Home
The highest decline in OPEC production of oil in two years
 |
The Organization of the Petroleum Exporting Countries (OPEC) and its allies have cut their production by 1.2 million barrels per day (bpd).
Referring to OPEC's sense of the importance of cutting production to stop falling crude prices, Saudi Arabia, the world's largest oil exporter, cut its crude exports last month by 500,000 bpd, Bloomberg news agency reported.
The kingdom's cut in its oil exports coincided with an undeclared drop in Iranian oil exports following US sanctions on Tehran and oil production disruption in Libya due to security problems.
The kingdom's cut in its oil exports coincided with an undeclared drop in Iranian oil exports following US sanctions on Tehran and oil production disruption in Libya due to security problems.
OPEC output fell 530,000 bpd to 32.6 million bpd last month, the biggest drop since January 2017, when OPEC set a clear strategy to curb oil surpluses on world markets after US oil production increased at the time. .
OPEC and non-OPEC oil allies, notably Russia, known as OPEC Plus, agreed on December 7 to cut production by 1.2 million barrels per day (bpd) for a period of six months from January 1.
Despite the agreement, crude prices continued to fall to their lowest level in more than a year.
On the other hand, the price of futures contracts for Brent crude oil for global oil on Wednesday, 5.1% to about $ 56 a barrel, almost 35% below the highest level in 4 years and reached in October.
This comes as dealers in the global oil market, that the reduction of production of the "OPEC Plus" insufficient to reduce supply in the market in light of the increase in oil production in the US rock, and traders are concerned about the potential for slowing oil demand due to slowing global economic growth , And the continuing trade dispute between the United States and China.
» The Central Bank: New cooperation between Iraqi and international banks
» The cycle of conflicts is plunging Iraq's economy: the collapse of infrastructure and the rise in po
» TAIF SAMI COMMENTS ON THE TRANSFER OF EMPLOYEES OF THE MINISTRY OF INTERIOR TO CIVIL OWNERS: THERE I
» Iraq participates in an international exhibition in Greece
» DEPUTY: KOREK COMPANY REFUSES TO PAY ONE BILLION DOLLARS TO THE IRAQI STATE
» In an Iraqi governorate... a "new" parliament begins holding its sessions
» The Federal Court ruled that the authority of the Electoral Commission in the Kurdistan Region was u
» The Sadrist movement is moving to new protests: We will cut the road for Al-Sudani to head the gover
» Governmental bank: loans for hygiene contracts amounting to 15 million dinars comply with Islamic la
» In a day, about $200 million was transferred from the currency auction abroad
» Currencies and markets catch their breath with the dollar's decline
» The Council of Ministers holds its regular session headed by Al-Kazemi
» Al-Kazemi told the French newspaper..Iraq is an important source of energy production, and we have i
» Al-Kazemi .. Al-Sadr has the right to form a government, but he missed the opportunity
» Central Bank Governor: New cooperation between Iraqi and international banks
» Iraqi mediation between Washington and Tehran: prisoners for money
» Al-Kazemi and Nechirvan Barzani refuse to turn Iraq into an arena for settling regional accounts
» The Iraqi parliament resumes its sessions next week, and there is no date for electing the president
» Barham Salih confirms that Iraq is going through an exceptional circumstance, and Al-Kazemi warns of
» In an Iraqi governorate... a "new" parliament begins holding its sessions
» The Iranian ambassador offers condolences to the Iraqis on the anniversary of the death of Jalal Tal
» The Sadrist movement is moving to new protests: We will cut the road for Al-Sudani to head the gover
» Al-Kazemi: We were on the brink of a civil war.. Al-Sadr had the right to form the government, but h
» World Gold Council: Limited demand for the yellow metal and Iraq maintains its rank
» Iraq's oil revenues drop 9% in September
» Karbala Refinery..A step to meet Iraq's need to import oil derivatives
» About 5 billion dollars in sales of the Central Bank of Iraq in a month
» Al-Kazemi: We have important contracts with major oil companies, and Iraq will remain an important s
» Work: We have given more than 60,000 loans to the unemployed
» Efforts to establish a trade exchange zone between Iraq and Saudi Arabia in Najaf
» Forming governmental committees to address the problem of eroding agricultural land
» Minister of Resources: No financial allocations to address water scarcity so far
» Saudi Arabia prevents its citizens under the age of 40 from traveling to Iraq
» An order was issued to bring in a Dhi Qar investment manager for “damaging” public money
» Al-Rafidain: The interest rate of a 150 million loan for the purchase of a residence is 4%
» Al-Kazemi: We have important contracts with major oil companies, and Iraq will remain an important s
» Parliamentary sessions are expected after only one condition is met
