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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 Survey: OPEC Oil Production in June Stabilizes for Third Month, Here's Iraq's Position

    Rocky
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    Bloomberg Survey: OPEC Oil Production in June Stabilizes for Third Month, Here's Iraq's Position Empty Bloomberg Survey: OPEC Oil Production in June Stabilizes for Third Month, Here's Iraq's Position

    Post by Rocky Tue 02 Jul 2024, 6:53 am

    Bloomberg Survey: OPEC Oil Production in June Stabilizes for Third Month, Here's Iraq's Position

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    Economy News - Follow-up
    OPEC crude oil production remained steady for a third month in June, while some key members continued to pump above agreed quotas.
    Output from the Organization of the Petroleum Exporting Countries averaged 26.98 million barrels a day in June, or 80,000 barrels a day less than the previous month, according to a Bloomberg survey. Small cuts in Iraq and Nigeria led to the decline.
    The survey showed that Iraq and the UAE have not fully implemented the cuts agreed at the start of the year with other members of the organization. Baghdad has also failed to implement the additional production cuts it pledged to compensate for previous high production levels.

    price recovery

    [size]
    OPEC and its partners, led by Saudi Arabia, have been successful in balancing global markets in the face of a wave of new supplies from the United States and other parts of the Americas.
    Brent crude futures are trading at $87 a barrel, near their highest level in nearly two months.
    The recovery in prices will boost revenues for OPEC+ members who rely on oil sales to cover government spending, although higher prices could be painful for consumer nations still grappling with years of inflation. The International Monetary Fund expects Riyadh to need prices close to $100 a barrel to fund ambitious economic diversification projects.
    To push crude prices higher, the coalition may need to fully implement the cuts it has pledged, but efforts to improve implementation have shown limited results.
    In June, Iraq cut its output by 30,000 barrels per day to 4.25 million barrels per day. The drop in exports has brought the country closer to its quota, but its output is still about 250,000 barrels per day above its quota, even before taking into account the absence of additional “compensatory cuts.” Baghdad has been uneasy about its OPEC+ quota for years as it tries to rebuild its war-torn economy.
    [/size]

    Saudi production

    [size]
    Saudi Arabia’s output was broadly flat at 8.99 million barrels a day, the survey found. Exports fell 9% to 5.61 million a day, though shipments tend to fall at this time of year as the country burns more fuel to generate power as air conditioning heats up.
    Last month, OPEC+ outlined plans to gradually lift some of the curbs and begin reviving production from the fourth quarter. But when prices immediately fell, ministers in the alliance stressed that the increases were temporary and could be postponed, depending on market needs.
    The alliance is due to review its next move when key members hold an online monitoring meeting on August 1.
    The Bloomberg survey is based on ship-tracking data, information from officials and estimates from consultants including Kpler Ltd., Rapidan Energy Group and Rystad Energy A/S.[/size]


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