Oil markets are waiting for big cuts in OPEC

[yota691]

OPEC + keeps the oil production policy unchanged

Economical  2023/08/05

 

 

 Baghdad: Al-Sabah,

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani stated, yesterday, Friday, the support of the Ministerial Committee to monitor production in OPEC + to keep the production policy unchanged, with an emphasis on closely evaluating the oil market conditions.

This came during his participation in the 49th meeting of the Joint Ministerial Committee to Monitor Production, in the "OPEC Plus" group. Abdul-Ghani said in a speech he delivered during the meeting via video conference: The meeting included a review by the committee, via visual communication, of crude oil production data for the months of May and June of the year 2023. He pointed out that the ministers praised the commitment of the OPEC member states and allied producing countries to the declaration of cooperation. It urged all participating countries to continue their support and commitment in order to achieve balance and stability in the oil markets.

Meanwhile, the Director General of the Oil Marketing Company "SOMO", Ammar Abd Al, confirmed that maintaining the production policy for OPEC Plus aims to achieve more stability in the oil market. In turn, the spokesman for the Ministry of Oil, Assem Jihad, said: The Ministerial Committee for Production Control took this measure after reviewing the data and developments in the oil market during the past months, adding: It will not hesitate to take new measures to ensure more stability and balance for the oil market. He continued by saying: The ministers of the “OPEC Plus” coalition hold meetings and meetings whenever circumstances and necessity necessitate that, stressing that the procedures and agreements of OPEC Plus have contributed to achieving more stability and balance in the face of geopolitical, security, health, economic and other challenges. The OPEC Plus alliance, which includes OPEC and non-OPEC member countries, led by Russia, agreed last June on a new target level of production at 40.

[yota691]

Saudi Arabia’s Cabinet Throws support Behind OPEC+ Cut Extension

By Julianne Geiger - Aug 08, 2023, 12:30 PM CDT

 

Saudi Arabia’s cabinet, or Council of Ministers, showed its support for what it considers to be precautionary measures taken by OPEC+ to stabilize the oil market, Saudi Arabi media said on Tuesday.

It said it would continue to boost OPEC+ precautionary efforts to support the stability of the oil markets, Kingdom officials said.

Saudi Arabia, the world’s largest oil exporter, said last week that it would extend its 1 million barrel per day production cut through the month of September, past its original deadline at the end of August. Saudi Arabia also suggested at the time that that could be extended even beyond September and could also be deepened should the market conditions warrant such a move. With the cut extension, Saudi Arabia’s oil production for September would be 9 million bpd if it adhered to its self-assigned quota.

 

 

But oil prices began to fall on Tuesday on weak China data, with Brent crude futures sinking by 0.76%. Saudi Arabia’s cabinet reaffirming that it supports OPEC+ “precautionary” efforts to stabilize the markets isn’t quite as strong a commitment as its years-ago promise of “whatever it takes,” but the jawboning could at least arrest the price slide.

Saudi Arabia is carrying the bulk of the group’s production cut promises, along with Russia—the latter which has run up against price caps and import bans as the West attempts to keep oil money from flowing to the nation that could perpetuate its war in Ukraine.

Because of its disproportionate production cuts—much of which is voluntary—Saudi Arabia’s support in holding back OPEC+ production is crucial to the group’s oil-price-persuading power.

Brent crude was trading at $84.69 per barrel on Tuesday at 11:30 a.m., down $.65 on the day, and down from this time last week despite the production cut extension.

By Julianne Geiger for Oilprice.com

[yota691]

OPEC Plus production drops to the lowest level in two years, and Iraq is below the quota

energy
   

Economy News-Baghdad
OPEC+ cut its crude oil production to the lowest level in nearly two years in July as a large voluntary cut by Saudi Arabia took effect, and Iraq was below the quota, according to a Platts survey by S&P Global Commodity Insights.

The recent Saudi cut as well as unrest in Kazakhstan and Nigeria offset gains in Iran and Iraq, which contributed to a drop in OPEC+ production by about 1 million barrels per day on a monthly basis.

The survey found that the 13 OPEC members pumped 27.34 million bpd, while Russia and eight other allies added 13.06 million bpd, for a total of 40.40 million bpd. 

This was the lowest since August 2021, when major cuts implemented during the pandemic were still being rolled back.

With many parts of the global economy now faltering in full swing, the OPEC+ alliance has returned to a strategy of aggressive supply restriction to support lower oil prices, with many members announcing 1.2 million barrels per day in collective cuts from May through the end of May. Next year, Saudi Arabia unilaterally announced an additional cut of 1 million barrels per day for July, which was extended through September.

The survey found that Saudi Arabia cut its production to 9.05 million barrels per day - the lowest level since July 2021. 

The drop was not as sharp as the pledged cuts, with production down 940,000 bpd compared to June volumes.

In Iraq, its production increased in July by 8 thousand barrels to 4.21 million barrels, compared to 4.13 million barrels in June. However, production was less than the prescribed quota of 4.220 million barrels, down by 10 thousand barrels.

The Saudi cuts were offset to some extent by increased production by sanctioned Iran and Venezuela.

