.
According to “OPEC” data, on Tuesday, the organization expects that Chinese demand for oil will recover this year as a result of the Asian country’s easing of restrictions related to the Corona virus.
The organization indicated that the current forecasts are still surrounded by uncertainties due to global economic developments and geopolitical tensions.
OPEC also kept its forecast for the growth of oil production in 2023 from non-OPEC countries unchanged at 1.5 million barrels per day.
The organization expects oil supply from outside the organization to expand by 1.9 million barrels per day during 2022, unchanged from last month's expectations.
On the other hand, the organization kept its forecast for global economic growth for the current year unchanged at 2.5 percent, while increasing its forecast for global economic growth in 2022 to 3 percent, compared to 2.8 percent in previous estimates.

[yota691]

A slight decline in Iraq's production and an increase in the production of OPEC countries

Economical  01/19/2023

 

 

 Baghdad: morning

 

OPEC announced that the oil production of the 13 member states of the organization rose to 28.971 million barrels per day during last December, an increase of 91 thousand barrels per day compared to last November, due to the increase in the production of Nigeria and Angola, while the production of Iraq decreased slightly.

According to the OPEC monthly report, “the largest increases came first from Nigeria, as its oil production increased by about 91 thousand barrels per day to reach 1.267 million barrels per day, followed by Angola, with an increase of 42 thousand barrels per day, followed by Libya, with an increase of 17 thousand barrels per day, then Venezuela, with an increase of 13.” One thousand barrels per day, and also Iran, with an increase of 9 thousand barrels per day, and then Saudi Arabia, with a slight increase of 4 thousand barrels per day.

She pointed out that “the countries whose production decreased, Kuwait came at the top of the group, with a decrease of 35,000 barrels per day, followed by the Congo, with a decrease of 18,000 barrels per day, then Algeria, with a decrease of 11,000 barrels per day, and the UAE, with a decrease of 9,000 barrels per day, while Iraq’s production decreased significantly.” Slight, reaching 4,000 barrels per day, bringing its production to 4,480 million barrels per day.

The Organization of the Petroleum Exporting Countries (OPEC) maintained expectations for oil demand growth this year at the level of 2.2 million barrels per day, which is identical to the organization’s expectations announced last month, as OPEC expects the average daily demand in 2023 to reach 101.77 million barrels per day.

[screwball]

150 plus per barrel starting in Feb March at latest

[yota691]

Report: Iraq is the second largest OPEC oil producer in 2022

 

energy
   

Economy News-Baghdad
The average Iraqi oil production during the past year 2022 increased by 9.85 percent on an annual basis, an increase of 399 thousand barrels per day.

According to the monthly report issued by the Organization of the Petroleum Exporting Countries, OPEC, Iraq's average production last year amounted to 4.448 million barrels per day, compared to 4.049 million barrels per day in 2021.

According to the report, Iraq thus became the second largest producer of crude oil among the members of the organization during the year 2022, indicating that Saudi Arabia ranked first among the 13 OPEC members with 10.531 million barrels per day, followed by Iraq second, then the UAE third with 3.065 million barrels. per day, Kuwait fourth with 2.705 million barrels per day, followed by Iran fifth with 2.554 million barrels per day.

On a monthly basis, Iraq's production decreased last December by about 4,000 barrels per day, to 4,480 million barrels per day, compared to 4,484 million barrels per day in November 2021.

The average production of the 13 members of the organization last month was 28.971 million barrels per day, compared to 28.879 million barrels per day in the previous November, an increase of 91 thousand barrels.

 

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Views 139

Added 01/21/2023 - 11:48 AM

Updated 01/21/2023 - 5:00 PM

[yota691]

A meeting of OPEC Plus next week...and revealing the possible direction

• Time: 01/25/2023 07:47:56
•  
• Read: 1,157 times

  

{Economic: Al Furat News} OPEC Plus delegates said they expect an advisory committee of ministers to recommend keeping oil production levels unchanged when they meet next week amid an initial recovery in global demand, according to Bloomberg.

The agency says that Saudi Arabia will conduct a review of production levels with its partners on the first of February, after agreeing to deep cuts late last year to maintain the balance of global crude markets.

Bloomberg quoted delegates from the group in private conversations that they expect the committee of ministers to maintain the status quo, as they wait for more clarity on the recovery of consumption in China and the impact of sanctions on Russian supply.

