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Sumo»: Iraq is committed to a reduction in oil production
21/12/2016 0:00
[rtl]London / follow - up to the morning
came up with the Iraqi Oil Marketing Company «Sumo», Tuesday, customers of crude oil buyer that Iraq will abide by reducing production agreed by the Organization of Petroleum Exporting Countries «OPEC».
Expects oil markets continued price recovery because of the expectations of shrinking supplies resulting from reduced production by «OPEC» and Russia members during
2017.
She said , "Sumo , " a press statement that " the size of the production cuts will range between 200-210 thousand barrels per day during the first half of 2017" , Mkhtrh clients of crude oil buyer that "Iraq will abide by reducing production agreed by the Organization of Petroleum exporting countries , OPEC . "
for his part, a source in the sector , according aware of the subject according to "Reuters" that " the size of the cut exactly for each shipment of cargoes destined for customers will be determined for each one Separately".
{OPEC agreement}
At the end of last week posted regained oil prices , some of the recovered after OPEC 's agreement late last month to reduce production, where prices closed at the end of last week , the levels reached nearly 23 percent of Brent, bringing to more than $ 55 a barrel , while yesterday US crude West Texas intermediate to $ 52, the highest level since a year and a half
year.
New centers
and stabilized oil prices on Tuesday in a weak trading before the year - end holidays with the start of investors to liquidate positions amid expectations not to build up new positions until the beginning of 2017, and decreased raw International benchmark Brent three cents from the closing level on Monday to $ 54.98 a barrel, dip US crude West Texas intermediate 15 cents to $ 51.97
a barrel.
Oil producers
in this context, according to news agencies, raising the bank "Goldman Sachs' forecast for prices of Khami Texas and Brent two dollars and a half dollars for the second quarter of next year, to reach Texas ore prices to $ 57.5 per barrel and $ 59 a barrel for crude
Brent.
It is expected to be a rise temporarily because of the increased supply in the second half of 2017 with the return of shale oil producers to the scene because of the recovery in
prices.
It is expected that Goldman ore prices up West Texas Intermediate to $ 57.50 a barrel, and this necessarily mean that Brent will be close to 60
dollars.
The role of the dollar is
worth mentioning that an agreement was reached between the members of OPEC and producers outside, such as Russia, to reduce production by 1.8 million barrels a day starting
in January 2017.
There is optimism that the producing countries , the agreement of the reduction is committed to curb the glut in the
market.
The dollar will play a role in influencing prices, as it lost 0.9 percent of its value against other currencies, after the peak of the rise came in the last week due to higher interest rates, it is known that the world oil prices are denominated in dollars. Morgan Stanley Bank consultant, says that Saudi Arabia will abide by the agreement, but there are doubts about the willingness and ability of Iraq's
commitment.
The United States did not participate in the agreement, but the agreement and price recovery encouraged to increase the number of drilling rigs by 12 excavator, bringing the total to 510, and this is the highest number since January 2016.
That is why we will see a rise in US oil production from 8.5 million barrels per day to 8.8 million barrels
per day.
The most influential of
supply and demand are the factors presidents in influencing prices, and we saw how Altsriht issued by OPEC 's influence on the rise or decline in price by a simple for a day or two, but the biggest impact in the prices remain at the mercy of supply and demand real Add to that the data on the decline in the issuance of or high oil inventories in the US
United.[/rtl]
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