Iranian production recorded its highest level since December 2018, at 2.76 million barrels per day, while Venezuelan production recorded the highest level since February 2019, at 810,000 barrels per day, according to the survey.

Russian production was flat during the month at 9.42mbpd, as it continued to shift its flows east in response to the EU embargo and G7 price caps.

Although its production has remained much higher than many forecasters predicted at the start of the war, it has now pledged to cut its crude exports by 500,000 bpd in August and 300,000 bpd in September as it seeks to boost prices. .

 

 

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Views 32

Added 08/10/2023 - 8:32 AM

[yota691]

Oil prices rise due to strong Chinese data and OPEC+ cut expectations

2023-09-04 00:49

 

Shafaq News / Oil prices rose slightly in Asian morning trading on Monday, as market sentiment was boosted by positive economic data from China and the United States, as well as expectations of continued crude supply cuts from major producers.

 

By 00:15 GMT, Brent crude rose 4 cents to $88.56 a barrel. US West Texas Intermediate crude rose 6 cents, to $85.61.

 

The sustained upward movement in the price comes after both contracts settled at their highest levels in more than half a year last week, breaking a two-week losing streak.

On the demand side, manufacturing activity in China unexpectedly expanded in August, leading to renewed optimism about the economic growth of the world's largest oil importer.

 

In the US, employment data was higher than expected on Friday, with non-farm payrolls increasing by 187K last month.

 

Expectations of a contraction in oil supplies increased after Russian Deputy Prime Minister Alexander Novak said on Thursday that Russia had agreed with its partners in the Organization of the Petroleum Exporting Countries (OPEC) on the criteria for continuing export cuts.

 

An official announcement detailing the planned cuts is expected this week.

Russia has already said it will cut its exports by 300,000 bpd in September, after a cut of 500,000 bpd in August. 

 

Saudi Arabia is also expected to extend a voluntary cut of 1 million bpd until October.

[yota691]

Oil prices rise amid expectations of an extension of OPEC + production cuts

• Time: 09/04/2023 23:21:30
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• Read: 832 times

  

{Economic: Al Furat News} Oil prices rose today, Monday, amid expectations that the OPEC + alliance will maintain the restrictions it imposes on supplies, in addition to increasing hopes that the Federal Reserve (the US Central Bank) will stop the cycle of raising interest rates.

 

Saudi Arabia is leading efforts to support prices, and has announced large voluntary cuts in its oil production as part of an agreement with the OPEC + alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia.
Saudi Arabia is expected to extend its voluntary cut by 1 million barrels per day for the fourth month in a row in October.
Saudi Arabia's previous decisions to reduce its production came before announcing the official selling prices, which they usually reveal in the first week of the month.
And last August, Riyadh announced the extension of the voluntary reduction of its oil production by one million barrels per day to include the current month of September, with the possibility of extending or extending and increasing this reduction.
A few days ago, Russian Deputy Prime Minister Alexander Novak said that Russia had agreed with the partners in the OPEC + alliance on criteria to continue reducing exports.
In turn, analyst at OANDA, Craig Erlam, said that Saudi Arabia and Russia could withdraw the cuts at any time, "but I do not imagine that they will be in a hurry and risk pushing prices down again."
Brent crude futures for November delivery rose 45 cents to settle at $89 a barrel, while US West Texas Intermediate crude futures for October delivery rose 40 cents to $85.95 a barrel.
Russell Hardy, CEO of Vitol, the world's largest independent oil trading company, said global crude oil supplies are expected to improve over the next six to eight weeks due to refinery maintenance, but sour crude supplies will remain low.
In turn, a senior official in the global commodity trading company, Trafigura, indicated today, Monday, that the oil market is vulnerable to higher prices due to low stocks and lack of investment in new oil fields.
US jobs data in August reinforced expectations that the Fed will not raise rates this month.
China's manufacturing sector activity rose unexpectedly in August, and optimism about a recovery in demand in the world's largest oil importer increased due to the measures taken by the country to support the economy's post-pandemic recovery.

[yota691]

Oil expert: Extending the OPEC Plus cut agreement is in the interest of Iraq

• Time: 09/05/2023 15:15:35
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• Read: 559 times

  

{Economic: Al Furat News} The oil expert, Ali Nehme, confirmed that extending the OPEC Plus agreement to reduce oil production is in the interest of Iraq.

 

Nehme told {Euphrates News} agency: “The voluntary reduction of production by Saudi Arabia by one million barrels per day since last July and its continuation of the extension, in addition to the OPEC + production cut in an agreement extending to the end of 2024 with the reduction of some members of the voluntary coalition, contributed to raising oil prices in the markets.” The global ranged between 10-15 dollars per barrel.

 

He added that this rise "contributed to raising Iraq's revenues from crude oil exports significantly during this period."

 

Nehme said, "Saudi Arabia's extension of these cuts will contribute to supporting oil prices, which is in favor of Iraq and other producing countries."

 

It is noteworthy that oil prices recorded today 88 dollars for Brent crude, with expectations that major producers will maintain the restrictions they impose on supplies, as well as increasing hopes that the US Central Bank will leave interest rates unchanged, to avoid a slowdown in the economy.