Global oil prices have soared in the past two weeks, approaching $90 a barrel as China - the world's largest oil importer - abandoned nearly three years of strict anti-Covid restrictions.

However, the recovery path remains uncertain as the country faces a resurgence of virus cases, prompting the Organization of the Petroleum Exporting Countries (OPEC) and its allies to remain conservative.

Meanwhile, OPEC Plus is waiting to see the full impact of EU sanctions on member Russia over its invasion of Ukraine.

The measures targeting Moscow's crude oil sales took effect in December.

OPEC Secretary-General Haitham Al-Ghais said earlier this month that he is "cautiously optimistic" about the global economy as the recovery emerging in China is dampened by weakness in advanced economies.

[rvmydinar]

On 1/21/2023 at 10:25 PM, yota691 said:

indicating that : 

1.) Saudi Arabia ranked first among the 13 OPEC members with 10.531 million barrels per day

2.) followed by Iraq second

3.) the UAE third with 3.065 million barrels. per day

4.) Kuwait fourth with 2.705 million barrels per day

5.) followed by Iran fifth with 2.554 million barrels per day.

So should the Iraq dinar be higher than Kuwaiti dinar? Geez I really can't believe it that Iran is the fifth largest oil producer in 2022 , however , Iran currency has the lowest rate among the top 5 oil producer in middle east country. Wow unbelievable.

[yota691]

US Secretary of State: We were concerned about the "OPEC +" decision to reduce oil production

 

Arab and international
   

Economy News-Baghdad
US Secretary of State Anthony Blinken told Al Arabiya that we have important relations with Saudi Arabia that have been going on for decades.

 

Blinken added that our relationship with Saudi Arabia is stable and evolving, saying: "Our relationship with Saudi Arabia must reflect common interests and values."

 

He explained that Saudi Arabia provided great support to Ukraine in confronting the Russian war.

“Saudi Arabia voted against the Russian war in Ukraine before the General Assembly,” according to Blinken.

 

He indicated that we are working with Saudi Arabia to end the war in Yemen.

He continued, "We were concerned about the decision of OPEC + to reduce oil production."

 

It is worth noting that five sources in OPEC + said last week that the ministerial committee in the group is likely to approve the current oil production policy when it meets next week, at a time when the market is witnessing a balance between hopes for a recovery in Chinese demand, which is driving the rise in oil prices, and economic concerns. .

 

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, meet on February 1.

The committee, called the Joint Ministerial Monitoring Committee (JMMC), could call a full OPEC+ meeting.

"I don't expect changes," an OPEC+ source said.

 

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314 views

Added 01/29/2023 - 9:30 PM

Updated 01/30/2023 - 1:39 PM

[yota691]

Oil ignores the Iran bombings...waiting for OPEC's word

 

money and business
   

Economy News-Baghdad
After limited gains in early trading, oil prices turned around today, Monday, due to the tensions in Iran, and oil prices turned to decline during these moments, before the scheduled OPEC meeting in early February.

 

This comes while the broader market is awaiting the results of the US Federal Reserve meeting, to price the dollar's strength in the coming period in light of signs of slowdown in the tightening policy, coinciding with monitoring supply and demand expectations and the recovery of the Chinese economy.

 

The strong dollar raises the cost of owning assets, and in the oil market the cost of purchasing, transporting and insuring crude for consumers increases, which limits the increase in demand.

 

The year 2023 is the year of gold, and the most important question is when to buy and when to sell, and how to save our money and ensure profit? And help you in solving this question trading expert d. Hisham Muhammad Younes in a free webinar presented by Investing Saudi Arabia on Tuesday, January 31 at 18:30 Riyadh time.

 

Oil prices fell today, Monday, giving up previous gains, with expectations that the world's major producers will keep production unchanged during an upcoming meeting this week due to the Fed's volatility.

 

Brent crude futures fell during these moments of Monday's trading in the range of 0.9%, or the equivalent of $0.8 per barrel, down to a level near $87.

On the other hand, the American Nymex light crude fell during these moments of trading today, Monday, within the range of 1%, or the equivalent of $0.7 per barrel, down to levels near $79.  

