[size=35][size=35]The policy of reducing oil production in OPEC countries...a great discrepancy, and Iraq is the least committed[/size]
[You must be registered and logged in to see this link.]
[/size]
[You must be registered and logged in to see this link.][/size]
02-14-2024 | 04:30
[You must be registered and logged in to see this image.]
[/size]
357 views
[You must be registered and logged in to see this link.]
Alsumaria News - Economy
[ltr]
[size=16]
0 seconds of 0 seconds Volume 0%
[/ltr]
The Organization of the Petroleum Exporting Countries and its allies have pledged deep production cuts this quarter in an effort to avoid surpluses and support global prices. Although the commitment of Kuwait and Algeria to reduce their quota appeared immediately, the restriction of Iraqi supplies was much less than agreed upon.
Baghdad is known for its record of non-compliance with OPEC quota reduction agreements, as Iraq faces strong financial pressures and is keen to maintain its revenues. The country reduced its production by 98,000 barrels per day last January, approximately one-third of the reduction necessary to adhere to its quota, according to the organization’s report published yesterday. While the state said that it fully complies with its pledges.
The uneven compliance with the cuts exacerbates the challenges of achieving balance in global oil markets that OPEC faces, and the organization has also raised its expectations for oil supplies from competing countries during the current and next years by 150,000 barrels per day.
OPEC and ensuring the stability of oil markets.
The Vienna-based organization’s secretariat said in the report: “Under current market conditions, the continued efforts made by the countries participating in the voluntary production reduction initiative remain crucial to achieving balance and stability in the oil market.”
Crude oil prices have hovered around $80 a barrel on the London Stock Exchange so far this year, as a sense of abundant supplies from the United States and elsewhere allayed concerns about conflict in the Middle East. While the price of Brent crude futures contracts reached $82.6 per barrel at 12 noon in the British capital.
OPEC, led by Saudi Arabia, maintained expectations that global oil demand would increase by a “strong” rate of approximately 2.2 million barrels per day, driven by China’s consumption, reaching a record level of just over 104 million barrels per day this year.
OPEC's expectations for the global economy:
The group sees "positive signs of improved expectations for some parts of the global economy, most notably the United States," said the organization's Secretary-General, Haitham Al-Ghais, on the sidelines of a conference held in Dubai yesterday, Tuesday.
But these big bullish expectations do not enjoy universal consensus. Amin Nasser, CEO of Saudi Aramco, said in statements from Dhahran on Monday that the company expects much slower growth in oil demand this year, but it is still strong, and may reach 1.5 million barrels per day. Major commodity trading companies such as Vitol and Gunvor Group also expressed similar views.
As for Fatih Birol, Executive Director of the International Energy Agency, he said in exclusive statements to Bloomberg that the agency, which represents major consuming countries, expects demand to grow between 1.2 and 1.3 million barrels per day. Adding that this will result in the emergence of a “stable” market and “moderate prices.”
*Does Iraq’s current production meet the “OPEC+” agreement?
Iraq has now met its oil production quota under the OPEC+ alliance agreement, which aims to reduce production to support market stability, according to statements by Iraqi Oil Minister Hayyan Abdul Ghani.
He added yesterday, Monday, during an event held in Baghdad, that his country had set the production ceiling at 4 million barrels per day, which is the limit agreed upon within the framework of the “OPEC+” agreement. He explained that exports amount to about 3.4 million barrels per day.
Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), has a spotty record of meeting its OPEC+ quota, pumping 4.2 million barrels per day in January, according to Bloomberg estimates.
Last November, Iraq pledged to voluntarily reduce production by 220,000 barrels per day, during the period from January to March of this year, in coordination with some other producers in the coalition.
Abdul Ghani noted that his country is committed to OPEC+ decisions, saying that “the average crude production after the recent cuts does not exceed 4 million barrels per day.”
He also revealed that his ministry is holding talks with international oil companies operating in the Kurdistan region of Iraq with the aim of resuming oil production and export through the Turkish port of Ceyhan. It is noteworthy that shipments had been halted since March 2023 due to a dispute over the rights to obtain oil revenues. The Iraqi Oil Minister confirmed that “the dispute will be settled soon,” repeating similar statements previously.