 

From.. Raghad Dahham

[yota691]

Saudi Arabia extends the voluntary cut in oil production for an additional 3 months

• Time: 09/05/2023 16:17:02
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• Read: 182 times

  

{Economic: Al Furat News} The Kingdom of Saudi Arabia announced the extension of the voluntary cut in oil production, which amounts to one million barrels per day, for an additional 3 months, until the end of December of this year (2023).

 

And sources in the Ministry of Energy had previously indicated, in a statement obtained by the specialized energy platform, that the decision includes the possibility of extending or extending with an increase in the additional reduction, which the Kingdom began implementing last July.

Under the new decision by Saudi Arabia to extend the voluntary cut in oil production until the end of October, the Kingdom's production of crude oil during the period will amount to about 9 million barrels per day.

Voluntary reduction of oil production
An official source in the Ministry of Energy announced that Saudi Arabia will extend the voluntary reduction of one million barrels per day, which came into effect in July and was extended to include August and September, for another 3 months until the end of December. 2023.

In practice, the Kingdom's production for the coming months (October, November and December) will reach approximately 9 million barrels per day.

And the Ministry of Energy stated that the voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production, stressing that this cut comes in addition to the voluntary cut that the Kingdom previously announced in April 2023, which extends until the end of December 2024. The ministry stressed
that This additional voluntary reduction comes to reinforce the precautionary efforts made by OPEC + countries, with the aim of supporting the stability and balance of oil markets.

In July 2023, the Kingdom of Saudi Arabia approved an additional voluntary cut of one million barrels per day, following the voluntary cut in oil production that was previously approved last April by 9 OPEC + countries, including the Kingdom, and began to be implemented from May. /May.

The first voluntary cut of 1.66 million barrels per day came from the 9 OPEC+ countries, and the Kingdom’s share in it was about 500 thousand barrels per day, and the same share for Russia, which is the cut that will extend until the end of next year 2024, according to what was seen by the specialized energy platform.

And last August, Russia issued a press statement, in which it announced the continuation of the voluntary reduction of its oil supplies during the month of September, but by 300,000 barrels per day, due to the decline in its exports, according to what was published by the TASS agency.

Russian Deputy Prime Minister Alexander Novak announced - at the time - that his country would voluntarily reduce its oil exports, by 300 thousand barrels per day during the month of September, as part of its efforts to achieve balance in the oil market.
It is noteworthy that the 9 countries within the OPEC + alliance had aimed, through the voluntary reduction in oil production, to control the oil markets and prevent speculators and the Western media from manipulating them, especially in light of the decline in oil prices for many months below the barrier of $ 80 a barrel.

And the Kingdom of Saudi Arabia had announced that its additional voluntary cut of one million barrels per day, which began in July, is extendable, indicating that it may resort to this step again if necessary, which was already repeated in August and September. and will be repeated in October.

Will the voluntary cut continue?
Experts, whose opinions were polled by the specialized energy platform regarding the possibility of extending the voluntary reduction in oil production by Saudi Arabia, spoke of the possibility of the Kingdom reducing the size of this voluntary reduction in the event of reassurance that the oil markets are witnessing a state of stability.

Commodities analyst at UBS Bank in Switzerland, Giovanni Stanovo, said that it is likely that Saudi Arabia will extend the voluntary reduction in oil production, but it will reduce the size of the voluntary production cut when it believes that the oil market is stable enough to justify that, that is, when global oil stocks are lower. of the existing ones.
In turn, the senior adviser on foreign policy and energy geopolitics, Omod Shukri, explained that the Kingdom will extend the production cut to boost energy prices, as the reports did not indicate a change in the volume of one million barrels per day, and the government’s commitment to market stability indicates the possibility of extending the cut, or increasing its size, if necessary.

While the oil market analyst in the Middle East at the Argos Media platform specialized in energy, Nader Etim, saw that there is a 75% chance to continue the reduction by one million barrels per day as it is next October, while there is a 25% chance to reduce the size of the cut, perhaps. to 700 thousand barrels per day.

Anas Al-Hajji, editor-in-chief of the specialized energy platform, an expert in energy economics, had indicated in one of the episodes of the “Energy Anasiyat” program that several problems had emerged in the oil market since the beginning of 2023, most notably the significant drop in prices.

Dr. Anas Al-Hajji stated that OPEC countries announced the first cut in 2023, which was later extended to the end of 2024, as it was supposed to extend until the end of 2023, but prices and conditions have not changed, which is what the enemies of the Kingdom and OPEC took advantage of, and claimed that OPEC failed to manage market.

He added, "This called on the leaders of OPEC + to realize the necessity of monthly monitoring as it was in 2021 and 2022 ... and instead of monthly meetings, Saudi Arabia alone decided to voluntarily cut oil production by one million barrels per day for a month, renewable, as the Kingdom sees it."

[WheresmyRV?]

With the dollar dropping in value worldwide and gas prices set to sky rocket a depression looks imminent here in the US.

[MyLadiesDaddy]

On 1/18/2023 at 10:38 PM, screwball said:

150 plus per barrel starting in Feb March at latest

Over $100 by the end of the year. 

