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{OPEC} approaching a historic agreement to cut oil production
23/11/2016 0:00
[rtl]BAGHDAD / Follow - up joy pumice OPEC experts made progress in the meeting ,which lasted two days in order to finalize the details of a plan to cut oil production. The owner of this success at the level of the meetings of the relevant committees rise in oil prices , which is the highest since three weeks, after expressing some delegates in OPEC 's optimism about the possibility of reaching a final agreement, amid diplomatic efforts to Saudi Arabia (largest producer of the Organization of the Petroleum Exporting Countries) to carry the Member undecided to join the production plan proposed by that.However, others have expressed concern over Iran's unwillingness to cut its oil production, believing that the deal could face potential setbacks after Iraq 's invitation to be exempt from the freeze, along with other countries , including Iran, Libya, and Nigeria for their exposure to international sanctions. Reduce surplus while expressed observers and experts Iraqi economists are optimistic the results of the talks competent committees to reach an agreement on cutting production, and argued that the reduction of oil production of OPEC cooperation with non - member states would reduce the surplus gradually, which contribute to high crude prices, and thus supports the federal budget forIraq. While trying to OPEC oil - producing countries that are not members to reach agreement on reducing production, analysts find that this agreement will provide anopportunity for oil producers in the United States for the development of their oil output.Share lost and gave OPEC members last week, suggesting along with Russia (non -member) for Iran to curb its production, rather than Alqta.ccant Iran is one of the main obstacles facing reduced production by OPEC, which insisted Tehran exemption from OPEC 's decision, in an effort to regain lost market share under years of Western sanctions. And the failure of the first meeting of the High - level Committee, which washeld last October to reach an agreement, which was the focus of talks , one issue is not to freeze Iran's output, but in recent days, ministers and officials said OPEC approached about dealing with the points of disagreement, and ready (most members) to show thenecessary flexibility to Iran over the volume of production. The sources confirmed that the committee in OPEC Society has not decided the final policy, instead will makerecommendations to the ministerial meeting of OPEC on this November 30. Help Iraqand had expressed economic expert , Dr. Ahmed Abrihi optimism that the Organization of Petroleum Exporting reach and cooperation with Russia to freeze production, pointing out that in the event of their agreement on it will begin the surplus to decline gradually, and at the end of 2017 will reach surplus to around 1.2 million barrels. He said the price of oil has already the $ 49 and rose exceeded, and this scale is the best level since mid - 2015, stressing that if this continues to improve, will arrive at the price of a barrel of oil to $ 70 in the first quarter of 2017, helping Iraq much. Oil prices surged on Tuesday to its highest level since late October, taking the markets in their accounts cut expected production led OPEC, but analysts have warned that failure to reach an agreement on production cuts may exacerbate oversupply by early 2017. jumped futures for Brent to $ 49.63 a barrel , up 1.5 percent from the last settlement price to the highest level since October 31, where they were trading Brent crude at $ 49.58 a barrel , up 68 cents , or 1.4 percent, also increased the futures price for crude Texas intermediate 69 cents , or about 1.4 percent to $ 48.93 a barrel, while basket "OPEC" daily containing recorded on 14 types crude to $ 42.33 a barrel, since Saudi Arabia began its efforts to get itsmember hesitant to join the production plan. Seeks Organization of Petroleum Exporting Countries (OPEC) to reach an agreement at a meeting in Vienna on November 30 with 14 countries inside and outside the organization ensures a coordinated cut production to support the market over the balance between supply and demand. Investor optimism and ANZ Bank said , "With the growing investor optimism about reaching OPEC to cut production is expected that oil prices will continue to rise during the day." Said Goldman Sachs in a note to clients that the chances of OPEC cut production increased with theneed for producers reaction to the erosion of the fundamental supply and demand factors, which the bank said was "weakened sharply since OPEC currently reached apreliminary agreement on production cuts." Goldman Sachs said that in the event ofOPEC and other producers failed, especially Russia to reach an agreement, it is expected to see a market glut in the supply of up to 0.7 million barrels per day in thefirst quarter of 2017.oaaml OPEC members and producers are not members of the agreement to freeze increases oil production , where the Organization of Petroleum exporting countries said last September: it "looks to cut production to between 32.5 million and 33 million barrels per day, and is the first pieces of its production since 2008 and raised the hedge funds holding the net futures contracts for crude oil US options for the first time in three weeks since mid - November, after having provided one of thelargest cuts ever seen in the previous week, highlighting the move tensions among investors heavily on oil in both directions. as likely , analysts Barclays held this deal, warning at the same time that the deal could that have little. the impact of the US oil and analysts predicted that OPEC will stick to the agreement to save face, but it will provide an opportunity for oil producers in the United States for the development of their production up to 50. 55 dollars (a barrel), and will benefit from any granted anopportunity to them by the OPEC cuts , according to Barclays.
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