[/size]
[You must be registered and logged in to see this link.]
[/size]
Economy
[size][size][You must be registered and logged in to see this link.][/size]
02-14-2024 | 04:30
[You must be registered and logged in to see this image.]
[/size]
357 views
[You must be registered and logged in to see this link.]
Alsumaria News - Economy
OPEC countries implemented only part of the new oil production cuts during the first month of the latest agreement to restrict supplies, according to data in the report issued by the organization yesterday.
[ltr]
[size=16]
0 seconds of 0 seconds Volume 0%
[/ltr]
The Organization of the Petroleum Exporting Countries and its allies have pledged deep production cuts this quarter in an effort to avoid surpluses and support global prices. Although the commitment of Kuwait and Algeria to reduce their quota appeared immediately, the restriction of Iraqi supplies was much less than agreed upon.
Baghdad is known for its record of non-compliance with OPEC quota reduction agreements, as Iraq faces strong financial pressures and is keen to maintain its revenues. The country reduced its production by 98,000 barrels per day last January, approximately one-third of the reduction necessary to adhere to its quota, according to the organization’s report published yesterday. While the state said that it fully complies with its pledges.
The uneven compliance with the cuts exacerbates the challenges of achieving balance in global oil markets that OPEC faces, and the organization has also raised its expectations for oil supplies from competing countries during the current and next years by 150,000 barrels per day.
OPEC and ensuring the stability of oil markets.
The Vienna-based organization’s secretariat said in the report: “Under current market conditions, the continued efforts made by the countries participating in the voluntary production reduction initiative remain crucial to achieving balance and stability in the oil market.”
Crude oil prices have hovered around $80 a barrel on the London Stock Exchange so far this year, as a sense of abundant supplies from the United States and elsewhere allayed concerns about conflict in the Middle East. While the price of Brent crude futures contracts reached $82.6 per barrel at 12 noon in the British capital.
OPEC, led by Saudi Arabia, maintained expectations that global oil demand would increase by a “strong” rate of approximately 2.2 million barrels per day, driven by China’s consumption, reaching a record level of just over 104 million barrels per day this year.
OPEC's expectations for the global economy:
The group sees "positive signs of improved expectations for some parts of the global economy, most notably the United States," said the organization's Secretary-General, Haitham Al-Ghais, on the sidelines of a conference held in Dubai yesterday, Tuesday.
But these big bullish expectations do not enjoy universal consensus. Amin Nasser, CEO of Saudi Aramco, said in statements from Dhahran on Monday that the company expects much slower growth in oil demand this year, but it is still strong, and may reach 1.5 million barrels per day. Major commodity trading companies such as Vitol and Gunvor Group also expressed similar views.
As for Fatih Birol, Executive Director of the International Energy Agency, he said in exclusive statements to Bloomberg that the agency, which represents major consuming countries, expects demand to grow between 1.2 and 1.3 million barrels per day. Adding that this will result in the emergence of a “stable” market and “moderate prices.”
*Does Iraq’s current production meet the “OPEC+” agreement?
Iraq has now met its oil production quota under the OPEC+ alliance agreement, which aims to reduce production to support market stability, according to statements by Iraqi Oil Minister Hayyan Abdul Ghani.
He added yesterday, Monday, during an event held in Baghdad, that his country had set the production ceiling at 4 million barrels per day, which is the limit agreed upon within the framework of the “OPEC+” agreement. He explained that exports amount to about 3.4 million barrels per day.
Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), has a spotty record of meeting its OPEC+ quota, pumping 4.2 million barrels per day in January, according to Bloomberg estimates.
Last November, Iraq pledged to voluntarily reduce production by 220,000 barrels per day, during the period from January to March of this year, in coordination with some other producers in the coalition.
Abdul Ghani noted that his country is committed to OPEC+ decisions, saying that “the average crude production after the recent cuts does not exceed 4 million barrels per day.”
He also revealed that his ministry is holding talks with international oil companies operating in the Kurdistan region of Iraq with the aim of resuming oil production and export through the Turkish port of Ceyhan. It is noteworthy that shipments had been halted since March 2023 due to a dispute over the rights to obtain oil revenues. The Iraqi Oil Minister confirmed that “the dispute will be settled soon,” repeating similar statements previously.