 

 

On 1/30/2023 at 7:50 AM, yota691 said:

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 system" rel="">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

Because gasoline prices will be exploding during an election year. And the government knows what this will do to the mindset of the average American. 

Since Americans seem unwilling to remove the lunatics from Washington, it appears that the rest of the world is about to remove America from the equation. 

[yota691]

What is the future of oil prices after the move to extend production cuts? Experts answer

• Time: 09/06/2023 14:53:44
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• Read: 637 times

  

{Economic: Al Furat News} When Saudi Arabia and Russia announced the extension of their voluntary reduction in oil production, on Tuesday, Brent crude jumped to $ 90 a barrel, amid expectations that the upward trend would continue.

 

For the first time in 2023, oil prices rose above $90 a barrel on Tuesday, before settling in morning trading, Wednesday, to $89.95.

 

Analysts who spoke to Al-Hurra website said that "the upward trend in prices continues until the end of this year," and they expected that Brent - the global benchmark for measuring oil prices - would reach "100 dollars a barrel within weeks."

 

An economic analyst specializing in energy markets, Amer Al-Shobaki, said that the extension of the Saudi-Russian cut "was a surprise to the markets."

 

Al-Shobaki attributed this to the consideration that "the extension of the voluntary reduction by Riyadh and Moscow came until the end of the year and was not limited to the month of October only."

 

The Saudi and Russian voluntary cuts come in addition to the April cut agreed upon by the “OPEC Plus” alliance, which extends until the end of 2024.

 

Bob McNally, president of consulting firm Rapidan Energy, said the cuts appeared to be aimed at demonstrating the "unity" of Saudi Arabia and Russia on oil policy and "reducing the risk of slowing global economic growth affecting the price of crude oil."

 

On Wednesday, the Russian Information Agency quoted the Kremlin as saying that Russian President Vladimir Putin spoke by phone with Saudi Crown Prince Mohammed bin Salman.

 

And the "Interfax" agency stated that they "praised the level of great cooperation between the oil producers in the (OPEC Plus) coalition led by Riyadh and Moscow."

"It was noted that the agreements reached on reducing oil production, along with voluntary commitments to limit supplies ... make it possible to ensure the stability of the global energy market," the Kremlin said in a statement about the call.

 

In a statement, Russian Deputy Prime Minister Alexander Novak said, on Tuesday, that "Russia has extended its voluntary decision to reduce its oil exports by 300,000 barrels per day until the end of this year."

 

Also, Tuesday, the Saudi Press Agency (SPA) quoted an official at the Ministry of Energy as saying, “Saudi Arabia will extend its voluntary production cut by one million barrels per day, for another 3 months, until the end of December 2023.”

 

What are the motives?

In this context, McNally said in statements to the British newspaper "Financial Times", that "in the absence of a sharp economic downturn, these supply cuts will lead to a large deficit in the global oil balances, and are supposed to push crude oil prices above $ 90 a barrel." ".

 

And "Saudi Arabia - the largest exporter of crude oil in the world - seeks to keep production at 9 million barrels until the end of the year, to maintain high prices above $ 91, in order to achieve equality in its budget after a deficit of more than $ 2 billion during the first half of the year," according to Shobaki. .

 

He added that Russia "supports the reduction with Saudi Arabia, since Moscow needs to maximize its oil imports to support its budget, and thus move forward in its war on Ukraine."

 

The two countries had confirmed that they would review their oil policies monthly, to study increasing the size of the cuts or increasing production, depending on market conditions.

 

"Saudi Arabia, Russia and the rest of the oil-producing countries are reducing production to preserve their interests," said economic expert Sherif El-Demerdash.

 

Al-Demerdash said, "The oil markets depend on supply and demand, and what determines the rise in demand is the economic recovery," suggesting "the continuation of the upward curve of prices."

 

Al-Demerdash did not rule out that the barrel would reach the $100 range, saying that this scenario is "possible," and that a jump to this price within 4 months "is not considered sharp," as he put it.

 

As for Al-Shobaki, it is likely that the price of Brent crude will reach $100 within 8 weeks, "because of the Saudi-Russian move, which will deepen the disruption of oil markets in favor of demand at the expense of supply."

 

And the extension of the voluntary cut by two of the largest oil producers threatens to raise fears of inflation in the world, amid the suffering of various countries from high energy costs.

 

In this context, Al-Shobaki explained that the prices of oil derivatives - the main commodities that reach the consumer - are "very high compared to the period when a barrel of oil was above $110 in 2014."

 

He added, "The price of a barrel of diesel has reached $130, and a barrel of gasoline has reached $135, and this constitutes additional pressure on oil-consuming and importing countries, and curbs efforts to reduce inflation rates."

 

Al-Shobaki pointed out that the high inflation rates "increase the burdens of countries that suffer from a shortage of foreign currencies, and add new burdens on consumers, including Arab countries."

[yota691]

Expectations of a rise in oil prices to $107 in 2024

Today, 09:18

 

Al-Ghad press / follow-up

Goldman Sachs, a commodity research bank, said that Saudi Arabia and Russia's extension of voluntary supply cuts is pushing up their expectations for crude oil prices and enhancing the possibility that Brent will jump to $ 107 a barrel next year.

