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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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    Oil Minister: We support keeping crude production at the levels agreed upon at the OPEC + meeting

    Rocky
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    • Post n°1

    Oil Minister: We support keeping crude production at the levels agreed upon at the OPEC + meeting Empty Oil Minister: We support keeping crude production at the levels agreed upon at the OPEC + meeting

    Post by Rocky Sat 27 Mar 2021, 8:03 am

    Oil Minister: We support keeping crude production at the levels agreed upon at the OPEC + meeting

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    On Saturday, Oil Minister Ihsan Abdul-Jabbar said that his country supports keeping crude oil production at the levels agreed upon in the recent "OPEC +" meeting, in order to avoid provoking an unwanted sensitivity in the oil market.
    Abdul-Jabbar said in an interview with Al-Sharq TV and which was followed by Al-Iktissad News, that "Iraq's position in the next meeting will be briefly about not asking for an increase in production," and that his country supports "keeping production as it is now, especially with the presence of cases of closure." In several European countries "due to the increase in cases of Covid-19 virus.
    He stressed that his country does not wish to be a contribution to the instability of the oil market. In his opinion, "the market is very sensitive to these pressing factors, and we do not want to be part of any imbalance in crude oil prices."
    The minister believes that "the average price that stabilizes everyone is between $ 65 to $ 70 a barrel." He pointed out that the gains that can be gained due to the increase in immediate prices may not be in the interest of the Iraqi economy, hinting that it prefers stable prices over a longer term. Many do not lead to the stability of the national economy. "
    Iraq is witnessing a shortage of gas due to the increasing internal demand, which necessitated the search for external suppliers, especially the neighboring countries.
    Abdul-Jabbar blamed the Ministry of Electricity's policies during the past decade regarding the current situation related to gas, stressing that the need for "importing gas from neighboring countries is a constant issue ... and Iraq is trying to diversify import sources in order to cover the difference between the real need and the real production." Pointing out that "the real need is in power plants now, and in the near future."
    He stressed that "there are discussions with several tankers and gas exporters ... and with companies and gas-producing countries in order to diversify the sources of gas in order to fill the current deficit."
    On the other hand, Abdul-Jabbar underestimated the impact of the activity of shale oil producers on the major players in the energy market, and expected that shale oil producers would not have a hindering influence, as long as OPEC members abided by their agreements. One of the elements that pressurize the stability of the oil price, but the real dependency now is on the understanding that exists between the major producers in OPEC and its allies.
    He added, "The amount of shale oil does not constitute a major obstacle to the commitment of the allies in" OPEC "and the collapse of prices is due to the increase in supply from the major traditional oil producers. Shale, within reasonable limits that do not affect the stability of the market. "
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