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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Prospects for extending oil production cuts to members of the OPEC+ alliance.. What is Iraq’s positi

    Rocky
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    Prospects for extending oil production cuts to members of the OPEC+ alliance.. What is Iraq’s positi Empty Prospects for extending oil production cuts to members of the OPEC+ alliance.. What is Iraq’s positi

    Post by Rocky Sat 09 Mar 2024, 4:21 am

    [size=35][size=35]Prospects for extending oil production cuts to members of the OPEC+ alliance.. What is Iraq’s position?[/size]
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    Al-Sumaria News - Economy

    S&P Global Commodity Insights expected that members of the OPEC+ alliance would move to extend oil production cuts until the end of 2024, as part of efforts to achieve stability in the crude market and support prices to confront increased production from outside the alliance countries.


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    On March 3, the OPEC+ coalition countries extended voluntary cuts in oil supplies until the end of June, in light of their expectations of increased demand in the third quarter, according to S&P in a recent report. The reduction, amounting to about two million barrels per day, will remain in effect until the end of June, and Saudi Arabia, the leader of the coalition, is implementing half of the pledged reduction, according to “Bloomberg.”



    Oil prices have stabilized near the level of $80 per barrel since the beginning of this year in light of abundant crude supplies, even at a time when geopolitical tensions in the Middle East have led to disruption of maritime shipping in the region.

    All members - which are already making voluntary production cuts - have announced an extension of supply cuts until the end of June, and Russia has pledged to move to restricting production rather than cutting supplies, according to the report, which added: “Some analysts believe that this may not be enough to support... Prices, S&P Global Commodity Insights expects OPEC+ members to maintain their supply cuts throughout the entire year. The

    nine-nation joint ministerial monitoring committee of the alliance, which is chaired by Saudi Arabia and Russia, is expected to meet on April 3 to review market conditions and assess members’ compliance. It is worth

    noting that the coalition extended the supply cuts - which were scheduled to end at the end of March - to the second quarter in an effort to support prices and achieve market stability against the backdrop of global economic uncertainty and the growth of oil supplies from outside OPEC.

    * Weak commitment from Iraq and Kazakhstan .
    A Platts survey conducted by S&P Global Commodity Insights showed that the oil production of the coalition countries remained stable in February, in addition to the continued variation in the extent of members’ commitment to production reduction pledges, as Iraq and Kazakhstan continued to pump quantities much higher than their quotas.

    The 22-nation alliance produced 41.21 million barrels per day in February, distributed by 26.58 million barrels per day from the 12 OPEC members and 14.63 million barrels per day from its 10 partners led by Russia.

    The report revealed that the OPEC+ countries that implemented the cuts produced 175,000 barrels per day above their combined quotas during February, with a compliance rate of 97.8%. While Iraq produced 4.27 million barrels per day in February, compared to its share of 4 million barrels per day. Kazakhstan also produced 1.56 million barrels per day in February, compared to its share of 1.468 million barrels per day.

    Saudi Energy Minister Prince Abdulaziz bin Salman visited Kazakhstan to discuss energy markets with President Kassym-Jomart Tokayev on March 7, according to a statement issued by the Kazakh government.

    It should be noted that the Iraqi Ministry of Oil said in mid-February that it would study addressing increases in production, if any, and compensating for them, as part of its keenness to support the initiatives of OPEC+ member states.

    The return of Libyan supplies to the market.
    On the other hand, Libya recorded the most notable growth in supplies in February, as it returned 120,000 barrels per day to the market in the first full month of the return of the Sharara oil field - the largest in the country - to production.

    The field, with a production capacity of 300,000 barrels per day, was closed for two weeks by protesters in January. It should be noted that Libya is exempt from quotas under the OPEC+ oil production agreement.

    Growth in oil production in Libya was offset by declining supplies in both Mexico and South Sudan, where force majeure was declared due to a pipeline disruption in Sudan during mid-February.

    The survey showed that Saudi Arabia and Russia adhered to their production quotas in February. Saudi Arabia was targeting production of 8.98 million barrels per day, while Russia produced 9.43 million barrels per day - slightly less than its quota of 9.449 million barrels per day.

    Riyadh needs a price higher than $90 per barrel to finance spending on economic transformation that includes future cities and sports tournaments, according to Fitch, the credit rating agency. Russia, its largest partner in the coalition, is also seeking to preserve its oil revenues to continue financing its war on Ukraine.
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