 

Yesterday, Tuesday, Saudi Arabia and Russia extended voluntary cuts until the end of 2023, which pushed oil prices above $90 a barrel. Brent crude reached about $90.97.

The Saudi cuts amount to one million barrels per day, while the Russian cuts amount to 300,000 barrels per day. 

 

These cuts are in addition to others announced in April, with the agreement of many OPEC + producers, and will continue until the end of 2024.

 

In a note, Goldman Sachs said that the first scenario it set includes that the absence of approximately 500,000 barrels per day compared to its own estimates of Saudi production in the fourth quarter means that prices may rise by two dollars a barrel from its expectations for December 2023 at $86 a barrel.

 

In the second scenario, which includes the failure of nine OPEC + countries in January 2024 to cancel half of the production cuts of 1.7 million barrels per day announced in April, the price of Brent could reach $107 by December 2024.

 

The bank said the extension reflected the use of OPEC+

“Aggressively due to its extraordinarily high pricing power,” he also notes that it is unlikely that OPEC+ will be in a rush to increase production.

 

[yota691]

Blinken comments on the announcement by Saudi Arabia and Russia to extend oil production cuts

• Time: 09/07/2023 10:20:11
•  
• Read: 1,469 times

  

{International: Al Furat News} US Secretary of State Anthony Blinken commented on Saudi Arabia and Russia announcing their decision to extend the oil production cut for another 3 months until the end of 2023.

 

Commenting on the Russian-Saudi decision, Blinken said in a press conference from Kiev, “We will look at this matter carefully in the coming days and weeks to see what results it will actually achieve and what it will reflect on the markets .. The cut can cause an immediate rise in prices, but this may stabilize quickly.” to a lower level.”

 

In addition, the US National Security Adviser, Jake Sullivan, said that Saudi Arabia's decision to extend the oil production cut until the end of 2023 is "a continuation of the current policy and not a new package of cuts."

 

Sullivan explained that the most important thing the US president is focusing on is maintaining lower prices for US consumers.

 

Russia and Saudi Arabia recently announced the extension of the voluntary reduction in oil production and exports daily until the end of the current year 2023.

 

Oil prices rose on Tuesday following the decision to cut, and “Brent” reached its highest level since November 18, 2022, after Russia and Saudi Arabia announced decisions to support the oil markets.

[WheresmyRV?]

9 hours ago, yota691 said:

Expectations of a rise in oil prices to $107 in 2024

Today, 09:18

 

Al-Ghad press / follow-up

Goldman Sachs, a commodity research bank, said that Saudi Arabia and Russia's extension of voluntary supply cuts is pushing up their expectations for crude oil prices and enhancing the possibility that Brent will jump to $ 107 a barrel next year.

 

Yesterday, Tuesday, Saudi Arabia and Russia extended voluntary cuts until the end of 2023, which pushed oil prices above $90 a barrel. Brent crude reached about $90.97.

The Saudi cuts amount to one million barrels per day, while the Russian cuts amount to 300,000 barrels per day. 

 

These cuts are in addition to others announced in April, with the agreement of many OPEC + producers, and will continue until the end of 2024.

 

In a note, Goldman Sachs said that the first scenario it set includes that the absence of approximately 500,000 barrels per day compared to its own estimates of Saudi production in the fourth quarter means that prices may rise by two dollars a barrel from its expectations for December 2023 at $86 a barrel.

 

In the second scenario, which includes the failure of nine OPEC + countries in January 2024 to cancel half of the production cuts of 1.7 million barrels per day announced in April, the price of Brent could reach $107 by December 2024.

 

The bank said the extension reflected the use of OPEC+

“Aggressively due to its extraordinarily high pricing power,” he also notes that it is unlikely that OPEC+ will be in a rush to increase production.

 

Probably hit that in a week.

[yota691]

OPEC+ production rose in August due to an increase from Iraq

2023-09-09 01:52

 

Shafaq News/ OPEC+ crude oil production rose by 120,000 barrels per day last August, as increases from Iraq, Iran and Nigeria offset additional cuts by Saudi Arabia and Russia, and OPEC+ production averaged 40.52 million barrels per day per month, according to the latest survey. Platts conducted by S&P Global Commodity Insights.

 

Platts indicated in a report seen by Shafaq News Agency, that even with the net increase, the group’s production is still well below its levels earlier this summer, as Saudi Arabia implemented a voluntary reduction of one million barrels per day since July to help boost market prices. .

 

The survey showed that Saudi Arabia's crude production reached 8.95 million barrels per day in August, a decrease of 100,000 barrels per day on a monthly basis and at its lowest levels since May 2021.

 

Russia, the largest non-OPEC producer in the group, reduced its production by 20,000 barrels per day per month to 9.4 million barrels per day in August. 

 

Russia pledged in July to reduce supplies by 500,000 barrels per day, but specified that it was about exports, not production.

