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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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    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet

    lonelyintexas
    lonelyintexas
    lonelyintexas
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    • Post n°1

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet - Page 2 Empty Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet

    Post by lonelyintexas Mon 15 Feb 2016, 8:59 pm

    First topic message reminder :

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet

    by  Reuters

     

    Monday, February 15, 2016

     

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet - Page 2 8imoQnjON+ihEIFoaKCINsqaoY5GCkBAADs=LONDON, Feb 15 (Reuters) - Oil prices rose nearly 2 percent on Monday on news that ministers from Saudi Arabia, Russia, Qatar and Venezuela would hold a previously unpublicised meeting in Doha this week, adding to speculation of a global output deal.

    Benchmark Brent crude gained more than 60 cents in after-hours trading.

    Russian Energy Minister Alexander Novak will attend the meeting on Tuesday in what would be the largest producer gathering since OPEC's last formal session in early December, sources familiar with the matter told Reuters on Monday.

    After settling at $33.39 a barrel earlier in the day, barely changed from Friday, Brent rose to more than $34 a barrel by 2:30 p.m. EST (1930 GMT). That adds to Friday's 11 percent surge, the biggest one-day jump in over seven years.

    U.S. futures gained about 30 cents prior to the close of trade at 1 p.m. EST, hours early due to the Presidents Day holiday. Trading was thin across the board, potentially limiting the impact of the news.

    Venezuelan Oil Minister Eulogio Del Pino made no comment on his arrival to the Gulf state of Qatar on Monday, a witness said. Del Pino has been visiting major oil producers to rally support for the idea of "freezing" production at current levels to stem spiralling prices, sources have said.

    The meeting is the latest sign of renewed efforts by OPEC members to try to tackle - possibly together with non-OPEC producers - one of the worst oil gluts in history, which has pushed prices to the lowest in more than a decade.

    http://www.rigzone.com/news/oil_gas/a/143054/Oil_Stages_Late_Gains_As_Saudi_Russia_Venezuela_To_Meet
    Been looking for this article for a while. Let's see what they do.
    Thanks
    LIT
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    lonelyintexas
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    • Post n°11

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet - Page 2 Empty Re: Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet

    Post by lonelyintexas Wed 17 Feb 2016, 12:13 pm

    We are in a wait and see time.
    Thanks
    LIT
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    • Post n°12

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet - Page 2 Empty Re: Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet

    Post by lonelyintexas Thu 18 Feb 2016, 8:52 am

    [size=47]Oil production freeze is only the first step[/size]

    /

    18 Feb 2016

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet - Page 2 2Q==

    Oil ministers from Saudi Arabia, Russia, Venezuela and Qatar announced on Tuesday an agreement to freeze their oil output levels provided other major producers follow suit. The deal would freeze Saudi and Russian production at the record rates reported in January and is unlikely to be accepted by Iran in its current form since the country escaped from sanctions only last month.

    The agreement is provisional (depending on adherence from other oil producers) and unambitious (freezing rather than cutting production), which has led some commentators to dismiss its importance. But experience suggests production agreements are normally reached in stages, often after several earlier attempts have failed or been only partially fruitful.

    Successful agreements often exploit the temporary weakness of specific producing countries and at least some past participants have reserved the right to increase output beyond agreed levels in future. Successful production agreements are usually of limited scope and duration, deferring more complicated and intractable issues about production allocations for later. In that sense, the production freeze announced in Doha could be seen as a stepping stone towards a more ambitious and comprehensive deal in a few months’ time.

     

     

    A GOOD SWEATING

    The depth and duration of the price slump have taken all producers by surprise and are inflicting intense pain on all oil companies and exporting countries. OPEC’s original strategy of maintaining high production envisioned a modest and brief drop in prices that would quickly curb output from U.S. shale formations and other high-cost producers and then restore the organization’s market share.

    The strategy may now be working, with reports of a downturn in U.S. shale output and a sharp drop in non-OPEC exploration and production spending. But the strategy has proved far slower and costlier than any OPEC member thought when prices started to slide in 2014. There are still doubts about how quickly the market will rebalance and whether prices will recover, with most observers predicting no rebalancing until the second half of 2016, 2017 or even 2018.

    OPEC’s strategy has inflicted a “good sweating” on the oil market but also on members of the Organization of the Petroleum Exporting Countries itself. The good sweating has in turn made most OPEC and non-OPEC producers more flexible and amenable to the idea of a production agreement, at least in principle.

    DECLARING VICTORY

    There is a strong incentive to declare the current strategy a success – and then quietly modify it. Key oil producers have already traveled some distance along this path. Saudi Arabia and its close allies the United Arab Emirates and Kuwait have stressed in recent weeks the strategy is working, and that they can weather the downturn, but indicated greater openness to production cuts in future.

    Russia has also signaled it might be prepared to join in any eventual production agreement in some unspecified way. Venezuela, one of the hardest-hit producers, has been marshalling support for a modest production-freezing agreement, culminating in Tuesday’s Doha deal. If most countries have sent mixed and confusing signals about their willingness to reach a deal, that reflects sound negotiating strategy as well as the extent of the remaining disagreements.

    Until now, no country wanted to be the first to make a concrete production-limiting offer for fear of weakening its negotiating position. The deal announced in Doha is incomplete in that it relies on concessions by other countries that were not party to the agreement, and may not restrict output enough to restore market balance. But its significance is that it indicated at least a subset of the most important oil-exporting countries may be ready to do a deal.

