Home
[size=36]OPEC production during February falls to its lowest level in more than 10 years[/size]
Economy | 10:03 - 02/03/2020
Baghdad - Mawazine News
A Reuters survey concluded that OPEC oil production fell in February to the lowest level in more than ten years, with Libya's supplies collapsing due to the closure of ports and oil fields, along with an excess commitment by Saudi Arabia and other Gulf members to a new agreement to reduce Production.
The survey indicated that the Organization of Petroleum Exporting Countries, with 13 members, pumped an average of 27.84 million barrels per day last month, down 510 barrels per day from January's figures.
Despite the decline in supplies, crude prices fell to less than $ 50 a barrel on the back of concerns that the outbreak of the Corona Virus will reduce oil demand.
OPEC and its allies are meeting this week to discuss additional steps to support the market.
OPEC, Russia and other allies agreed, within the framework of the OPEC + coalition, to deepen an existing supply cut of 500,000 barrels per day, starting from January 1, 2020.
OPEC's share of the new cut was about 1.17 million barrels per day, to which ten members are obligated, meaning all members of the organization except Iran, Libya and Venezuela.
The 10 OPEC members who adhere to the agreement easily outpaced the required cuts in February, thanks to Saudi Arabia and its Gulf allies cutting more than needed to support the market.
However, the survey concluded that there is still an increase in production by Iraq and Nigeria, both of which have slowed to abide by previous OPEC + agreements, which means that OPEC adhered to 128% of its pledges to cut in February, down from 133% in January.
Libyan decline
According to the records of “Reuters” surveys, February production was the lowest for OPEC since at least 2009, the year in which the organization applied the largest cuts ever due to the financial crisis, after excluding the changes in membership that have occurred since then.
Libya's oil production has plunged since January 18, due to the closure of ports and fields.
The survey found that production in Libya averaged 155,000 bpd over the month, down from 760,000 bpd in January.
The survey showed that there were no other significant reductions in production from the group.
Sources in the survey said: Saudi Arabia voluntarily kept production without its share, and the compliance of the Emirates and Kuwait exceeded the target level for each of them.
Among the countries that pumped the most, the February survey indicates that Nigeria and Iraq, both slowing down cuts in 2019, increased production due to increased exports.
When the other two members the excluded, Iran and Venezuela, production was stable.
And Iran are subject to US sanctions restrict exports, while Venezuela is facing US sanctions and a drop in production for a long time.
Ecuador emerged from OPEC at the end of 2019, which reduced the organization's production by about 500 thousand barrels per day compared to December.
The Reuters survey aims to track supplies to the market, and is based on shipping data provided by external sources and flow data from Refinitiv Icon, and information provided by sources, oil companies, OPEC and consultants.
The survey indicated that the Organization of Petroleum Exporting Countries, with 13 members, pumped an average of 27.84 million barrels per day last month, down 510 barrels per day from January's figures.
Despite the decline in supplies, crude prices fell to less than $ 50 a barrel on the back of concerns that the outbreak of the Corona Virus will reduce oil demand.
OPEC and its allies are meeting this week to discuss additional steps to support the market.
OPEC, Russia and other allies agreed, within the framework of the OPEC + coalition, to deepen an existing supply cut of 500,000 barrels per day, starting from January 1, 2020.
OPEC's share of the new cut was about 1.17 million barrels per day, to which ten members are obligated, meaning all members of the organization except Iran, Libya and Venezuela.
The 10 OPEC members who adhere to the agreement easily outpaced the required cuts in February, thanks to Saudi Arabia and its Gulf allies cutting more than needed to support the market.
However, the survey concluded that there is still an increase in production by Iraq and Nigeria, both of which have slowed to abide by previous OPEC + agreements, which means that OPEC adhered to 128% of its pledges to cut in February, down from 133% in January.
Libyan decline
According to the records of “Reuters” surveys, February production was the lowest for OPEC since at least 2009, the year in which the organization applied the largest cuts ever due to the financial crisis, after excluding the changes in membership that have occurred since then.
Libya's oil production has plunged since January 18, due to the closure of ports and fields.
