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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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    New policies may push Iraq to add 75 thousand barrels of oil per day to its OPEC quota

    Rocky
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    New policies may push Iraq to add 75 thousand barrels of oil per day to its OPEC quota Empty New policies may push Iraq to add 75 thousand barrels of oil per day to its OPEC quota

    Post by Rocky Wed 15 May 2024, 5:14 am

    New policies may push Iraq to add 75 thousand barrels of oil per day to its OPEC quota

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    Economy News - follow up
    [rtl]Kazakhstan later on Tuesday opened a thorny debate over OPEC+ production levels, saying it believes it should be allowed to pump more oil in 2025, when all of the producer group's current production cuts end.[/rtl]
    [rtl]OPEC+ commissioned three companies - IHS, Wood Mackenzie and Rystad Energy - to assess the capabilities of all members for use in reference production - figures by which production cuts or increases are calculated - from 2025. The reviews are scheduled to take place by 2025. End of June.[/rtl]
    [rtl]As a result, the issue will not come up at the June 1 meeting, allowing the group to decide on policy for the rest of 2024 more easily, five OPEC+ sources said. But it also means the June meeting won't give the market much policy guidance for 2025, when all the current cuts end.[/rtl]
    [rtl]One OPEC+ source who requested anonymity said: “Figures related to production capabilities will not be presented at the June meeting,” adding that “the reason is that some countries have not fully concluded their discussions with secondary sources.”[/rtl]
    [rtl]The UAE is expected to gain up to 180,000 barrels per day of additional capacity until 2027, while Kazakhstan is expected to gain up to 80,000 barrels per day of new capacity, according to estimates by JPMorgan. Iraq can add another 50 to 75 thousand barrels per day.[/rtl]
    [rtl]The International Monetary Fund estimates that Saudi Arabia needs an oil price of $96.20 this year to balance its budget, then falling to $84.70 in 2025.[/rtl]
    [rtl]Iraq's budget needs an oil price of $90 next year, and Algeria and Kazakhstan need prices well above $100.[/rtl]




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