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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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    Supported by Iraq and two African countries, OPEC oil production rises by 70 thousand barrels per da

    Rocky
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    Supported by Iraq and two African countries, OPEC oil production rises by 70 thousand barrels per da Empty Supported by Iraq and two African countries, OPEC oil production rises by 70 thousand barrels per da

    Post by Rocky Sat 06 Jan 2024, 4:05 am

    Supported by Iraq and two African countries, OPEC oil production rises by 70 thousand barrels per day

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    Economy News - Baghdad
     
    [rtl]OPEC's oil production has become the focus of attention of global markets after the month of December at the end of last year 2023 witnessed strong events, including the announcement of 8 countries an additional voluntary reduction in production in addition to Angola's withdrawal.[/rtl]
     
    [rtl]It appears that last month's production escaped the repercussions of the aforementioned events, as it enjoyed a production increase estimated at about 70,000 barrels per day, compared to the previous November, supported by additional performance from 3 countries, according to information published by the specialized energy platform.[/rtl]
     
    [rtl]7 countries - “Saudi Arabia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria, and Oman” - had announced a voluntary reduction in their production during the first quarter of this year until the end of March, while Russia adopted a reduction in crude and derivatives exports of 500 thousand. barrels per day during the same period.[/rtl]
    [rtl]OPEC oil production in December[/rtl]
     
    [rtl]OPEC countries produced up to 27.88 million barrels per day during the month of December, according to ship shipping and tracking data, reported by Reuters in a survey it conducted and the results of which were announced yesterday, Friday, January 5, 2024.[/rtl]
     
    [rtl]According to the survey results, December production reveals an increase of 70 thousand barrels per day, compared to the previous month, but OPEC oil production during the month under monitoring decreased by more than one million barrels per day during the same month in 2022.[/rtl]
     
    [rtl]The majority of the increase came from Iraq, Angola, and Nigeria, with the former contributing about 60,000 barrels per day, while the latter intensified its crude exports, given that the Dangote refinery, which is important for the refining sector, has not yet begun its work.[/rtl]
     
    [rtl]Production rates increased in December compared to the previous month (November 2023), which witnessed a decline for the first time since July by about 90 thousand barrels per day.[/rtl]
     
    [rtl]The markets are awaiting the announcement of OPEC oil production data for the month of January, following Angola’s withdrawal from the organization and measuring the impact of the 8 countries’ voluntary reduction in the volume of production and price levels.[/rtl]
     
    [rtl]OPEC production policy[/rtl]
    [rtl]Analysts believe that OPEC's oil production is affected by the organization's policy, as it pledged at its last meeting (end of November 2023) to work to ensure market stability and balance.[/rtl]
     
    [rtl]Although a new additional production cut was not adopted, a number of member states decided to begin implementing a voluntary cut during the first quarter of this year.[/rtl]
    [rtl]For example, Saudi Arabia extended the reduction it had adopted since July 2023, estimated at about one million barrels per day, and expressed its desire to continue it until the end of March 2024.[/rtl]
     
    [rtl]This comes without taking into account the voluntary reduction announced by Riyadh (during the period from April 2023 until the end of December 2024), amounting to 500 thousand barrels, bringing the Kingdom’s production during this period to stabilize at 9 million barrels per day.[/rtl]
     
    [rtl]A dispute that broke out over the production quotas of African countries caused Angola to announce - in December 2023 - its withdrawal from the organization, after it - along with Nigeria - was unable to meet their goals, while the organization later issued a clarification confirming the unity and cohesion of the oil market.[/rtl]
     
    [rtl]* Forecast 2024[/rtl]
    [rtl]Editorial advisor to the Specialized Energy Platform, energy economics expert Dr. Anas Al-Hajji, said that the oil market in 2024 will witness a “difficult” year, expecting OPEC+ countries to maintain their announced reductions in production throughout the year.[/rtl]
     
    [rtl]He confirmed during one of the episodes of the “Energy Insights” program on the “X” platform in December 2023, that expectations of oil prices breaking the barrier of $90 per barrel during the fourth quarter of last year were - contrary to the expectations of most analysts - an unlikely matter. Following the decline in economic growth rates, especially from China, as well as OPEC’s announced voluntary cuts.[/rtl]
     
    [rtl]It seems that oil prices at the beginning of the current year, 2024, were in line with Al-Hajji’s vision, as they witnessed a “temporary” rise to $80 per barrel before trading stabilized at $76 per barrel on the first day of the year.[/rtl]
     
    [rtl]Analysts - whose opinions were polled by the specialized energy platform - linked the OPEC+ coalition countries’ approval of an additional cut to the stability of oil prices between $80 and $85 per barrel, or slightly less than that.[/rtl]
     
    [rtl]It is noteworthy that the total voluntary reduction announced by the coalition countries, at the end of November 2023, amounts to 2.193 million barrels per day.[/rtl]


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