Oil prices are stable and Iraq is committed to reducing

Oil prices are stable and Iraq is committed to reducing

 Singapore - Baghdad / Reuters

Oil prices stabilized on Tuesday after news of a shrinking supply of crude from Saudi Arabia, stifling the impact of increased supplies of other producers, including the United States.
The cut is in line with Saudi Arabia's commitments to an OPEC-led cut-off agreement aimed at boosting crude prices, which have been hit by more than three years of oversupply.
But production is still high in many parts of the world and prices are still at half the level of the period from 2011 to 2014.
The benchmark global benchmark Brent crude rose 20 cents to 52.57 dollars per barrel by 10.20 GMT, while the US crude Down 20 cents to $ 49.59 a barrel.
The Head of Commodity Markets at Saxo Bank in Denmark told the Reuters Global Oil Forum, "The support comes from the stability of the number of American excavators and the decline of stocks in the United States and reduce Saudi Arabia for exports."
"But on the other hand, we still have a huge growth in the supply of the United States, Libya and Nigeria," he said.
Saudi Aramco plans to carry out limited maintenance work in the oilfield of Baqeeq in September, which will cut the company's light crude exports to its customers around the world by at least 520,000 bpd, a source said today. Now know the duration of repairs or impact on supplies. Saudi Arabia cut light crude supplies to Asian futures buyers in September.
The production capacity of the field in the eastern region of 400 thousand barrels per day of Arab crude light in 2012, according to the website of the US Energy Information Administration. Aramco declined to comment.
The cut in provisions is in line with Saudi commitments to an OPEC-led supply cut, under which the world's top oil exporter will cut output by 486,000 bpd.
Sources said Saudi Arabia would cut supply to most buyers in Asia by as much as 10 percent in September.
Officials from the Organization of the Petroleum Exporting Countries (OPEC) and others are holding meetings for the second day in Abu Dhabi to discuss ways to boost commitment to an agreement to cut oil production, sources said.
OPEC, Russia and other producers are cutting output by 1.8 million bpd by March to get rid of supplies and price subsidies.
Two sources said a statement on efforts to promote commitment was being drafted and was likely to be issued after the conclusion of the meeting on Monday.
Iraq and the United Arab Emirates, two major Opec producers, have shown relatively low commitment to an agreement based on data used by OPEC to monitor its supplies. Kazakhstan and Malaysia, which are not members of the Organization, have boosted their production in the past few months, according to the International Energy Agency.
During a meeting in Russia last month, Iraq and the United Arab Emirates confirmed their commitment to the agreement, but did not offer a concrete plan on how to meet their production targets, sources said.
Iraq and the United Arab Emirates say the assessment of their production from secondary sources, figures issued by government agencies, consultants and specialized media in the sector used by OPEC to monitor production, which came before the agreement came into force in January, was low. They have a daunting task of carrying out a larger reduction in order to achieve full commitment. Kazakhstan and Malaysia, which are not members of the Organization, have boosted their production in the past few months, according to the International Energy Agency. During a meeting in Russia last month, Iraq and the United Arab Emirates confirmed their commitment to the agreement, but did not offer a concrete plan on how to meet their production targets, sources said. Iraq and the United Arab Emirates say the assessment of their production from secondary sources, figures issued by government agencies, consultants and specialized media in the sector used by OPEC to monitor production, which came before the agreement came into force in January, was low. They have a daunting task of carrying out a larger reduction in order to achieve full commitment. Kazakhstan and Malaysia, which are not members of the Organization, have boosted their production in the past few months, according to the International Energy Agency. During a meeting in Russia last month, Iraq and the United Arab Emirates confirmed their commitment to the agreement, but did not offer a concrete plan on how to meet their production targets, sources said. Iraq and the United Arab Emirates say the assessment of their production from secondary sources, figures issued by government agencies, consultants and specialized media in the sector used by OPEC to monitor production, which came before the agreement came into force in January, was low. They have a daunting task of carrying out a larger reduction in order to achieve full commitment. During a meeting in Russia last month, Iraq and the United Arab Emirates confirmed their commitment to the agreement, but did not offer a concrete plan on how to meet their production targets, sources said. Iraq and the United Arab Emirates say the assessment of their production from secondary sources, figures issued by government agencies, consultants and specialized media in the sector used by OPEC to monitor production, which came before the agreement came into force in January, was low. They have a daunting task of carrying out a larger reduction in order to achieve full commitment. During a meeting in Russia last month, Iraq and the United Arab Emirates confirmed their commitment to the agreement, but did not offer a concrete plan on how to meet their production targets, sources said. Iraq and the United Arab Emirates say the assessment of their production from secondary sources, figures issued by government agencies, consultants and specialized media in the sector used by OPEC to monitor production, which was made before the deal came into force in January, was low. They have a daunting task of carrying out a larger reduction in order to achieve full commitment.

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