All news on the Oil in Iraq and OPEC

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All news on the Oil in Iraq and OPEC

Post  Admin on Thu Sep 29, 2016 10:23 am

Consultant Abadi: Barzani looking new agreement in Baghdad to export oil region
Since 09.29.2016 at 11:31 (Baghdad time)

Special scales News

Prime Minister for Economic Affairs Advisor to detect the appearance of Mohammed Saleh, Thursday, that the President of the Kurdistan region, Massoud Barzani, looking a new agreement during his visit to Baghdad to export oil region.

Saleh said, L / balance News /, "The Kurdistan Region's share of the federal budget for the year 2017 as stipulated by the law, which is 17%."

He added, "There are problematic related to oil exports in Kurdistan," he "must be accompanied by transparency and disclosure of oil exports."

He continued economic adviser, that "the President of the Kurdistan region, Massoud Barzani will discuss during his visit to Baghdad exported quantities of oil region and the quantities produced and the party that is export it," stressing the need to "export to international standards process subject to the point of auditing independent of the federal government in the proportions."

Saleh pointed out, that "contribute to society especially in covering the expenses of war against al Daesh contribution" .anthy 29 /مستشار-العبادي-بارزاني-يبحث-اتفاقا-جديدا-في-بغداد-لتصدير-نفط-الإقليم


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Re: All news on the Oil in Iraq and OPEC

Post  Admin on Thu Sep 29, 2016 10:26 am

OPEC in a historic agreement to cut oil production .. Tehran and Riyadh transcend differences
Since 29/09/2016 16:14 pm (Baghdad time)

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Contrary to what was expected, it reached the Petroleum Exporting Countries, in Algeria, to the "historic agreement" to reduce oil production to support prices, which fell for a long time due to oversupply in the market.

At the conclusion of the meeting lasted about 6 hours and consultations lasted for weeks, announced the Organization of Petroleum Exporting Countries (OPEC) on Wednesday evening that they decided to cut production to between 32.5 and 33 million barrels a day, while the production of 33.47 million barrels in August / August last , according to the international energy agency.

It is the largest cut in production since the cut which was approved following a drop in prices during the 2008 crisis.

He said Qatar's Energy Minister Mohammed Bin Saleh Al-Sada, who chairs the meeting, told a news conference that "the meeting was very long, but historic."

He added that while the market made "positive signals", particularly the decline in inventories and steady demand, "We have to speed up the rebalancing of the market."

Russia also

However the agreement was announced, the price of oil recorded in the Asian markets, an increase of sometimes 6% and continues to advance, although weaker pace.

When one o'clock GMT, the price of a barrel of oil light (light sweet infraction,) delivered in November to $ 47.29 after rising 23 cents.

The barrel for Brent, the European benchmark crude for November delivery lost profit of 22 cents to $ 48.91.

It will discuss ways to implement the agreement during the SCO summit in Vienna on 30 November.

And will be especially a higher committee to determine the levels of production that can be applied to each country. This committee will begin a dialogue with the major countries are not members of OPEC, notably Russia, the second oil producer in the world, in order to participate in the re-balance of the markets efforts.

Moscow had expressed support for freezing production at a record high recorded in September / September.

For his part, Algerian Energy Minister Noureddine Bouterfa expressed satisfaction with the agreement. He said that "OPEC has taken a historic decision today." He added that "OPEC's decision to allow the Organization to restore function (monitoring) the oil market, a position it lost a long time ago."

He stressed that "this decision was taken unanimously and without reservation," explaining that the informal meeting turned into an extraordinary session of the Organization to allow for the possibility of making a decision.

This was the cartel, which includes 14 countries, gave up his role as a regulator of the markets in the face of the boom in the production of American rock hydrocarbons, to adopt a defense strategy for his shares in the market. This has allowed the production of a prolific prices account.

Production set by OPEC is equivalent to some extent the volume of production in March / last March (32.47 million barrels), according to International Energy Agency figures.

However, the size of the reduction remains less than the size of the rise in OPEC production over the last year, since the cartel to pump 930 thousand additional barrels over a year last August.

Markets were expecting the meeting not result in any agreement.

However, analysts believe that such an agreement does not change the fundamentals of the market in something, and analysts said the "IBM or Capital Markets," a group that production quotas set by OPEC were not respected by the cartel members yet.

Saudi waiver

Analysts reckon not reach an agreement because Saudi Arabia and Iran, the two rivals in the Middle East, Hkkta the possibility of reaching a common ground. The differences between them toppled the previous attempt to freeze production in April / April in Doha.

But the Qatari minister said that the meeting took place in an atmosphere of "very positive reflected the strong interdependence of OPEC."

For his part, Iranian Oil Minister Bijan Namdar Zangana said he was "very happy."

The Iranian minister said that Iran is "not ready" to freeze production at current levels, stressing that the goal is to reach production to 4 million barrels a day, slightly more than the current production, which ranges between 3.6 and 3.8 million barrels per day size.

And Saudi Arabia, the largest OPEC countries, requiring initially to carry out any cut in production, a similar move from other countries. But Riyadh affected by the economic decline in oil prices, like other countries, has adopted a softer stance.

The energy minister of Saudi Khalid al-Falih said, last Tuesday evening, that the Kingdom would agree to allow Iran, along with Libya and Nigeria "maximum production levels have meaning."

These two countries Odafthma internal conflicts pumping less than their energies not want to abandon exports generate Alojunba.anthy 29 / tc, cashأوبك-في-اتفاق-تاريخي-لخفض-انتاج-النفط-طهران-والرياض-تتجاوزان-الخلافات/اقتصادية


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