 

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Views 127

Added 01/30/2023 - 1:55 PM

Updated 01/30/2023 - 4:43 PM

[yota691]

Parliamentary Oil: We are negotiating with “OPEC +” to return Iraq’s share

2023.02.01 - 08:57

 

Baghdad - Nas   

The Oil, Gas and Natural Resources Committee in the House of Representatives announced the continuation of negotiations to restore Iraq's oil share in the "OPEC +" organization.  

  

 

  

Committee member Kazem Al-Touki said in a statement to the official newspaper, followed by “Nass” (February 1, 2023), that “Iraq has not yet reached its real share of exports as a result of OPEC decisions.”  

  

He added that "the Russian-Ukrainian war cast a shadow over this issue, especially after Russia threatened strict measures in the event of tampering with its oil share," noting that "this was an obstacle to returning the share of oil countries, including Iraq."  

  

Al-Touki added, "Negotiations are continuing with OPEC to restore Iraq's oil share to what it was in the past."  

  

Iraq's share of reducing oil production, which was set last year, amounted to 12,000 barrels per day, according to the "OPEC +" agreement, on a small reduction in producers' shares, amounting to 100,000 barrels per day.  

[yota691]

Iraq participated.

After a meeting with it.. “OPEC Plus” issues a recommendation regarding oil production

2023.02.01 - 18:59

 

Baghdad - Nas  

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdel-Ghani said, on Wednesday, that the Ministerial Committee for Monitoring Production in “OPEC Plus” decided, in its meeting that was held today, to recommend keeping production levels unchanged.  

  

  

  

And Abdul-Ghani indicated in a statement by the Ministry of Oil, of which “NAS” received a copy (February 1, 2023), that “the (OPEC Plus) agreement that was agreed upon last October 2022, stipulated a reduction in its targeted production of two million barrels per day, or about 2 million barrels per day.” percent of global demand, starting from last November, until the end of 2023 in support of the oil market in the face of economic and security challenges, as the percentage of Iraq's production reduction reached 220 thousand barrels.  

  

For his part, General Manager of the Iraqi Oil Marketing Company "SOMO" Alaa Al-Yasiri said, "Iraq has invested the rate of reduction in enhancing internal consumption, and has succeeded in reducing its impact on its financial revenues," stressing that "the reports indicated Iraq's commitment to the levels of production cuts."  

  

For his part, the ministry's spokesman, Assem Jihad, said, "The meeting reviewed the latest supply and demand data and oil stocks, reviewed technical reports, studied the surrounding geopolitical risks in the market, and submitted recommendations to the expanded ministerial meeting scheduled for next June."

[yota691]

Parliamentary oil calls for the expansion of crude exports to Europe

second and third  2023/02/04

 

 

 Baghdad: Rula Wathiq

 

The Parliament's Oil, Gas and Natural Resources Committee called on the Ministry of Oil to head towards European markets to export Iraqi crude in light of fluctuating demand from China and India due to their approach to the Russian market. 

 

Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), exported fewer quantities in January than its southern fields, according to data from Eikon International and two companies that track oil flows.

 

Iraq is complying with the decisions of the Organization of the Petroleum Exporting Countries, OPEC, which recently agreed on a policy to cut production and adjust it when necessary, due to expectations of slowing economic growth and other factors that contribute to supporting the oil markets.

 

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, told Al-Sabah: Iraq suffers from the problem of oil marketing, especially after the Russian-Ukrainian war, as a result of the changing features of the markets after this event.

 

He added that countries such as China or India have begun to buy Russian oil because it is cheaper, while Iraqi oil before the war was the product they wanted most.

 

Sobhi pointed out that Iraq could go during the next stage to Europe to market its oil, along with the Gulf countries and the United States of America that operate in that region.

 

And he indicated that it is not possible to talk about extracting oil or increasing its production without a study of how to market it, as plans to raise production must be accompanied by searching for new markets for export.

 

Edited by: Ali Mouafaq

[screwball]

6 hours ago, yota691 said:

The Parliament's Oil, Gas and Natural Resources Committee called on the Ministry of Oil to head towards European markets to export Iraqi crude in light of fluctuating demand from China and India due to their approach to the Russian market. 

All that foreign currency….

[yota691]

OPEC Secretary General: The organization's decision to cut production was correct

• Time: 02/06/2023 10:23:21
•  
• Read: 858 times

  

{International: Al Furat News} OPEC Secretary-General Haitham Al-Ghais said today, Monday, that the collective decision to cut production taken in October was a correct step, indicating that the “OPEC +” alliance has historically played a constructive role in meeting demand. overtime and maintain market equilibrium.