» Al-Maliki's team talks about a crucial month to end the political blockage
» “The Frame” catches its breath after the dispersal of the Saturday protests, and Al-Sadr tweets: The
» Extension: There is no choice but for Iraq to become its own master
» Nechirvan Barzani: The KDP and the PUK need a new agreement in line with this stage
» The President of the Kurdistan Regional Government receives the Prime Minister of the Federal Counci
» Al-Sadr: Freedom from corruption and the corrupt is the real day for Iraq
» Al-Kazemi: Our relationship with the Kurdistan government is “distinguished” after various disturban
» President Barzani and Al-Kazemi discuss security challenges and the Iraqi political process
» President of the Republic: We cannot bet more on the people’s patience with promises
» Al-Kazemi: The current government has endured a lot of fabrication and forgery, the agent of false a
» Nechirvan Barzani: The Democratic Party and the National Union need today a new strategic agreement
» Iraq reviews the results of the work of the Arab Bridge Shipping Company with Jordan and Egypt
» Tishreni's deputy: We cannot prevent the formation of a consensus government
» Al-Maliki's coalition: The urgency with the participation of the current in the government is a comp
» Until the return of sovereignty to the country.. An extension of the celebration of the National Day
» Raising the Iraqi flag in Paris on the occasion of the National Day
» To win the presidential palace .. a deep dispute between the party and the Yekti, and a Kurdish part
» Saleh receives a congratulatory message from the French President on the occasion of the Iraqi Natio
» Integrity announces the issuance of an order to recruit a Dhi Qar investment manager
» The exacerbation of differences within the Kurdish house..The Union rules out a new agreement with t
» For the second day, oil prices continue to rise and approach $90
» Will Iraq be affected by the decisions of OPEC Plus?
» The Ministry of Higher Education decides to count the academic year 2022/2021 as a year of non-failu
» A deputy reveals the most prominent laws to be discussed by Parliament
» Al-Ghazi issues a directive regarding the citizens of Pakistan stranded in Iraq
» Dollar exchange rates in local markets
» A Fresh New Approach to Construction in Iraq
» Some "Sunday News" Posted by Samson at KTFA 10-2-2022
» Al-Sadr: Freedom from the corrupt is the true national day of Iraq
» 90% of Iraqis spend money to buy healthy water
» A parliamentarian calls for the implementation of Article 340 of the Penal Code against Al-Kazemi
» Political and security developments on the table of the Al-Kazemi and Nechirvan Barzani talks in Erb
» Canceling the electronic reservation of the national card, except for two governorates
» The Mass Graves Affairs and Protection Department agrees with UNITAD to open a group of mass graves,
» Kurdistan Resources: The Water Conference will have a very positive impact (photos)
» Tehran considers the bombing of Kurdistan Region "within the legal frameworks"
» “We will sue him.” Al-Kazemi’s government responds to a deputy publishing “misleading” information t
» Al-Kazemi and Masrour Barzani discuss "overcoming obstacles" in the disputes of Baghdad and the regi
» Al-Rafidain warns those who are late in paying loans Basmaya: We have procedures
» Eight oil tankers docked at the berths of Khor Al Zubair port
» Launching social assistance for one million and 390 thousand Iraqi families
» Parliamentary action regarding the decision to raise the price of gas supplied to cars
» Center calls for the inclusion of borrowers in the Consumer Protection Law
» Economic website: Iraq loses 58% of electricity production due to distribution problems
» Al-Rafidain calls on citizens to pay their loan installments and takes legal measures
» Oil rises 3% on speculation of an OPEC + production cut
» Trade: 5 million people receive the ration and they do not deserve it
» Al-Kazemi faces a lawsuit for wasting public money
» Did the Iraqi parliament session end the crisis, or did it establish new ones?
» Kurdish politician: Iran has exploited the state of weakness and underestimated Iraqi sovereignty
» (70) billion to furnish and maintain the mechanisms of Al-Kazemi’s office from the funds of the Food
» Rewaz Faeq and a French official discuss strengthening diplomatic coordination between Kurdistan and
» A parliamentary committee intends to host officials to discuss the Turkish and Iranian attacks on Ir
» With the exception of two sides... Al-Sadr rejects the framework's mediation to form the government
» The last fight.. A resigned Sadrist deputy describes the upcoming parliament session
» Al-Zaidi: The October movement is an important pressure card on the path of the political process
» Al-Kazemi congratulates on the occasion of the National Day
» Al-Kazemi’s office issues a statement regarding (misleading publications intended to blackmail the g
» Details of Al-Kazemi and Barzani meeting in Erbil
» Labor announces the launch of social assistance for the current month
» Leaks reveal the expected scenario of the (OPEC +) meeting