The survey found that production in Libya averaged 155,000 bpd over the month, down from 760,000 bpd in January.
The survey showed that there were no other significant reductions in production from the group.
Sources in the survey said: Saudi Arabia voluntarily kept production without its share, and the compliance of the Emirates and Kuwait exceeded the target level for each of them.
Among the countries that pumped the most, the February survey indicates that Nigeria and Iraq, both slowing down cuts in 2019, increased production due to increased exports.
When the other two members the excluded, Iran and Venezuela, production was stable.
And Iran are subject to US sanctions restrict exports, while Venezuela is facing US sanctions and a drop in production for a long time.
Ecuador emerged from OPEC at the end of 2019, which reduced the organization's production by about 500 thousand barrels per day compared to December.
The Reuters survey aims to track supplies to the market, and is based on shipping data provided by external sources and flow data from Refinitiv Icon, and information provided by sources, oil companies, OPEC and consultants.
is over
» utube 11/11/24 MM&C News Reporting-IRAQ-USA-Financial Inclusion up 48%-Money Inside & Out of Iraq
» "Thousands of them are suspended" .. Draft laws challenge the remainder of the life of the current p
» Population, oil and salaries...hot files in the meeting between Al-Sudani and Barzani
» Political attempts to obstruct it.. Personal Status Law on its way to legislation
» MP: Al-Sudani has reached the conviction of the necessity of removing some ministers
» Central Bank announces progress in dollar control procedures
» Baghdad.. Closing 144 informal metal smelting factories to reduce pollution
» Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024
» Severe imprisonment for former Minister of Transport for deliberately violating his job duties
» 4 new pharmaceutical factories
» Iraq's move to attract $250 billion in investments welcomed
» Financial inclusion and banking restructuring
» Iraq records 4% economic growth, moves towards sustainable diversification
» Al-Sudani and Barzani discuss finding solutions to common issues "according to the constitution"
» Requesting Iraqi mediation.. US delegation arrives in Baghdad to follow up on the "hotline" with Teh
» Iraqi oil continues to decline for the third day in a row
» Population census in Iraq: social and political importance and a major challenge for the government
» Next Thursday.. the start of the first phase of the census
» 11 international companies compete to operate Faw Port
» Baghdad conveys Trump's message to Tehran: Stop proxy wars... and confirms removing the opposition f
» Iraq contracts to purchase defense systems and helicopters
» Has Al-Sudani's government succeeded in keeping the fire away from Iraq?
» Justice announces the Ministry of Finance’s approval to appoint contract employees in all judicial d
» Expert: Traders’ dealings with sanctioned markets trigger demand for dollars on the black market
» Anbar.. Al-Waleed District summarizes the completed and under-construction projects for the current
» A government delegation reviews the work stages and completion rates at Nasiriyah International Airp
» Al-Mashhadani to the Sovereignty Bloc delegation: The necessity of turning the page on differences b
» Al-Hasnawi: Iraq will benefit from green climate funds to improve the environment
» New decisions approved by the Council of Ministers during today's session
» The Chairman of the Trade Bank of Iraq reveals to Alsumaria the interest rate on loans
» The 10 cheapest countries to pay electricity and gas bills.. Where is Iraq?
» Al-Sudani and Nechirvan Barzani at one table in Erbil
» Here are the dollar prices in the Iraqi stock exchanges
» Parliamentary Committee Reveals to Alsumaria Latest Developments in Israeli Violation of Iraqi Airsp
» The largest of its kind in Iraq.. Launching a pioneering medical conference for professional develop
» A source explains the circumstances of transferring 75% of the Ministry of Interior’s civilian emplo
» Weapons are becoming more "loose" and the Interior Ministry is "politicizing"
» Government messages to citizens regarding the population census in Iraq
» What is Iraq's ranking in the Artificial Intelligence Index?
