********** Start "OPEC" meeting in Vienna with the participation of Iraq

Editor Mohammed Shafiq - Thursday November 27, 2014 13:14


Alsumaria News / Baghdad
A source in the Organization of Petroleum Exporting Countries (OPEC), on Thursday, that the organization began its meeting in the Austrian capital Vienna with the participation of Iraq .

According to " Reuters "it is expected that pressure, Gulf oil producers led by Saudi Arabia not to cut production," OPEC "despite demands by some members supported crude prices declining by excess withholding supplies from the market.

The Iraqi Oil Minister Adel Abdul-Mahdi, who is participating in the meeting predicted, earlier on Thursday (November 27, 2014), increase Iraq's oil production to 3.8 million barrels per day in 2015.

The "OPEC" organization, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has collectively between two-thirds and three-quarters of global oil reserves.


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Decline in global oil prices, with the start of "OPEC" meeting in Vienna

Thursday November 27, 2014 14:20



Alsumaria News / Baghdad
Brent oil near its lowest price over four years during the trading session on Thursday with the start of the Organization of Petroleum Exporting Countries meetings (OPEC), as the decline in crude oil WTI, amid signs that OPEC will not cut production at its meeting today.

On the ICE Futures Exchange in London , Brent oil fell January delivery increased by 1.9%, the lowest level in the session by $ 76.28 a barrel, a level not seen oil since September 2010, before recovering to close at $ 76.51 a barrel during European morning trade shed 1.25, or 1.6%.


Oil prices fell on Wednesday after he said Saudi Oil Minister Ali al-Naimi said he expected the oil market to achieve "stability in the end," What added to the speculation that OPEC will not cut production at its meeting in Vienna today.

Concerns about weak global demand has affected along with indications that OPEC producers will not cut production to support prices in recent months.

Traded in London, Brent prices have fallen by 34% since last June when it rose near $ 116 a barrel, while the decline in WTI by 32% of the recent rise of $ 107.50 a barrel in June.

Some market experts believe that prices could fall an additional 20% to $ 60 a barrel if OPEC did not agree to cut production significantly.


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OPEC expects to increase global economic growth in 2015 and an increase in the production of non-members


Thursday November 27, 2014 15:15



Alsumaria News / Baghdad
Organization of Petroleum Exporting Countries predicted (OPEC), on Thursday, a rise in the growth of the global economy in 2015, in addition to an increase in oil production from countries outside the organization, referring to the loss of more than $ 30 in the price per barrel.

The Secretary General of the Organization Abdullah al-Badri during his speech today at the opening of the organization meeting in the Austrian capital Vienna and followed up with "Alsumaria News", that "despite some doubts from some quarters about global economic growth, but it is still expected to grow This economy in 2015 to 3.6 per cent from 3.2 per cent in the current year, "he said, adding that" it is also expected that the demand for crude oil to grow by 1.1 million barrels per day, with total world consumption of about 92.0003 million bpd ".

Badri added that "it is expected that there will be an increase in the supply of oil from countries that are outside of OPEC and by 4.1 million barrels per day."

Badri pointed out that "the OPEC basket has lost more than $ 30 from the price of a barrel recently despite the fact that the OPEC basket prices have been fairly stable over the past three and a half years," noting that "these prices ranged during the period between 105 and $ 110 per barrel. "

Badri said that "the recent drop in prices could not be attributed exclusively to the oil market fundamentals, but rather the effect of speculative activity in the oil market in spite of the abundant and moderate demand and the strength of the US dollar supplies and uncertainty over global economic growth."

He stressed Badri that "with the continuing decline in prices, it is we need a long-term sustainable future for our plans develop, and that the focus in our meeting and our discussion to contribute to stability in the market and in a form that serves producers and consumers alike," asserting that "the deterioration of oil prices would makes the investment projects of the OIC countries at risk. "

Fell Brent oil prices near its lowest price over four years during today's trading session on Thursday with the start of the Organization of Petroleum Exporting Countries meetings (OPEC), to record these prices January delivery increased by 1.9%, the lowest level in the session by $ 76.28 a barrel.

The Ministry of Oil, in (November 5, 2014), that the $ 100 per barrel, the price is suitable for Iraq, noting that the decline in the price per barrel to below $ 85 an impact on the Iraqi economy and the budget.

The OPEC members, including Kuwait, said in a press statement ahead of the organization meeting that he is unlikely to make a cut in production at the next meeting of the organization, but some delegates began talking informally about the need to take action, but they point out that reaching an agreement will not be easy.

It consists of OPEC basket of 12 crude, which is a mixture of the Algerian Sahara ore Girassol Angolan Iranian heavy crude and Basrah Light Iraqi export Kuwaiti and Libyan Sidr and Bonny Light Nigerian maritime Qatari light and Saudi Arabian and Murban UAE and Mary Venezuelan Orient from Ecuador.

The OPEC, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.


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Thursday, November 27, 2014 19:20


OPEC decides to keep production by 30 million barrels per day


BAGHDAD / follow Baghdadi Uz..orteurt Organization of Petroleum Exporting Countries "OPEC" to keep the oil production ceiling unchanged at 30 million barrels per day.

He said Kuwaiti Oil Minister Abdullah Al-Omair after the closed-door meeting of the members of OPEC said that "the level of production will remain as before."

For his part, Secretary General of OPEC Abdullah al-Badri pointed out that "the organization may reconsider the question of production quotas after half a year from now."

After the announcement of the "OPEC" decision not to cut production, Hui blend European Brent price below $ 75 a barrel, a record low levels in four years.

"OPEC" also decided in the meeting of the 166 to extend the presidency of the current Secretary General of the Organization Abdalla Salem El-Badri, until the date of December 31 / December 21 in 2015.


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Brent drops to $ 71.25 and US crude to 67.75 dollars


Editor Mustafa Saad - Thursday November 27, 2014 20:32


Alsumaria News / Baghdad
Futures fell for Brent oil prices, on Thursday, more than six dollars to $ 71.25 a barrel, while US crude fell sharply to $ 67.75 a barrel, after the Organization of Petroleum Exporting Countries decided (OPEC) not to cut production target.

The "agency Reuters , "" The futures prices for Brent Haute, today, more than six dollars to $ 71.25 a barrel, its lowest level since July 2010, "noting that" it came after the Organization of Petroleum Exporting Countries decided (OPEC) not to cut production the target. "

She added that "Brent pared losses after being traded to the latest insider down $ 4.94 to $ 72.84 a barrel."

"Reuters" and pointed out that the "US crude also fell sharply to $ 67.75 a barrel, its lowest level since May 2010," noting that "it came before trimming losses to $ 4.65 to trade at $ 69.04 a barrel."

The Organization of Petroleum Exporting Countries "OPEC" had approved earlier on Thursday (27 October 2014), an agreement to maintain the current production levels, despite a drop in oil prices to their lowest level in four years.

Said Oil Minister Adel Abdul-Mahdi, said Thursday that Iraq is seeking to increase its production of oil in 2015, and as pointed out that enterprises need for investment giants, stressed the need of Petroleum Exporting Countries commitment at a specific price and support crude prices retreating.

The OPEC, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna , one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.


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