    IRAN: ABSENT PARTY

    Iran will probably reject the deal in its current form (as might Iraq) since it would constrain the country’s output at an unacceptably low sanctions-era level. From a Saudi perspective, one of the deal’s attractions is that it shifts some of the responsibility for continued overproduction and price weakness onto arch rival Iran. The focus will now shift to Tehran and away from Riyadh and Moscow, which is exactly what the Russian and Saudi negotiators want.

    The form of Iran’s rejection is what matters. Iran could reject the deal outright and announce it will maximize its production unilaterally. Or Iran could accept “voluntary” limits on its production in the short term while announcing its intention to increase output later.

    There is nothing to stop Iran agreeing “voluntarily” to restrict its exports in 2016, or even increasing them but below some projected baseline, while reserving the right to increase them further in 2017 or beyond. Uncertainty about just how much Iran can actually produce once freed from sanctions is one reason Saudi Arabia and its allies have wanted to defer any talk of production cuts until mid-2016.

    However, there are plenty of permutations available for creative diplomacy. Diplomacy is not about resolving irreconcilable differences but finding a formula that enables them to be put aside for a while so everyone can share short-term gains. In this case, the question is whether OPEC members and Russia can put aside the bigger question of long-term market share to secure a short-term boost in oil prices and revenues.

    Key to this is whether a deal now or later in the year can remove some of the current and expected surplus barrels from the market.

    The way to judge Tuesday’s deal in Doha is not whether it is a comprehensive solution to the oversupply problem but whether it makes an eventual broader deal more likely.

    No one knows for certain whether a deal is possible, but the likelihood appears to have climbed in recent weeks, which is why oil prices have bounced off recent lows.

    http://iraqoildaily.com/9073-2/
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    lonelyintexas
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    • Post n°13

    Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet - Page 2 Empty Re: Oil Stages Late Gains As Saudi, Russia, Venezuela To Meet

    Post by lonelyintexas Thu 18 Feb 2016, 5:32 pm

    [ltr]Iran determine the fate of the day freeze production agreement[/ltr]

     
    [ltr]Author: AB, HAA
    Editor: AB, HH
    02/18/2016 17:43
    [/ltr]
     
    [ltr]
    Long-Presse / Baghdad
    Said Iranian Oil Minister Beijing Zangana, on Thursday, expressed his country's agreement to freeze oil production at rates last January, after the quartet meeting, which was hosted by Tehran, on Wednesday, which included ministers of Venezuela, Iraq and Qatar Petroleum, and as he emphasized that this is the first step and there other similar steps to improve the current situation in the market, international oil bourse index recorded a rise of Brent crude up to $ 35.
    It is noteworthy that Saudi Arabia and Russia, we announced, the first on Tuesday, (the 16th of February, the current 2016), their agreement to freeze the oil produced at the borders of January 2016 rates, and showed that the agreement has been approved by Venezuela and Qatar, as stipulated Moscow's approval of the other producers it, experts possibility questioned the commitment of states, "There have been no recent increase in production," such as Iraq and Iran, he even agreed to it.
    He said Iranian Oil Minister Beijing Zangana during a press conference I followed (range Press), "The quartet meeting, which was hosted by Tehran, on Wednesday, which included ministers of Venezuela, Iraq and Qatar Petroleum on ways to support oil prices, has ended the agreement of the oil-producing countries of OPEC and non-OPEC to maintain the current production ceiling rates, to help achieve stability in the market and support oil prices. "
    Zangana said, "Iran has provided support to solve this problem," stressing that "this is the first step and that there are other similar steps to improve the current situation in the market in cooperation between OPEC members and producers outside OPEC."
    He said Iran's oil minister, said: "The meeting also included, agree on the need to find a mechanism to monitor market conditions and volatility."
    For his part, location (The week) followed the news in the news (range Press), "The Brent crude index rose today to $ 35, after it was around $ 32 on Tuesday."
    He attributed the news website, rise to the "sudden approval of Iran on a proposed freeze on production rates at rates of the month in January, which is called for by Saudi Arabia and Russia in a bid to boost oil prices."
    Iran was announced on Wednesday (February 17, 2016), rejected a proposal to freeze oil production, while blamed Saudi Arabia and other major producers, is responsible for the decline Price, promised that members of the quadripartite agreement can achieve stability in the market if they agreed to reduce their production up to two million barrels per day .
    The site MarketWatch Market Watch US economic news, announced the news to him on Wednesday, he followed (the long-Presse), falling crude oil sales in the Asian market indicators compared to the gains achieved earlier, attributing this to the increasing likelihood of Iran's refusal to freeze its production ceiling is blocking the deal "unconditional," which reached him Russia, Saudi Arabia, Qatar and Venezuela.
    A source in the Ministry of Oil of Iran, announced earlier on Wednesday, the start of ministers of four countries meeting of the top producers in the Organization of Petroleum Exporting Countries (OPEC), in Tehran, to discuss a proposal to freeze production to support price levels, noting that Iranian Oil Minister Bijan Zanganeh , he met with his counterparts Venezuelan Aaolockheo del Pino and Iraqi Adel Abdel Mahdi and Mohamed bin Saleh Al-Sada, without the announcement of a specific agenda for the meeting, or schedule has been completed.
    The world oil prices have fallen more than 70% compared to the last 2014 Summer, none of the more than one hundred dollars to less than 30 a barrel, resulting in damage to the economies of countries that rely on "black gold" as the sole source of income, including Iraq.
    [/ltr]


    [ltr]https://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/inews.php%3Fid%3D4601499[/ltr]



    [ltr]This is a really good sign.  We could be moving forward.[/ltr]
    [ltr]Thanks[/ltr]
    [ltr]LIT[/ltr]
    [ltr]Dance Dance [/ltr]
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    • Post n°14

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