[/size]
Yesterday at 7:30 am by Rocky
» utube 5/4/24 MM&C Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules -
Yesterday at 7:29 am by Rocky
» “Services” asks the Central Bank about billions of foreign banks in Iraq
Yesterday at 7:27 am by Rocky
» Central Bank: Iraqi banks still face challenges in complying with international laws and standards
Yesterday at 7:24 am by Rocky
» Parliamentary bloc: The Central Bank offers hard currency to “mafias” on a golden platter.. The Suda
Yesterday at 7:20 am by Rocky
» The Iraqi Central Auction witnesses a rise in foreign remittances to $267 million
Yesterday at 7:19 am by Rocky
» Wednesday.. The session to elect the President of the Iraqi Parliament is heading towards “Al-Issawi
Yesterday at 7:14 am by Rocky
» The Union of Arab Banks proposes 4 “important” points for Iraqi banks to meet compliance standards
Yesterday at 7:12 am by Rocky
» In the document... the Central Bank decides to return the “Al-Mal” Bank to work... in this case
Yesterday at 7:08 am by Rocky
» The Iraqi-American agreements and cooperation were the most prominent topics of Al-Araji and Romanow
Yesterday at 7:06 am by Rocky
» Al-Hakim meets a joint delegation of resolve and sovereignty and renews the call to hold a session t
Yesterday at 7:05 am by Rocky
» Nearly one billion dinars were recovered and 3 million liters of fuel intended for smuggling in Iraq
Yesterday at 7:03 am by Rocky
» Al-Sudani and the European Union ambassador discuss issues of economic partnerships, civil aviation,
Yesterday at 6:59 am by Rocky
» More than 950 million dinars... petroleum products announced their recovery
Yesterday at 6:57 am by Rocky
» Forming a committee to follow up on stopping the sale of the dollar to travelers
Yesterday at 6:54 am by Rocky
» The Minister of Justice visits Al-Muthanna Governorate to discuss mechanisms for developing judicial
Yesterday at 6:52 am by Rocky
» Agriculture: Farmers who were affected by the recent rains will be compensated
Yesterday at 6:51 am by Rocky
» Al-Rasheed issues a warning regarding applying for advances and loans
Yesterday at 6:49 am by Rocky
» Al-Rafidain announces the implementation of the comprehensive banking system in its main branch
Yesterday at 5:24 am by Rocky
» Al-Rasheed warns of offices and pages claiming to promote the Salaf
Yesterday at 5:22 am by Rocky
» Adviser to the Prime Minister: There are no conflicts in the route of the Baghdad Metro
Yesterday at 5:19 am by Rocky
» Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces
Yesterday at 5:18 am by Rocky
» Agriculture explains the mechanism of implementing the calendar program and its economic gains
Yesterday at 5:17 am by Rocky
» “The shocks have changed.” The Governor of the Central Bank explains the impact of the openness of I
Yesterday at 5:16 am by Rocky
» The President of the Association of Private Banks sends an “important” invitation to the Central Ban
Yesterday at 5:15 am by Rocky
» Al-Alaq: The Iraqi banking sector has witnessed significant qualitative developments in response to
Yesterday at 5:12 am by Rocky
» On behalf of Al-Sudani, the Minister of Planning sponsors the signing ceremony of a memorandum of un
Yesterday at 5:11 am by Rocky
» The Iraqi Travel Companies Association participates in the Arab Travel Market Exhibition
Yesterday at 5:10 am by Rocky
» The start of the work of the Iraqi-Jordanian Economic Forum
Yesterday at 5:07 am by Rocky
» Integrity Commission at the Arab Anti-Corruption Convention Conference
Yesterday at 5:06 am by Rocky
» Election of the Speaker of Parliament between amendment and disruption
Yesterday at 5:05 am by Rocky
» Plans to increase the real estate bank's capital
Yesterday at 5:03 am by Rocky
» The Central Bank sells more than $276 million in the currency auction
Yesterday at 5:02 am by Rocky
» Advisor to the Prime Minister: We are heading towards a complete transformation of the electronic pa
Yesterday at 5:01 am by Rocky