 

Production in Iraq grew by 110,000 barrels per day with an increase in internal consumption, while Nigerian production increased by 60,000 barrels per day, and Iranian production of 2.95 million barrels per day was the highest since November 2018.

 

On the non-OPEC side, Kazakhstan saw a 50,000 bpd decline in field maintenance production, while the remaining allies kept production stable, according to the survey.

 

The OPEC+ alliance collectively continues to produce well below its quotas, with the total deficit reaching 1.1 million barrels per day in August, according to the survey.

[yota691]

OPEC oil production rises, led by 3 countries, including Iraq

• Time: 09/12/2023 16:47:21
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• Read: 1,989 times

  

{Economic: Al-Furat News} OPEC oil production increased in August 2023 by 113 thousand barrels per day, led by Iraq, Iran and Nigeria, despite the continuation of voluntary cuts and the policy of the OPEC+ alliance to reduce supplies, according to a report, a copy of which was obtained by the Energy Research Unit.

 

The monthly report issued by the Organization of the Petroleum Exporting Countries, today, Tuesday, September 12, showed that the total oil production in the 13 OPEC member states rose to 27.449 million barrels per day during the past month, compared to 27.336 million barrels per day in July 2023. The increase in OPEC production
comes Oil prices last August, despite the OPEC+ coalition agreement to reduce supplies by two million barrels per day starting from November 2022, until the end of 2024, in addition to the voluntary reductions implemented by 9 countries from the coalition, led by Saudi Arabia, according to what was monitored by the Energy Research Unit. .

OPEC oil production in August 2023
OPEC oil production increased during August by 8 countries, led by Iran, Iraq and Nigeria, according to the monthly report.
Oil production in Iran - which is exempt from the OPEC+ agreement to reduce supplies - jumped by about 143,000 barrels per day during the past month, reaching 3 million barrels per day.
Oil production in Nigeria increased by about 98 thousand barrels per day, reaching 1.269 million barrels per day, and oil supplies in Iraq increased by 38 thousand barrels per day, reaching 4.277 million.
Libya's crude oil supplies also increased by about 28,000 barrels per day, bringing the total to 1.154 million barrels per day, boosting OPEC oil production in August 2023. In the UAE, crude oil production increased to a total of 2.913 million barrels per day, with an increase of
17 One thousand barrels per day during the past month.
Crude oil supplies in Gabon, Equatorial Guinea and Kuwait increased by about 11, 7 and 2 thousand barrels per day, respectively.

Production decline from 5 countries
OPEC oil production declined in August from 5 member states of the organization, led by Saudi Arabia and Angola, according to the report seen by the Energy Research Unit.
Saudi Arabia's oil production fell by 88 thousand barrels per day, bringing the total to 8.967 million barrels per day during August 2023, with the voluntary reduction continuing to be implemented.
Saudi Arabia continues to voluntarily reduce production by one million barrels per day since July 2023, and will continue until the end of this year (2023).
Crude oil production in Angola also declined by about 60,000 barrels per day, bringing the total to 1.115 million barrels per day.
Venezuela's supplies of crude oil fell by about 42,000 barrels per day, reaching 730,000 barrels per day, according to the report, which was monitored by the Energy Research Unit.

[yota691]

He went to negotiate with “OPEC+” to raise the level of production

The first  09/14/2023

 

 

  Baghdad: Rula Wathiq 

 

With the development of oil depots and ports, the Ministry of Oil is moving during the next stage to negotiate with the Organization of Petroleum Exporting Countries (OPEC Plus) to raise the level of Iraqi production of crude oil.

 

Alaa Al-Haidari, a member of the Oil, Energy and Natural Resources Committee in the House of Representatives, told Al-Sabah: “Iraq is currently committed to what was approved by the recent OPEC agreement in Vienna to reduce voluntary production by 211 thousand barrels per day,” indicating that Iraq is now able to negotiate with... The organization will restore or increase the previous production quantity, especially after developing the transport lines to the third, fourth and fifth ports and rehabilitating the Al-Faw oil depot so that its production reaches 4.5 million - 6 million barrels per day.

 

He pointed out that the Ministry of Oil is planning to renegotiate with the organization, and the possibility of changing the oil agreement with it and raising production to approximately 5-6 million barrels per day, pointing out that his committee is awaiting the Ministry’s actions in this regard and monitoring them continuously.

 

Last April, the main oil producers in the OPEC+ alliance announced a voluntary reduction in oil production by 1.649 million barrels per day, starting from the beginning of May until the end of 2023.

 

The OPEC Plus alliance includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, and pumps about 40% of the total global crude oil production.

 

On a parallel level, Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani met yesterday, Wednesday, with a delegation from Total Energy and discussed with him the company’s plans to implement projects recently concluded with Iraq.

During the meeting, the prospects for relations and joint cooperation in the oil and energy sector were discussed, and Total Energy’s plans and programs in implementing contracts recently concluded with national oil companies, for gas investment and field development, seawater transportation and treatment, and a solar energy investment project to generate electricity.

 

Edited by: Abdul Rahman Ibrahim

[yota691]

OPEC Secretary General warns of "energy chaos" if fossil fuels are eliminated

• Time: 09/14/2023 15:45:55
•  
• Read: 351 times

  

{Economic: Al-Furat News} The chief OPEC official warned against abandoning fossil fuels, in the first response to the International Energy Agency's recent statements.

