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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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    World oil prices rise because of Iraq

    Rocky
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    • Post n°1

    World oil prices rise because of Iraq Empty World oil prices rise because of Iraq

    Post by Rocky Thu 21 Sep 2017, 2:15 am

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    World oil prices rise because of Iraq


     Tokyo - Sharjah / Reuters - AFP 

    Oil prices rose on Wednesday after Iraq's oil minister said the Organization of the Petroleum Exporting Countries (OPEC) and other producers were considering extending the cut production agreement or increasing volumes to reduce the global supply glut, while a report showed a lower-than-expected increase in inventories American. 
    US West Texas Intermediate crude futures rose 33 cents, or 0.6 percent, to $ 49.78 a barrel. London Brent crude <LCOc1> was up 22 cents, or 0.4 percent, at $ 55.37 a barrel.
    "While OPEC and other producers are considering options that include extending the production cut for other months, it is too early to say what will happen after the agreement ends in March," Oil Minister Jabbar al-Luaibi told an energy conference in the UAE on Tuesday. "Some producers believe that the agreement should be extended for another three or four months, while others believe that the tide should be until the end of 2018. Some believe, including Ecuador and Iraq, that there is a need for further cuts in production," he said.
    The oil minister, Jabbar Ali al-Allaibi, said Tuesday that Iraq aims to develop the oil industry through the national effort and the participation of global investments. "The Ministry is seeking to develop the oil and gas industry in Iraq through its strategic plans," Al-Luaibi said in a statement received by Al-Ghad Press on the sidelines of a speech at the Energy Markets Forum held in Fujairah, And works to implement them through the national effort or cooperation with companies to rehabilitate and develop the oil fields produced in the country, as well as conduct a geological survey to detect the new oil and gas reservoirs. He added that the ministry "pays great attention to the optimal investment of gas associated with oil operations and petrochemical industries and the upgrading of infrastructure."
    In a related context, the oil minister said that "Iraq needs oil prices between 55 and 60 dollars a barrel in order to reach a better financial situation," noting that "Iraq is in constant dialogue with producers inside and outside OPEC to find appropriate solutions to address the oil supply and the challenges that Facing the oil market. " "The door of dialogue is open with the brothers in the region to discuss all the outstanding problems according to the principle that the national wealth belongs to all Iraqis and that preserving and developing it is the responsibility of everyone and we must put the national interest and preserve the national wealth above all consideration".
    Oil Minister Jabbar al-Luaibi announced on Wednesday that the Iraqi company for transport and trade services would start processing the world's first international tanker with operational fuel, saying it was a major achievement after a 30-year hiatus. "The Iraqi company for transport services and oil trade has become the main supplier of operational fuel (bunker) for all ships and tankers of oil and gas entering the Iraqi ports." He added Allaibi, This achievement came as a result of the plans developed by the ministry to develop the performance of our national companies, including the Iraqi oil tankers company. It is a great achievement achieved by the ministry for several considerations including that it will be a detailed strong support for Iraqi ports and development, as well as a financial resource supportive of the Iraqi economy for the financial revenues In addition to contributing to the establishment and development of a global market for the Banker in the south of the country competing with the market of Fujairah and Singapore, which are one of the most important global markets in this area and thus become the Iraqi company of the strongest companies ready for the bunkers in the east Middle East. "
    Crude oil inventories rose 1.4 million barrels in the week ending Sept. 15 to 470.3 million barrels, compared to expectations of an increase of 3.5 million barrels, the US Petroleum Institute said. Crude stocks at the delivery point in Kashing, Oklahoma, increased by 422,000 barrels.

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