» Savings and financial inclusion
Yesterday at 5:00 am by Rocky
» Agriculture expects to market 6 million tons of wheat
Yesterday at 4:58 am by Rocky
» Al-Sudani chairs the first meeting of the Supreme Committee for Restructuring the Government Apparat
Yesterday at 4:57 am by Rocky
» Al-Sudani receives an official invitation to participate in the United Nations Climate Change Confer
Yesterday at 4:55 am by Rocky
» "Baghdad Today" in the southern refineries: The Azmara unit will reduce imported gasoline and hard c
Yesterday at 4:54 am by Rocky
» Al-Sudani stresses the importance of supporting the pillars of food security
Yesterday at 4:51 am by Rocky
» Kurdistan is an important oasis for investment. Security and economic stability eliminates the housi
Yesterday at 4:50 am by Rocky
» Politician: Comparing Al-Halbousi to Al-Maliki is not up for discussion
Yesterday at 4:46 am by Rocky
» The Kurdistan Democratic Party demands international supervision of the region's elections
Yesterday at 4:45 am by Rocky
» Al-Sudani heads to Italy next week on an official visit
Yesterday at 4:44 am by Rocky
» Warnings of challenges delaying budget approval, most notably the deficit
Yesterday at 4:43 am by Rocky
» The Ministry of Oil sets the launch date for the fifth and sixth licensing rounds
Yesterday at 4:41 am by Rocky
» Rafidain Bank announces the implementation of the comprehensive banking system in its main branch
Yesterday at 4:40 am by Rocky
» Central Bank Governor: The banking sector is witnessing major qualitative developments
Yesterday at 4:39 am by Rocky
» Economic: Neighboring countries do not import from Iraq for fear of fraud
Sun 05 May 2024, 10:43 am by Rocky
» The Central Bank of Iraq sells more than $276 million in currency auction
Sun 05 May 2024, 9:16 am by Rocky
» Agreement on the presidency of Parliament: Did Al-Halbousi win?
Sun 05 May 2024, 7:09 am by Rocky
» Because of his corruption... Al-Karawi calls for Al-Halbousi to be held accountable
Sun 05 May 2024, 7:08 am by Rocky
» Al-Shammari: The American presence in Iraq has no legal cover
Sun 05 May 2024, 7:06 am by Rocky
» A story titled: Al-Fartusi, the Iraqi ports, and the 160 Committee
Sun 05 May 2024, 7:04 am by Rocky
» The Minister of Finance of the Kurdistan Region expects the date of Baghdad’s sending of salaries fo
Sun 05 May 2024, 7:03 am by Rocky
» What is the importance of conducting a pilot population census in Iraq?
Sun 05 May 2024, 7:01 am by Rocky
» The start of the meetings of the sixth session of the joint Iraqi-Iranian committee in Tehran
Sun 05 May 2024, 6:58 am by Rocky
» The budget schedules did not reach the Council of Ministers
Sun 05 May 2024, 6:54 am by Rocky
» The Minister of Planning directs the installation and operation of gold screening units at Iraqi air
Sun 05 May 2024, 6:52 am by Rocky
» Government advisor: Collections will shift almost completely to electronic payment in the middle of
Sun 05 May 2024, 6:51 am by Rocky
» A politician accuses the American embassy of attracting parties inside Iraq to confuse the situation
Sun 05 May 2024, 5:07 am by Rocky
» Deputy: The anti-prostitution law blocks the way for destructive ideas
Sun 05 May 2024, 5:06 am by Rocky
» State of Law: A political agreement to resolve the position of Speaker of Parliament...these are its
Sun 05 May 2024, 5:05 am by Rocky
» Kurdistan Parliament elections.. The insistence of the two parties intensifies and an international
Sun 05 May 2024, 5:04 am by Rocky
» Jordan considers Iraq one of its "most important" main partners in the investment field
Sun 05 May 2024, 5:02 am by Rocky
» Advisor to the Prime Minister: Iraq is a fertile environment for projects, and there is an expansion
Sun 05 May 2024, 5:01 am by Rocky
» Parliament is close to approving the renewable energy project law
Sun 05 May 2024, 5:00 am by Rocky
» The delay surrounds five Iraqi ministries.. What is the relationship with the budget?