"We believe that there is great confidence in the (OPEC +) group and its decisions, as we have repeatedly demonstrated our willingness to act immediately and respond to the dynamic nature of the market," Al-Ghais told Reuters on the sidelines of the Energy Week conference in India.

And called for OPEC's decision last October to reduce production target for the group by 100 thousand barrels per day.

OPEC had raised its forecast for global oil demand in the medium and long term, saying $12.1 trillion in investment was needed to meet this demand despite the shift to renewable energy sources.

[yota691]

OPEC: The demand for oil is increasing and the oil industry needs to invest $12 trillion

• Time: 02/12/2023 16:59:16
•  
• Read: 312 times

  

{Economic: Al Furat News} Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" Haitham Al-Ghais said today, Sunday, that the oil industry in the world needs investments worth $ 12 trillion until the year 2045.

In his speech during the opening of the sixth session of the Egypt International Petroleum Exhibition and Conference (EGIS) in Cairo, Al-Ghais stated that the demand for oil increased after the Covid-19 pandemic, as it is expected to reach 102 million barrels per day this year, and to 110 million barrels by 2018. 2025.

He continued, "However, the petroleum industry has suffered during the recent period from a lack of investments, and in order to put this industry in its place, we must put 12 trillion US dollars in investments in this field until 2045, or 500 billion dollars annually," stressing the importance of investing in Energy security as a major component of economic activity, energy availability and stability in energy markets.

Al-Ghais stressed that OPEC remains committed to the stability of global oil prices, and considered that the collective decision to cut production last October was a correct step, and that the OPEC + alliance has historically played a constructive role in meeting additional demand and maintaining market balance.

He pointed out that OPEC supports the transition to clean energy, but he called on all those concerned with climate change affairs to look at the issue from another perspective and to work towards an energy transition that guarantees energy security for all.

[yota691]

The agreement to cut production in “OPEC +” will continue until the end of 2023

Economical  2023/02/18

 

 

 Riyadh: Agencies

 

The Saudi Energy Minister, Abdulaziz bin Salman, said yesterday, Friday: The current “OPEC +” agreement on oil production will remain in force until the end of 2023, while noting that the volume of production remains the same as a result of expectations of Chinese demand.

In an interview with Energy Aspects, the Saudi minister said: "OPEC + can only change its decisions after making sure that the demand signals are sustainable," adding, "We will not increase production only on initial signs of demand." OPEC +, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, agreed in October 2022 to reduce oil production targets by two million barrels per day until the end of 2023. Fighting Corona virus.

 

[yota691]

Brent declines in light of the rise in the dollar and caution ahead of the release of the US Central Bank meeting minutes

2023.02.21 - 08:24

 

  

Baghdad - Nas  

Brent crude opened the trading session slightly lower on Tuesday, in light of the rise of the dollar.   

  

  

  

Dealers were waiting for signals from the minutes of the latest Federal Reserve meeting (the US Central Bank) regarding interest rates, after optimism about demand amid tight supplies led to a rise in prices on Monday.  

  

Brent crude fell 59 cents, or 0.5 percent, to $83.57 a barrel on Tuesday. As for the US West Texas Intermediate crude for the month of March, whose contract expires on Tuesday, it rose 78 cents, or 1.02 percent, to $ 77.12 at 0146 GMT.  

  

The West Texas Intermediate contract for the month of April, which is currently the most active, rose 52 cents, or 0.68 percent, at $ 77.07.  

  

Quoted from "Investing"  

[yota691]

In an interview with {Euphrates News}.. Director of SOMO: Russia's decision will affect oil prices in the coming period

• Time: 02/26/2023 15:09:38
•  
• Read: 1,443 times

  

{Economic: Al Furat News} The General Manager of the Oil Marketing Company {SOMO}, Alaa Al-Yasiri, predicted the impact of Russia's decision to reduce its production by 500,000 barrels during the month of March on global market prices.