» utube 11/9/2 MM&C News Reporting-Sudani Art IV IMF-Port Faw Open-CBI Governor-No Room for Tw
» Finance Committee discusses revenue enhancement and investment budget allocations with governors
» His advisor: Al-Sudani's visit to Kurdistan focuses on these files
» Al-Tamimi explains the importance of the real estate return law
» MP: The administrative capital is a project under study and 2025 is the decision date
» Parliamentary Planning: Al-Sudani's government has not achieved what it pledged in its program
» MP: Baghdad has started funding the governorates to complete their projects
» Al-Haboubi: The Riyadh Summit ignored the most important item that would force the entity to stop th
» Foreign remittance sales increase by 99% at Central Bank auction
» Trade Bank of Iraq clarifies interest rates on its loans in 5 areas
» Iraq prepares to launch a group of investments worth a quarter of a trillion dollars
» Bitcoin Approaches $90,000 for the First Time Ever
» Minister of Electricity directs investigation into high electricity bills
» Iraqi Ministry Approves Contract Fixing
» Iraq prepares investment portfolio to attract $250 billion in two years
» What is the cost of the population census in Iraq?
» Parliamentary Finance Committee discusses investment budget allocations with a number of governors
» President of the Republic: Iraq is fulfilling its obligations under the climate agreement
» The position of truth
» The government places achieving development among the priorities of the 2025 budget
» Next Thursday .. Planning begins the first step of the census
» The utility of the population census
» Iraq needs to address funding issues
» The risk of oil supply disruption has receded.
» Parliamentary Finance Committee discusses with a number of governors the allocations of the investme
» Integrity: Two new rulings issued against the director of a government bank in Diyala
» Federal Ministry of Finance returns payrolls of regional employees due to technical problems
» Iraqi analysis of the results of the "Riyadh Summit": Ink on paper and will not change anything in r
» Finance Ministry approves the establishment of all contracts in justice institutions
» In various fields.. Preparations to launch a group of "unprecedented" investments in Iraq
» Al-Sudani's advisor announces US Treasury support mechanisms for Iraq
» Indomie and dollar smuggling: Has fast food become a cover for currency smuggling from Iraq?
» Including personal status.. Former MP: Parliament will resume work next Saturday to pass laws
» Politician: America has put Iraq at its mercy and controls all its imports
» “Political” Interventions in Nineveh Education... Transferring Staff and Appointing “Contractors” as
» Al-Sudani at the Riyadh Summit... and American messages may be passed to Tehran via Baghdad
» Is the Grand Faw Port Iraq's gateway to global trade?
» After extending its legislative term... Why has Parliament not held any session yet?
» Karrada bids farewell to its trees: Road expansion sparks controversy over the future of the environ
» Victory Coalition talks about the outbreak of a “war of leaks” and reveals an external breach
» Al-Mashhadani confirms to the US Ambassador the importance of resolving the security agreement file
» Al-Sudani: Iraq strongly renews its initiative to establish an Arab and Islamic fund
» Al-Khazaali: The importance of activating cooperation mechanisms between Iraq and Azerbaijan in the
» Al-Araji and Salami discuss details of joint security agreement and border control between the two c
» Al-Sudani and Bin Salman stress the need to coordinate positions to stop the war and provide relief
» Parliamentary Finance: The government has started preparing the 2025 budget
» Al-Sudani to Bin Salman: We appreciate the efforts made by the Kingdom to hold the summit called for
» What did Iraq achieve in its meetings with the US Treasury, and did it succeed in controlling the sa
» Morning list of dollar exchange rates in Iraq
» Ziggurat of Aqar Quf.. A new step to choose Baghdad as the Arab Tourism Capital for the year 2025
» Notice regarding applying for the free scholarship channel for the medical group colleges
» After questions published on Alsumaria.. Planning sends a message to Iraqis: Don't worry
» Al-Mashhadani to the US Ambassador: The importance of resolving the security agreement file by the e
» Mr. Al-Hakim: We support the automation of government sectors to stimulate the economy and move prod
» Embezzlement of 570 million dinars from a bank in Babylon
» The housing dream is fading away: Are housing complexes only for the wealthy?
» Economist identifies main reason behind dollar's rise
» Al-Mutalibi: The Riyadh Summit is a preparation for the American project towards Palestine
» With the document.. The State Council completes the review of the law on the care of minors in Iraq