Sun 05 May 2024, 4:58 am by Rocky
» Basra Council threatens: We will not accept unreliable companies to work in Qurna service projects
Sun 05 May 2024, 4:57 am by Rocky
» Iraq intends to convert collections to electronic payment in mid-2024
Sun 05 May 2024, 4:54 am by Rocky
» Parliamentary Committee: 5 ministries whose completion rates are “low”
Sun 05 May 2024, 4:53 am by Rocky
» Completion of the five-year national development plan 2024-2028
Sun 05 May 2024, 4:51 am by Rocky
» Investment opportunities in the ancient city of Ur
Sun 05 May 2024, 4:50 am by Rocky
» Today.. Baghdad hosts leading scientists and researchers in the field of artificial intelligence
Sun 05 May 2024, 4:49 am by Rocky
» Conditions and horrors
Sun 05 May 2024, 4:47 am by Rocky
» Democratic conditions threaten Kurdistan elections and embarrass the Commission
Sun 05 May 2024, 4:46 am by Rocky
» “Consensus” disrupts laws in parliamentary culture
Sun 05 May 2024, 4:44 am by Rocky
» Iraq celebrates “World Press Freedom Day”
Sun 05 May 2024, 4:43 am by Rocky
» Including Iraq... five countries possess more than 1,000 tons of gold
Sun 05 May 2024, 4:41 am by Rocky
» Davos is between two stations, is Iraq the third?
Sun 05 May 2024, 4:40 am by Rocky
» Specialists: The food basket was a buffer to mitigate the blow of high prices
Sun 05 May 2024, 4:39 am by Rocky
» Al-Rafidain Bank announces the implementation of the comprehensive banking system in its Hindi branc
Sun 05 May 2024, 4:34 am by Rocky
» Learn about the proposed law replacing punishment with financial sums
Sun 05 May 2024, 4:33 am by Rocky
» With the beginning of summer... poor services and a spiral of crises afflict the citizens of Kurdist
Sun 05 May 2024, 4:30 am by Rocky
» A new scandal involving one of the “ten promising companies in Basra”... the Iraqi Plain strikes con
Sun 05 May 2024, 4:29 am by Rocky
» With a package of files... Barzani to Tehran and Talabani to Washington next week
Sun 05 May 2024, 4:28 am by Rocky
» An expert reveals the size of the "gas gap" in Iraq: Achieving sufficiency within 3 years is very di
Sun 05 May 2024, 4:25 am by Rocky
» To reach an agreement on 10 memorandums...the start of the meetings of the sixth session of the Iraq
Sun 05 May 2024, 4:24 am by Rocky
» The dollar is declining slightly against the Iraqi dinar in local markets
Sun 05 May 2024, 4:22 am by Rocky
» Deputy: 4 factors hinder Iraqi development.. one of them is a 90% reduction - urgent
Sun 05 May 2024, 4:21 am by Rocky
» Revealing the reason for its delay.. Elekti sets the date for sending the salaries of Kurdistan Regi
Sun 05 May 2024, 4:19 am by Rocky
» The Iraqi development road project, ambitions and expected challenges
Sun 05 May 2024, 4:18 am by Rocky
» Laws were enacted but did not find their way into implementation
Sun 05 May 2024, 4:16 am by Rocky
» Iraq: Political withdrawals hamper the work of Parliament
Sun 05 May 2024, 4:14 am by Rocky
» The continued fluctuation of the dollar exchange rates worries traders and citizens
Sun 05 May 2024, 4:13 am by Rocky
» Vice: Nour Zuhair and his companions manage Iraqi ports
Sun 05 May 2024, 4:10 am by Rocky
» The President of the Kurdistan Region visits Tehran today and meets with senior Iranian officials
Sun 05 May 2024, 4:08 am by Rocky
» Al-Maliki confirms Iraq's openness to all countries of the world
Sun 05 May 2024, 4:07 am by Rocky
» The World Bank is preparing to issue a human capital report in Iraq
Sun 05 May 2024, 4:06 am by Rocky