Al-Yasiri said in an exclusive interview with the agency (Euphrates News) conducted with him by his colleague (Ammar Al-Masoudi): "Usually, global oils are priced based on reference oils in the main markets, and the oils that are exported from the Middle East, including Iraq."
He added, "These oils are usually followed in the pricing method according to an official price formula that changes monthly depending on economic and geopolitical variables related to oil flows and the balance of supply and demand."
Al-Yasiri continued, "The Oil Marketing Company confirms that it adopts international methods and professional calculations that make pricing our oil attractive to buyers to achieve the highest imports and export all possible quantities."
He pointed out, "As for the reduction in Russian production, it will certainly be an influential factor in determining oil prices for the coming period."
It is noteworthy that Russia intends to reduce crude exports from western ports by 25% in March 2023, compared to the volume of exports this February, in an attempt to support Urals crude prices, which have fallen in recent weeks, which will reduce supply with the rise in Chinese demand for oil.
And the agency {Euphrates News} will publish at a later time the full text of the interview with the general manager of the Oil Marketing Company.

[yota691]

Saudi Arabia: There is no need to review the OPEC + agreement before the end of the year

• Time: 03/08/2023 00:42:09
•  
• Read: 1,508 times

  

{Economic: Al Furat News} The Saudi Foreign Minister, Prince Faisal bin Farhan Al Saud, announced that the Kingdom does not see the need to review the agreement to reduce oil production that was reached within the framework of the "OPEC +" alliance.

"We always say that we are committed to the stability of the market. The market does not need any change in production before the end of the year," the foreign minister was quoted as saying by Reuters.

On October 5, 2022, the countries participating in the “OPEC +” agreement agreed, in a direct meeting in Vienna, to reduce oil production by two million barrels per day, starting in November, and the deal was also extended until the end of 2023.

From the US government's perspective, the OPEC+ decision showed that Saudi Arabia is aligning its energy policy with Russia's.

US President Joe Biden spoke in this regard in favor of reviewing relations between Washington and Riyadh, and the Kingdom's authorities categorically disagreed with this, and the Saudi Foreign Minister stressed that the "OPEC +" decision has no political significance and is purely economic in nature.

The meeting of representatives of the ministries of energy in the United States and OPEC countries will be held before the end of this week on the sidelines of the "Ceraweek" energy conference in Houston, according to a source at the conference.

The source said: "Representatives of the United States and OPEC have been meeting at the conference for five years and it is also scheduled for this week. Representatives of leading US energy companies will also participate."

The source added that this year's meeting will focus on pricing in the oil market and its impact on the ceiling of Russian oil prices and OPEC's plans for production volumes, and the meeting usually takes place behind closed doors.

The source indicated that representatives of the Kingdom of Saudi Arabia and the United Arab Emirates will participate in the meeting.

[yota691]

The US Senate is moving again to put pressure on OPEC... a bill to stop production cuts

2023.03.09 - 08:21

 

Baghdad - Nas   

A group of US senators from both the Republican and Democratic parties said, on Wednesday, March 8, 2023, that it has reintroduced a bill to pressure the Organization of the Petroleum Exporting Countries (OPEC) to make it stop cutting its production.  

  

  

  

Republican Senator Chuck Grassley and Democratic Senator Amy Klobuchar, in addition to others from the Judiciary Committee, reintroduced the law called "No Oil Production and Export Cartels" or (NOPEC).  

  

If the committee, the Senate and the House of Representatives pass the bill and President Joe Biden signs it, NOPEC would change the US antitrust law to withdraw the sovereign immunity that protects members of the OPEC + group and its national oil companies in lawsuits over price collusion.  

  

Several attempts over more than two decades to pass (NOPEC) concern Saudi Arabia, the de facto leader of "OPEC", which prompts Riyadh to press hard every time the bill is presented.  

  

The committee passed the bill by 17 votes to four last year, after OPEC+, led by Saudi Arabia and Russia, agreed to cut production by two million barrels per day, but did not take other measures.  

  

In turn, Grassley said, "The oil organization and its members should know that we are committed to stopping their monopolistic behavior," while Klobuchar said that "the current law has rendered the Ministry of Justice powerless to prevent the 13 largest oil-producing countries from manipulating prices and increasing costs."  

  

OPEC continues to cut production  

For its part, OPEC continued to reduce its production by two million barrels per day, setting a minimum for global oil prices, as the global benchmark Brent crude is trading at around $82.60 a barrel on Wednesday.  

