Home
[You must be registered and logged in to see this image.]
Reducing production is the master of the situation in the upcoming OPEC + talks... and an Iraqi expert expects
Shafaq News/ The decision to reduce oil production has become the master of the situation before the upcoming OPEC + meeting on December 5 (2022), while an Iraqi expert predicted what would be the case for reductions at the OPEC meeting.
The alliance is holding talks related to reducing oil production, in addition to Moscow's proposal to reduce up to one million barrels per day in light of the deteriorating prices and the severe fluctuations in the market.
OPEC +, which includes OPEC and independent oil producers, including Russia, will meet on Wednesday, October 5, 2022, against the backdrop of the decline in oil prices after reaching their highest level in years in March, and sharp market fluctuations.
Some experts said that talks on reducing oil production focus on a possible increase in production cuts from 500,000 barrels per day to one million barrels per day to support the market.
Sources within OPEC stated that Russia is likely to demand the OPEC + group to reduce oil production by about one million barrels per day during the meeting, while another source in OPEC stated that the size of the likely reduction is close to 500,000 barrels per day.
Analysts at UBS in Switzerland warned of the danger of not reducing production, as they believe that the lack of intervention by the Organization of Petroleum Exporting Countries, OPEC and its allies will further exacerbate prices.
The meeting comes after a survey showed that OPEC oil production rose this month to its highest level since 2020.
According to the data, the group’s production exceeded the increase pledged during the month, as a result of the recovery of production in Libya and the strengthening of production by Gulf members under an agreement with allies in OPEC +.
The senior adviser on foreign policy and geopolitics of energy in Washington, Dr. Umud Shoukry, believes that OPEC intends to achieve stability in the market and protect the interests of member states.
Because of the decline in oil prices, he expected that the OPEC + alliance will reduce production capacity at its next meeting, otherwise oil prices will go down, explaining that the decline in crude prices is not in the interest of the economies of member states.
In an interview with Shafaq News, the oil expert, Muhammad Al-Hasani, expected that "the potential reduction ranges between 400 to 500 thousand barrels per day," describing it "that it will be a realistic reduction in light of the current circumstances."
He added that "OPEC's decision in the previous meeting to cut production by 100,000 barrels was not successful in light of the conditions the world is going through from the expected economic recession in America and Europe."
Al-Hasani indicated that "the reduction will be for the month of November, and it is possible to monitor the market during this period to know the direction of prices and address this over time, especially with the organization's ability previously to stop the deterioration of oil prices during the Corona pandemic."
[You must be registered and logged in to see this link.]
The alliance is holding talks related to reducing oil production, in addition to Moscow's proposal to reduce up to one million barrels per day in light of the deteriorating prices and the severe fluctuations in the market.
OPEC +, which includes OPEC and independent oil producers, including Russia, will meet on Wednesday, October 5, 2022, against the backdrop of the decline in oil prices after reaching their highest level in years in March, and sharp market fluctuations.
Some experts said that talks on reducing oil production focus on a possible increase in production cuts from 500,000 barrels per day to one million barrels per day to support the market.
Sources within OPEC stated that Russia is likely to demand the OPEC + group to reduce oil production by about one million barrels per day during the meeting, while another source in OPEC stated that the size of the likely reduction is close to 500,000 barrels per day.
Analysts at UBS in Switzerland warned of the danger of not reducing production, as they believe that the lack of intervention by the Organization of Petroleum Exporting Countries, OPEC and its allies will further exacerbate prices.
The meeting comes after a survey showed that OPEC oil production rose this month to its highest level since 2020.
According to the data, the group’s production exceeded the increase pledged during the month, as a result of the recovery of production in Libya and the strengthening of production by Gulf members under an agreement with allies in OPEC +.
The senior adviser on foreign policy and geopolitics of energy in Washington, Dr. Umud Shoukry, believes that OPEC intends to achieve stability in the market and protect the interests of member states.
Because of the decline in oil prices, he expected that the OPEC + alliance will reduce production capacity at its next meeting, otherwise oil prices will go down, explaining that the decline in crude prices is not in the interest of the economies of member states.
