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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    "Eagerly waiting" OPEC awaits global production estimates to confirm Iraq's commitment

    Rocky
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    "Eagerly waiting" OPEC awaits global production estimates to confirm Iraq's commitment Empty "Eagerly waiting" OPEC awaits global production estimates to confirm Iraq's commitment

    Post by Rocky Today at 4:12 am

    [size=35][size=35]"Eagerly waiting" OPEC awaits global production estimates to confirm Iraq's commitment[/size]
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    economy

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    2024-10-03 | 02:53
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    Alsumaria News - Economy

    OPEC is eagerly awaiting the second week of October, awaiting the release of secondary sources' reports on member states' production estimates, in order to ensure the extent of OPEC's commitment to...[You must be registered and logged in to see this link.]With production compensation plans that were supposed to start last September.


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    During the meeting held yesterday, Wednesday, he stressed that[You must be registered and logged in to see this link.]Kazakhstan and Russia, achieving full compliance and compensation according to the timetables submitted for September, and the three countries renewed their strong commitment to maintaining full compliance and compensation throughout the remaining period of the agreement, while the organization indicated that the final assessments of crude oil production levels in September are based on approved secondary sources that provide data on the production of the countries participating in the Declaration of Cooperation, which will be available by the second week of October 2024.



    Iraq's production capacity is 4.6 million barrels per day, but according to the OPEC reduction agreement, its share has reached[You must be registered and logged in to see this link.]4.4 million barrels per day, but it made voluntary cuts in two stages that made its share only 4 million barrels per day, but it did not adhere to all of these stages, to present a compensation plan starting from September 2024 and ending in September 2025.

    This compensation plan ensures that it reduces[You must be registered and logged in to see this link.]Its production is between 90 and 120 thousand barrels per day, which means that the production[You must be registered and logged in to see this link.]Starting in September, it should be around 3.9 million barrels per day with only the Kurdistan Region producing.

    While everyone is waiting for the secondary sources’ estimates to be released, the Bloomberg estimates that have already been released indicate that[You must be registered and logged in to see this link.]It has reduced its production by 70,000 barrels per day, but it is still far from achieving the compensation plan, as well as the voluntary reduction plan in particular, as it produced 4.25 million barrels per day last September, which is about 10% more production than it is supposed to produce.[You must be registered and logged in to see this link.]In September, it was only 3.9 million barrels per day.

    There were reports of "Saudi discontent" with the failure of some OPEC member states to adhere to production quotas, which could lead to Saudi Arabia and other major producing countries abandoning the agreement and increasing their production and flooding the market, which could lead to a major collapse in oil prices, or what is known as a "price war."
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