  

And in early February 2023, the Organization of Petroleum Exporting Countries (OPEC) and the “OPEC Plus Alliance”, consisting of producing countries outside the organization, announced the continuation of the decision taken on October 5, 2022 to reduce production by two million barrels per day until the end of 2023. To keep the organization on alert to face the state of economic uncertainty in the world.  

  

The members of the OPEC committee are scheduled to meet again on April 3, 2023; To assess the situation, before a meeting of officials from the oil exporting countries (OPEC) headed by Riyadh, and their ten partners headed by Moscow, scheduled for June 4, 2023 in Vienna, where the organization is based, but OPEC did not indicate that it would increase production.  

  

Russia said it cut its production by 500,000 barrels per day in March after the Group of Seven, the European Union and Australia set a price ceiling for Russian seaborne crude oil exports at $60 a barrel, in response to its war in Ukraine.  

  

It is noteworthy that the decision of “OPEC Plus” to reduce oil production alarmed Washington, which was asking oil producers to raise their production quantities. To make up for the supply shortage imposed on Russia.  

  

Quoted from "Arab Post"  

[yota691]

Because of Iraq and two other countries.. OPEC + production decreased by 80 thousand barrels

2023-03-11 04:14

 

 

 

Shafaq News / OPEC + production decreased by 80,000 barrels, after the decrease in the production of Iraq and two other countries last February.

 

According to a survey conducted by Global Commodity Insights and seen by Shafaq News Agency, "OPEC's 13 members pumped 29.03 million barrels per day in February, down by 60,000 barrels per day from January, while the bloc's partners led by Russia added 13.64 million barrels per day, down 20,000 barrels a day.

 

He pointed out that "the decline came despite a slight increase in Russian production from 10,000 barrels per day to 9.86 million barrels per day, as the main ally in OPEC continued to show its ability to withstand Western sanctions targeting the oil sector, although the vice president Minister Alexander Novak said that volumes in March are likely to be reduced by 500,000 bpd.

 

And she explained, "Saudi Arabia, which is considered the largest producer, increased its production to 10.46 million barrels per day, while Nigeria recorded its highest production volume in a year, at 1.45 million barrels per day, with higher loadings per month."

 

And she indicated that "the downward pressure on OPEC production came from Iraq and Angola, as Iraqi production decreased by 150 thousand barrels per day to 4.33 million barrels per day, as flows from the port of Ceyhan were suspended for a few days during the repair of the pipeline as a result of the February 6 earthquake that occurred." It hit Turkey and Syria, and maintenance in the West Qurna 2 project reduced production.

 

And she pointed out that "Angolan production also decreased at 70 thousand barrels per day as a result of maintenance in the Dalia oil field."

 

The survey indicated that "production is still below February 2022 levels of 10.11 million bpd but much higher than the wartime low of 9.14 million bpd in April."

 

And she added, "Production from outside OPEC was also supported by Bahrain, which increased production by 40,000 barrels per day to 190,000 barrels per day in February."

And she pointed out that "the increases from Russia and Bahrain were met with a significant decline in production from Kazakhstan, the second largest non-OPEC producer. Its production decreased by 50,000 barrels per day to 1.55 million barrels per day due to weather-related disturbances in the Caspian Sea pipeline consortium, and the impact of the earthquake on Baku-Tbilisi-Ceyhan Pipeline.

 

According to the survey, "total compliance with OPEC+ among countries with quotas reached 153% in February, which means that the 22 members combined fell short of 1.91 million barrels per day from their production targets."

 

The OPEC+ Monitoring Committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet on April 3, followed by a full OPEC+ ministerial meeting scheduled for June 3-4.

[ronscarpa]

Because of Iraq and two other countries.. OPEC + production decreased by 80 thousand barrels

 

 

2023-03-11 01:14

 

Shafaq News / OPEC + production decreased by 80,000 barrels after the production of Iraq and two other countries decreased last February.

 

According to a survey conducted by Global Commodity Insights and seen by Shafaq News Agency, "OPEC's 13 members pumped 29.03 million barrels per day in February, down by 60,000 barrels per day from January, while the bloc's partners led by Russia added 13.64 million barrels per day, down 20,000 barrels a day.

