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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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    “Bloomberg” talks about OPEC’s oil production: Iraq exceeded the prescribed quotas

    Rocky
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    “Bloomberg” talks about OPEC’s oil production: Iraq exceeded the prescribed quotas Empty “Bloomberg” talks about OPEC’s oil production: Iraq exceeded the prescribed quotas

    Post by Rocky Sat 02 Mar 2024, 3:41 am

    [size=35][size=35]“Bloomberg” talks about OPEC’s oil production: Iraq exceeded the prescribed quotas[/size]
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    Al-Sumaria News - Economy

    OPEC's oil production increased last month, against the backdrop of Libya resuming operation of its largest field, while other members failed to fully meet the new cuts.


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    The group's production rose by 110,000 barrels per day to 26.68 million barrels per day, according to a Bloomberg survey, as the North African country ramps up production from the El Sharara field, which was closed earlier this year due to protests.



    Iraq reduced supplies slightly, but, along with the United Arab Emirates, continued to pump oil at levels exceeding the new quota set at the beginning of the year.

    The Organization of the Petroleum Exporting Countries and its allies, led by Saudi Arabia, have pledged to impose new restrictions on production during the current quarter in an attempt to avoid a global surplus and support prices. These measures helped counter rising production from the Americas while easing concerns about slowing global oil demand growth, supporting prices near $80 per barrel.

    A number of delegates expect OPEC+ to extend the restrictions into the second quarter, and analysts say this move may be announced within days. It is worth noting that Saudi Energy Minister Prince Abdulaziz bin Salman said that the measures could “certainly” be extended.

    However, the organization may need to work on strengthening the implementation of the cuts. In total, Iraq and the UAE pumped nearly 400,000 barrels per day above the limits agreed upon in February, according to a Bloomberg survey. It should be noted that Baghdad, which is seeking to rebuild its economy, has had a troubled record of compliance for years.

    In the broader alliance, Kazakhstan also produced above its quota, while Russia's implementation of its cuts - a bewildering array of reductions in the production and export of crude and refined products - was unclear.

    Both Iraq and Kazakhstan promised to improve their performance, and even compensate for the initial overproduction by imposing additional restrictions.

    Libya's production rose by 120,000 barrels per day to reach 1.14 million barrels per day in February, according to the survey. Iraq reduced production by 40,000 per day to 4.16 million barrels per day, while UAE supplies stabilized at 3.14 million barrels per day.

    The Bloomberg survey is based on ship-tracking data, information from officials and estimates from consultants, including Kepler, Rapidan Energy Group and Rystad Energy
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