Continued this week rhetorical exercises between OPEC's 14 member states ahead of a meeting held on November 30 in November could lead to a reduction in production While Iraq has emerged rejecter potential for such a move Russia has expressed the possibility of participating in this endeavor.
oil prices fell yesterday back of higher dollar and investors ' appetite for profit taking profits after growing glut ofglobal supply of raw fear, and the continuing rise in the number of drilling rigs in the United States.
a spokesman for the Iraqi oil Ministry , said his country informed the Secretary General of OPEC yesterday Bomlha that the Organization would reach an agreement to raise oil prices , while maintaining the level of oil production.
met Iraqi oil Minister Jabbar Allaibi and Secretary General of OPEC , Mohammad Barkindo in Baghdad before theWTO meeting expected on November 30 as Barkindo is pursuing a deal on reducing the supply would low price supports.
, said Assem Jihad , spokesman for the Iraqi oil Ministry, told Reuters « the minister expressed his support for theefforts of the Secretary - General.
the optimism that the meeting would yield decisions are in favor of the oil producers.
the decline in oil yesterday with a wave of statements by senior officials of the OPEC members on opportunities toreduce production curbed the upside.
and dropped the price of Brent crude 1.26 to $ 50.81 a barrel, and dropped the price of Nymex crude 1.09 to $ 49.97 a barrel , after a negative performance in most of the Asian session. a
Reuters poll showed that the expected rise in US oil inventories last week rose 800 thousand a barrel is likely to 469.5 million barrels.
this comes after a drop of more than five million barrels in the week ending 14 October. on
the other hand , executive director of the international energy Agency Fatih Birol yesterday in Singapore , said that global oil demand will increase by 1.2 million barrels per day in 2017 to keep growth steady rate at 2016 levels despite the increase in Chinese consumption.
Birol said on the sidelines of the international energy week in Singapore , said oil demand growth could fall more if prices continued to rise.
the rising futures price for crude global measurement combination Brent to almost double from the levels recorded in January - which is the lowest in several years - to more than $ 50 a barrel.
Birol said that the slowdown in demand growth probably means that the oil market will not return to a balance between supply and demand before the second half from 2017. it
also was Birol cast doubt on the effectiveness of the cut planned production by the Organization of Petroleum exporting countries OPEC to support prices as this reduction could lead to the launch of a new production elsewhere, undermining the return of balance in the oil markets.
the «If prices go up As a result of this intervention led by OPEC , we may also see a response with higher cost ofproduction »adding that at a price of $ 60 a barrel may be the resumption of US shale oil production projects and projects of offshore oil in Latin America.
in spite of the general slowdown in demand for oil, China - the essential foundation for the growth of demand in recent years - will increase imports because domestic production decline of crude resulting from lower prices.
Birol said China will continue to be important impetus for the growth of global oil demand. on
the other hand , Arkady Dvorkovich , Russian Deputy Prime Minister yesterday said that a possible agreement between the top oil producers in the world on the restriction of crude production will help stabilize oil prices in global markets.
Dvorkovich , who oversaw the launch of an oil field owned by Lukoil , the second - largest crude company in Russia and added that the forthcoming between the Organization of the Petroleum exporting countries , OPEC and leading independent producers agreement will help his country to maintain a stable production of crude in thefuture.
OPEC has agreed last month on a limited reductions in production are expected approval in the coming weeks inorder to restrict production in a range between 32.5 million and 33 million barrels per day.
It launched Lukoil 's second - largest oil producer in Russia field new oil in the Arctic in Russia on Tuesday in a bid to halt the decline in production caused by the decrease of the company, mostly in the western Siberian fields reserves.
highlights object area Yamal field , the launch of the extent of the difficulty faced by the Russian authorities to persuade the oil companies have installed or reduce production in the framework of a possible agreement with theOrganization of Petroleum exporting countries , OPEC.
It demonstrates that Russia raise the production launch of new fields , despite Russian President Vladimir Putin pledged to support global efforts to curb oversupply.
pumps Lukoil about two million barrels of oil a day and turning their attention to the activities of the upstream at home and abroad and the most important foreign origins West field Qurna -2 in Iraq , where are produced about 450 thousand barrels per day. the
new field , which was launched yesterday from the three largest reservoirs of oil and gas has been opened in Yamal in recent years.
the estimated Lukoil field reserves at 86 million tons of oil and gas condensate , as well as 253 billion cubic meters of gas , according to Russian standards.
the company official said that Lukoil 's investments in field exceeded 100 billion rubles $ 1.6 billion and will reach production to maximum capacity amounting to 1.7 million tons in 2021 and will continue at this level until the year 2029.
for its part , is negotiating the Iraqi oil Ministry directly with international oil companies into a new round of bidding on the development of 12 fields of small and medium - sized fields, which are spread over three provinces, four ofthem in Basra, five in Maysan, three in central Iraq.
According to the tender document obtained by «Reuters» of the site the ministry on the Internet, will allow companies to submit bids for contractual as financial and business models.
the list of pre - qualified companies for the tour of 19 companies 0.6 Japanese, and three Emirati include «Dragon oil» and «Mubadala Petroleum» and «Crescent Petroleum» and also «Glencore exploration »Swiss, and companies from China, Russia, Italy, Kuwait, Indonesia, Vietnam, Thailand and Romania. in