In an interview with Shafaq News, the oil expert, Muhammad Al-Hasani, expected that "the potential reduction ranges between 400 to 500 thousand barrels per day," describing it "that it will be a realistic reduction in light of the current circumstances."
He added that "OPEC's decision in the previous meeting to cut production by 100,000 barrels was not successful in light of the conditions the world is going through from the expected economic recession in America and Europe."
Al-Hasani indicated that "the reduction will be for the month of November, and it is possible to monitor the market during this period to know the direction of prices and address this over time, especially with the organization's ability previously to stop the deterioration of oil prices during the Corona pandemic."
[You must be registered and logged in to see this link.]
» Members of Parliamentary Finance: The dollar will fall if tax regulation procedures are implemented
» Al-Lami: The general amnesty law will not be passed in the House of Representatives
» Details of an expanded meeting between the Ministry of Oil and Total and Qatar Energy companies
» "International specifications"... Oil announces the imminent operation of the fat refinery in Baiji
» From 12 important days to 100... “temperamental” holidays, Iraq suffers losses, and politicians “fea
» What type of American intervention to resolve the Kurdistan salaries crisis?
» The Minister of Justice participates in the Bar Association’s celebration of the 90th anniversary of
» Adviser to the Prime Minister: The path to development sparked strategic economic programs in Iraq
» Electronic blackmail is worsening in Iraq.. When will the “helplessness” phase end?
» Paris.. Integrity discusses mechanisms for implementing the memorandum of understanding in the fight
» The suffering of long days... “employee mistakes” kill customers and empty their pockets
» “Ready funds and completed plans”... Delayed projects “stay in place” without implementation in Baby
» Kakai: Relations between Erbil and Baghdad are good on the outside but bad on the inside
» Attempts by a number of parliamentarians against sending money to Kurdistan failed
» The United Nations and the International Navy have to invalidate the “Khor Abdullah” agreement.. 174
» Al-Sudani: The government adopted a comprehensive and ambitious reform program
» Happy Birthday Jerry23
» Will foreign investment restore reconstruction in Iraq and reflect on economic development? Al-Mousa
» Observers: Failure to achieve the expected revenues confirms the existence of a serious deficiency i
» There are laws that have been suspended and transferred to subsequent parliamentary sessions for mor
» A deputy identifies the "hot phones" connection in Iraqi state institutions
» Parliamentary Finance: The region received 60% of its budget
» Deputy: Iraq's openness will prompt an influx of Arab and international investments
» A parliamentary move to prosecute those collaborating with Kuwait regarding Khor Abdullah
» Parliamentary calls to change the governor of the Central Bank and hold him responsible for the dete
» Al-Sudani puts dots on America's backbone: Withdraw and do not interfere in Iraqi affairs
» Documents: Iraqi parliamentarians demand the internationalization of the Federal Court’s decision re
» Parliament expected a conditional fall for the dollar to 1,450 dinars in Iraqi markets
» Within a week...more than one billion dollars in sales from the Central Bank of Iraq
» The price of the dollar fell against the dinar in the markets of Baghdad and Erbil
» Al-Sudani: We plan to be a gas exporting country, and it is time for American companies to enter the
» Director of the Prime Minister's Media Office: The Prime Minister presented Iraq's official speech a
» Stop illegal imports and media mouthpieces... belonging to speculators and corrupt people
» "Oil Price" salutes Iraq's global ambitions in the petrochemical sector
» The Minister of Water Resources directs the development of the Ashar and Khandaq rivers in Basra
» The conflict between Iraq and Kuwait fails a ministerial meeting in New York
» The Secretary-General of the United Nations describes Iraq as the bridge between the countries of th
» Al-Sudani accuses Türkiye of violating the 1973 agreement after it stopped pumping oil
» The Election Commission is afraid of political money and is talking about measures
» A bilateral council between Iraq and the Netherlands in the field of agricultural cooperation
» Sudanese Advisor: We presented a comprehensive vision towards achieving stability and development in
» Oil reveals the size of foreign workers in the fields operated in licensing rounds
» The South Korean President reveals sending an economic delegation to Iraq
» Starting the second stage of printing the curriculum
» Parliament has a full month to complete the evaluation of the ministerial cabinet
» Al-Sudani: The government adopted a comprehensive and ambitious reform program
» Tourist cities are the most important requirements for achieving development
» The presence and absence of the economic vision
» A call to contain the challenges of developing the agricultural sector
» Does politicians' use of state funds for electoral propaganda affect the choices of Iraqis?