On Thursday, OPEC Secretary-General Haitham Al-Ghais said in a statement that abandoning fossil fuels “will lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”

 

The International Energy Agency said on Wednesday that oil demand may stabilize over the current decade as consumers turn more to renewable energy sources to avoid catastrophic climate change. “We may be witnessing the beginning of the end of the fossil fuel era,” said Fatih Birol, Executive Director of the International Energy Agency.

 

Al-Ghais said that data-based estimates contradict the opinion that demand will peak before 2030, adding, “Previous opinions that the supply or demand for fossil fuels will peak have proven to be wrong.”

 

He pointed out that the danger of these statements today is that they often coincide with calls to reduce investment in the sector.

 

He stressed that OPEC will continue dialogue with all parties in the oil market to ensure its stability.

[yota691]

Al-Sudani talks about an “ambitious plan” to invest in gas that will make Iraq a major player in the market

Today, 14:13

 

Al-Ghad Press / Baghdad

Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani announced new actual tours of gas fields in Iraq, indicating that it will be an active player in global markets, while pointing out that part of the oil production will be directed towards operating refineries outside the country.

 

Al-Sudani said, in an interview with “Bloomberg,” that “Iraq is committed to the agreements and understandings with OPEC and OPEC Plus in a way that protects the interests of both producers and consumers,” pointing out that “Iraq has the ability to produce, but that will be in accordance with this agreement.”

 

He added: "We have a decision to direct part of oil production towards operating refineries outside Iraq, and we had a presidential meeting with Bulgaria regarding that, as we have refineries in Bulgaria and others in China and Malaysia."

 

Regarding the price of a barrel of oil reaching $95, and the possibility of declines in the market, the Prime Minister said: “There is no concern, and we do not have a specific price, but we want to maintain a fixed level and a logical price that guarantees the interests of both producers and consumers, which is a level that does not decrease.”

 

From 85 to 95 dollars per barrel,” stressing that “Iraq, Saudi Arabia, and Russia are committed to the voluntary reduction to achieve the goal that was agreed upon in OPEC.”

He pointed out that "Iraq's plan is ambitious for the optimal use of oil and gas. We have concluded a number of contracts for investing in associated gas, and there are fields that were announced through the sixth round of licenses that we obtained to invest in natural gas, and we have other actual rounds for other gas fields in Iraq." It will be an active player in the gas markets according to the visions we agreed upon within the Iraqi government.”

 

He explained that "the volume of production is actually linked to the policy that was agreed upon within OPEC (capacity, potential, and projects)," stressing that "there is an OPEC policy that must be adhered to and adhered to in order to achieve this balance between the interests of producers and consumers."

[yota691]

Al-Sudani: Iraq is committed to the agreements with OPEC Plus, and we will direct a portion of oil production towards operating refineries

• Time: 09/21/2023 13:38:30
•  
• Read: 845 times

  

{Politics: Al-Furat News} Prime Minister Muhammad Shiaa Al-Sudani announced today, Thursday, that Iraq is committed to the agreements and understandings with OPEC and OPEC Plus, pointing out that part of the oil production will be directed towards operating refineries outside Iraq.

 

Al-Sudani said, in an interview conducted with Bloomberg Channel and followed by {Al-Furat News}, that “Iraq is committed to the agreements and understandings with OPEC and OPEC Plus in a way that protects the interests of both producers and consumers,” pointing out that “Iraq has the ability to produce, but that will be in accordance with these requirements.” "Convention."

 

He added: "We have a decision to direct part of oil production towards operating refineries outside Iraq, and we had a presidential meeting with Bulgaria regarding that, as we have refineries in Bulgaria and others in China and Malaysia."

 

Regarding the price of a barrel of oil reaching $95, and the possibility of declines in the market, the Prime Minister said: “There is no concern, and we do not have a specific price, but we want to maintain a fixed level and a logical price that guarantees the interests of both producers and consumers, which is a level that does not decrease.”

 

From 85 to 95 dollars per barrel,” stressing that “Iraq, Saudi Arabia, and Russia are committed to the voluntary reduction to achieve the goal that was agreed upon in OPEC.”

He pointed out that "Iraq's plan is ambitious for the optimal use of oil and gas. We have concluded a number of contracts for investing in associated gas, and there are fields that were announced through the sixth round of licenses that we obtained to invest in natural gas, and we have other actual rounds for other gas fields in Iraq." It will be an active player in the gas markets according to the visions we agreed upon within the Iraqi government.”

 

He explained that "the volume of production is actually linked to the policy that was agreed upon within OPEC (capacity, potential, and projects)," stressing that "there is an OPEC policy that must be adhered to and adhered to in order to achieve this balance between the interests of producers and consumers."

[yota691]

OPEC Secretary General praises Saudi Arabia's role in supporting the stability of the global oil market

• Time: 09/28/2023 15:35:53
•  
• Read: 286 times

  

{Economic: Al-Furat News} Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, praised on Thursday the role played by Saudi Arabia in supporting the stability of the global oil market, adding that this benefits producers, consumers, and the global economy as a whole.

