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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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    Before the OPEC+ meeting tomorrow... Iraq comments on the price of $100 per barrel

    Rocky
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    Before the OPEC+ meeting tomorrow... Iraq comments on the price of $100 per barrel Empty Before the OPEC+ meeting tomorrow... Iraq comments on the price of $100 per barrel

    Post by Rocky Tue 03 Oct 2023, 5:00 am

    Before the OPEC+ meeting tomorrow... Iraq comments on the price of $100 per barrel
    • Time: 10/03/2023 10:45:23
       
    • Read: 871 times

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    {Economic: Al-Furat News} The Ministry of Oil confirmed that the rise in oil prices to $100 per barrel in global markets depends on several factors, including supply and demand.
    Ministry spokesman Assem Jihad told Al-Furat News Agency: “The oil market is affected by a group of factors, including geopolitical and natural factors, as well as supply and demand, speculation, security events, wars, and the pandemic. These are all factors that negatively and positively affect the oil market.”
    He added, "What OPEC, OPEC Plus, and Iraq is a part of is aiming to achieve stability in the oil market, which will reflect positively on the economies of countries, whether consuming or producing," noting that "achieving balance and appropriate prices are important for producers and consumers, with ambition for realistic prices."
    Jihad stated that "prices reaching $100 per barrel are imposed by the increase in demand for oil due to many circumstances facing the global economy, including the Russian-Ukrainian war," explaining that "the increase in demand is reflected in oil prices."

    He pointed out that "the most important thing that OPEC Plus aims to achieve is stability and ensuring the balance of the oil market, and this reflects positively. The most important thing we aim for is achieving balance and stability in the process of oil supplies, supply and demand."
    The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) in addition to Russia and other allies, will meet tomorrow, Wednesday, but it is unlikely to modify its current oil production policy.
    Oil prices fell today to $89 per barrel.
    BMI Research analysts said, “Given the slowdown in the global economy, the group is likely to want to maintain its current cuts, while indicating scope for further cuts if market conditions warrant it.”
    “In theory, under the terms of the OPEC+ agreement, production (non-GCC) should remain flat during the fourth quarter. However, Iraq’s compliance has been somewhat spotty in the past, and export levels are expected to rise, assuming The pipeline will resume operations.
     
    Raghad Dahham
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