» The Secretary-General of the United Nations confirms support for the efforts of the Iraqi government
» “Corruption and looting of money.” The Anbaris turn their backs on the provincial council ballot box
» "Incinerators and places for landfilling"... Iraq launches an international cooperation program to m
» Al-Maliki sends a message to Kuwait: Surrender to logic.. We will not allow the Federal Court to be
» "Coincidence" plays a role with the Sudanese government and strengthens public finances
» He demanded the recovery of the stolen funds.. Sudanese to the international community: We have made
» Kuwait: We consider the agreement to regulate navigation in “Khor Abdullah” with Iraq to be valid
» Al-Abadi stresses the difficulty of the political process in Iraq without Al-Sadr
» The United States confirms its support for the success of the Sudanese government’s “reform” steps.
» The federal government has not yet sent half of the wheat funds to Kurdistan Region farmers
» A Korean economic delegation will visit Iraq soon. Sudanese: The largest projects are implemented by
» Freezing the budget... What is the relationship between political money and elections in its delayed
» American concern about Iraq’s “good neighborliness”: influence is declining
» Iranian Chief of Staff: Iraq has not implemented the security agreement until now
» Iraq contracts with a Ukrainian company to develop the Okaz gas field
» Foreign Ministry: Iraq is working to complete preparations for Sudanese’s visit to Moscow
» Al-Sudani concludes his visit to New York
» The President of the Republic sends a message to the King of Saudi Arabia and confirms this matter
» Dollar exchange rates against the dinar in Iraqi markets
» The Foreign Ministers of Iraq and Russia discuss Sudanese's visit to Moscow
» Sudanese: We call on everyone to respect Iraq's sovereignty and territorial integrity
» Militia Man & Crew An economic expert explains the importance of Iraq's gold reserves
» The Minister of Resources announces the immediate implementation of the critical part of the Basra P
» Prime Minister: We call for the establishment of a regional grouping that includes the countries of
» Advisor Al-Rikabi: Al-Sudani at the United Nations calls on the world to cooperate to recover those
» Al-Sudani: The Iraqi decision is national and does not implement the wishes of America, Iran, or Tür
» Al-Sudani reveals the latest details of the cessation of the region’s oil via Turkey and clarifies t
» Saleh reveals an important “advantage” of the development path
» Al-Sudani declares Iraq's commitment to all international agreements and calls on neighboring countr
» “Before 2003”.. Al-Sudani: We do not deny the existence of relations of some political forces with c
» Al-Sudani: Within two years, we will depend on Iraqi gas to operate power stations
» Al-Sudani talks about projects that “will change the shape of Iraq” with a new and diversified econo
» Al-Sudani: We plan to be a gas exporting country, and it is time for American companies to enter the
» With the euphoria of oil...the World Bank advises Iraq to be careful with its budget and warns of a
» Al-Sudani: We are working to organize the 2023 Baghdad Conference for economic integration and regio
» Al-Sudani: There are fears among some Iraqi components about returning to the presidential system
» Al-Sudani: Fears among components about the return of the presidential system and the theft of the c
» Iraqi official: Al-Sudani asked the Iranians in New York to ease the pressure
» A parliamentarian sends an invitation to the Council of Ministers regarding Kurdistan’s debts (tweet
» Sudanese Advisor: Iraq will defend its vision on oil prices to ensure the stability of the global ec
» Al-Sudani talks about projects that “will change the shape of Iraq” with a new and diversified econo
» Artificial crises fill the pockets of corruption parties.. “Ali Baba’s Cave” is an example
» Al-Sudani from New York: The Development Road Project constitutes an effective space available for i
» The Foreign Minister talks about the Iraqi-American discussions and the reality of the agreement wit
» Fear of exploiting political money in elections
» Iraq confirms its support for multilateral dialogue within the framework of the United Nations
» Al-Sudani talks about an existential challenge in Iraq: We went through a painful experience
» International Monetary Fund: Dependence on oil and corruption threaten Iraq's future