 

Al-Ghais received at the organization’s headquarters Abdullah bin Khalid Toula, the newly appointed Saudi ambassador to Austria and the Kingdom’s permanent representative to international organizations in Vienna, according to a post by the organization on its official account on the “X” platform.

 

She added that the meeting discussed market developments and energy security, as well as ways to enhance cooperation between the Kingdom and OPEC.

[MyLadiesDaddy]

$92.00 a barrel and climbing. We'll see $5 dollars for a gallon of gas by years end and upwards of $10 dollars a gallon sometime next year.  Sorry for all those "SMART" people who didn't listen how to prepare. They'll be begging the government to make them complete slaves for a morsel of food.

[yota691]

Before the OPEC+ meeting tomorrow... Iraq comments on the price of $100 per barrel

• Time: 10/03/2023 10:45:23
•  
• Read: 1,534 times

  

{Economic: Al-Furat News} The Ministry of Oil confirmed that the rise in oil prices to $100 per barrel in global markets depends on several factors, including supply and demand.

Ministry spokesman Assem Jihad told Al-Furat News Agency: “The oil market is affected by a group of factors, including geopolitical and natural factors, as well as supply and demand, speculation, security events, wars, and the pandemic. These are all factors that negatively and positively affect the oil market.”
He added, "What OPEC, OPEC Plus, and Iraq is a part of is aiming to achieve stability in the oil market, which will reflect positively on the economies of countries, whether consuming or producing," noting that "achieving balance and appropriate prices are important for producers and consumers, with ambition for realistic prices."
Jihad stated that "prices reaching $100 per barrel are imposed by the increase in demand for oil due to many circumstances facing the global economy, including the Russian-Ukrainian war," explaining that "the increase in demand is reflected in oil prices."

He pointed out that "the most important thing that OPEC Plus aims to achieve is stability and ensuring the balance of the oil market, and this reflects positively. The most important thing we aim for is achieving balance and stability in the process of oil supplies, supply and demand."

The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) in addition to Russia and other allies, will meet tomorrow, Wednesday, but it is unlikely to modify its current oil production policy.

Oil prices fell today to $89 per barrel.
BMI Research analysts said, “Given the slowdown in the global economy, the group is likely to want to maintain its current cuts, while indicating scope for further cuts if market conditions warrant it.”
“In theory, under the terms of the OPEC+ agreement, production (non-GCC) should remain flat during the fourth quarter. However, Iraq’s compliance has been somewhat spotty in the past, and export levels are expected to rise, assuming The pipeline will resume operations.

[ronscarpa]

A slight increase in Basra crude prices

 

 

2023-10-05 // 02:01

 

Shafaq News/ The prices of Basra heavy and medium crude oil rose on Thursday, with the rise in global oil prices.

 

Basra Heavy crude prices rose $0.29 to reach $86.53, and Basra Medium crude prices rose $0.29 to reach $89.58.

 

Global oil prices rose, compensating for part of the large losses incurred in the previous session after the OPEC Joint Ministerial Monitoring Committee maintained the oil production cuts, which means a continued shortage of supplies amid fears of an imminent decline in the growth of the global economy.

 

https://shafaq.com/ar/اقتصـاد/ارتفاع-طفيف-ب-سعار-خامي-البصرة

[yota691]

Oil prices rise after OPEC+ maintains production cuts

 

 

- 05-10-2023 09:06 AM - Number of views: 5274

 

Oil prices rose in early trading on Thursday, compensating for part of the large losses incurred in the previous session after the OPEC+ Joint Ministerial Monitoring Committee maintained oil production cuts, meaning a continued shortage of supplies amid fears of an imminent decline in global economic growth.

Brent crude futures rose 11 cents to $85.92, while US West Texas Intermediate crude rose seven cents to $84.29 by 0040 GMT.

Oil prices fell by more than five dollars at settlement yesterday, Wednesday, amid focus on a gloomier macroeconomic outlook and declining demand for fuel, following the meeting of the OPEC+ alliance committee, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies led by Russia.

The committee did not approve any changes to the coalition’s oil production policy, and Saudi Arabia said it would continue a voluntary reduction of one million barrels per day until the end of 2023, while Russia would maintain a voluntary reduction in exports of 300,000 barrels per day until the end of December.

“We still expect the market to experience shortages in the fourth quarter, and lower prices reduce the likelihood of OPEC easing supply restrictions,” National Australia Bank analysts said in a note.

[MyLadiesDaddy]

Personally I'm praying for $150 to $200 dollars a barrel. It seems that the American people and the military aren't capable of fixing the problem. But $150 a barrel will definitely wake up everyone. Sure it will collapse the economy. But that's the least painful way to get rid of the demonic possessed liberals and their retarded followers. 

And I, sadly, don't care anymore. 

Everyone in America has heard about Silver and Gold as the means of protecting their wealth but few people are doing anything about it. 

The stupid people and the Sheeple will forever wait for a demonic government to save them. 

While God fearing people are listening to the Holy Spirit and we are ready.