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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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    After Emirati and Iraqi statements, oil is going through its worst day since the pandemic began

    Rocky
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    • Post n°1

    After Emirati and Iraqi statements, oil is going through its worst day since the pandemic began Empty After Emirati and Iraqi statements, oil is going through its worst day since the pandemic began

    Post by Rocky Thu 10 Mar 2022, 5:52 am

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    After Emirati and Iraqi statements, oil is going through its worst day since the pandemic began
    March 10, 2022
    Ultra Iraq - Editorial Team
    International oil prices recorded their largest decline since the early days of the Corona virus pandemic, after statements made by the UAE and Iraq upended the market, which witnessed a continuous rise in prices in the past days.
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    Brent crude lost nearly $17 during the session, and settled at nearly $111 a barrel
    Brent crude futures fell more than 17 percent during the session and fell nearly $17, then settled at about $111 a barrel.
    The decline in these percentages in one day is the largest for the oil market since April 21, 2022.
    Brent crude is currently oscillating between $111 and $113 a barrel.
    Also, US West Texas Intermediate crude futures fell more than $15 and settled at less than $109, their worst day since November.
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    The United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries (OPEC), said it would support increased production in a market troubled by supply disruptions caused by sanctions imposed on Russia after its invasion of Ukraine.
    "We prefer to increase production and will encourage OPEC to consider higher production levels ," UAE Ambassador to Washington Yousef Al-Otaiba said in  [You must be registered and logged in to see this link.]
    "The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy," he added.
    Commenting on Otaiba's statement, Mizuho Director of Energy Futures, Bob Yoger, said, "This is not a trivial thing. They can probably pump about 800,000 barrels into the market very quickly or immediately, so we will have one-seventh of the amount needed to replace Russian supplies."
    A second factor caused oil prices to drop dramatically, when traders interpreted the comments of an Iraqi minister as reflecting his country's desire to "increase production if necessary."
    In this context, the Iraqi Oil Marketing Company (SOMO) [You must be registered and logged in to see this link.] regarding the balance of global supply and demand for crude oil.
    Somo said that "the programmed increases from OPEC + are sufficient to address any shortages that may occur in supplies."
    She pointed out that "Iraq believes that the level of oil exports supplied to the global market (Supply) is commensurate with the level of consumption and global demand (Demand)."
    Oil prices also fell during the session after the International Energy Agency said crude reserves could be further exploited.
    The United States of America decided to ban oil and gas imports from Russia, which raised prices in the markets on Tuesday.
    And [You must be registered and logged in to see this link.] Iraqi Basra Heavy crude has risen by more than 1% since the early morning hours of Wednesday, March 9th, exceeding the barrier of $119 per barrel and approaching $120.
    It is expected that it will witness a collapse in prices after the historical decline in international oil prices against the background of Emirati and Iraqi statements.
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