 

He pointed out that "the decline came despite a slight increase in Russian production from 10,000 barrels per day to 9.86 million barrels per day, as the main ally in OPEC continued to show its ability to withstand Western sanctions targeting the oil sector, although the vice president of Minister Alexander Novak said that volumes in March are likely to be reduced by 500,000 bpd.

 

And she explained, "Saudi Arabia, which is considered the largest producer, increased its production to 10.46 million barrels per day, while Nigeria recorded its highest production volume in a year, at 1.45 million barrels per day, with higher loadings per month."

 

And she indicated that "the downward pressure on OPEC production came from Iraq and Angola, as Iraqi production decreased by 150 thousand barrels per day to 4.33 million barrels per day, as flows from the port of Ceyhan were suspended for a few days during the repair of the pipeline as a result of the February 6 earthquake that occurred." It hit Turkey and Syria, and maintenance in the West Qurna 2 project reduced production.

 

And she pointed out that "Angolan production also decreased at 70 thousand barrels per day as a result of maintenance in the Dalia oil field."

 

The survey indicated that "production is still below February 2022 levels of 10.11 million bpd but well above its wartime low of 9.14 million bpd in April."

 

And she added, "Production from outside OPEC was also supported by Bahrain, which increased production by 40,000 barrels per day to 190,000 barrels per day in February."

 

And she pointed out that "the increases from Russia and Bahrain were met with a significant decline in production from Kazakhstan, the second largest non-OPEC producer. Its production decreased by 50,000 barrels per day to 1.55 million barrels per day due to weather-related disturbances in the Caspian Sea pipeline consortium, and the impact of the earthquake on Baku-Tbilisi-Ceyhan Pipeline.

 

According to the survey, "total compliance with OPEC+ among countries with quotas reached 153% in February, which means that the 22 members combined fell short of 1.91 million barrels per day from their production targets."

 

The OPEC+ Monitoring Committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet on April 3, followed by a full OPEC+ ministerial meeting scheduled for June 3-4.

 

https://shafaq.com/ar/اقتصـاد/بسبب-العراق-ودولتين-اخريين-تراجع-نتاج-وبك-بمقدار-80-لف-برميل

[yota691]

Parliamentary Oil: The increase in crude production in Iraq collides with the decisions of “OPEC +”

2023.03.12 - 10:22

 

Baghdad - people   

The Parliamentary Oil, Gas and Natural Resources Committee announced, on Sunday, that increasing Iraq’s production ceiling of crude collides with the decisions of (OPEC Plus), despite the possibility and plans to expand the production ceiling.  

  

  

Committee member Zainab al-Moussawi said in a statement to the official newspaper, followed by “Nass” (March 12, 2023), that “there is a possibility to increase the volume of oil production, but Iraq at the present time cannot proceed with that as a result of its commitment to the decisions of OPEC Plus.”  

  

She added, "Iraq had previously prepared plans to increase production to 6 million barrels per day before 2027," noting that the average daily production of the country before the (OPEC Plus) decision to reduce was 4.6 million barrels per day, but today it has been reduced by 220 thousand barrels. Daily".  

[yota691]

OPEC production is declining due to the Kurdistan Region's oil outages

2023-04-01 02:43

 

 

Shafaq News / A Reuters survey showed, on Saturday, that OPEC oil production decreased last March, due to the maintenance of oil fields in Angola and the suspension of some Iraqi exports, which increases the impact of the commitment of major producers to reduce supplies.

 

 

The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.90 million bpd last month, down 70,000 bpd from February.

 

The Organization of the Petroleum Exporting Countries and its allies, "OPEC Plus", had agreed to cut production in late 2022 to support the market with the deterioration of the economic outlook and weak prices.

 

According to Reuters, it is expected that the meeting of senior “OPEC +” ministers next Monday will confirm the same current policy.

 

And with setbacks in Iraq and Angola last month, compliance with the deal increased to 173% of pledged cuts, according to a Reuters survey, from 169% in February.

 

The decrease in Iraqi oil comes as a result of companies reducing their production in the Kurdistan Region, after the export pipeline stopped last Saturday, but the increase in exports from southern Iraq limited the decline.

 

Turkey stopped pumping Iraqi oil through the port of Ceyhan last Saturday morning, which constitutes (half percent) of global oil supplies, after the decision of the International Arbitration Court in Paris, that Turkey violated the agreement with Iraq, through its direct oil trade with the Kurdistan Regional Government since the year 2013.