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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

Post by claud39 on Thu Mar 05, 2020 3:19 pm

IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS


Thursday, 5 March 2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Ph







Baghdad / NNC- Iraq stressed the need to reach an agreement between members of the oil exporting countries (OPEC) and those allied with them from outside the organization, aiming to achieve stability and restore the balance between supply and demand, and work to alleviate the effects and repercussions that followed the spread of Corona virus.

The head of the Iraqi delegation, Undersecretary Hamid Younis, during his participation in the ministerial meeting (178) of members of the oil-exporting countries (OPEC) in Vienna .. that everyone is aware of the repercussions of the Corona virus crisis and the vibrations that hit the oil market as a result, and their direct impact on the decline in demand for Crude oil, especially by China, which is the second largest global economy, and this requires in-depth research on the implications for the global markets in the short and medium term, and take appropriate steps by producers, stressing that the Asian market is important for us and others, as a promising market for crude oil And index Economic growth. The head of the participating delegation continued ... We have confidence that these countries will overcome the crisis and control it during the coming period, and return to economic activity more than it was before the emergence of Corona.

Yunus added that he met a number of oil and energy ministers in the Kingdom of Saudi Arabia, the Islamic Republic of Iran, Algeria, and the United Arab Emirates, as well as the Secretary-General of the Organization of the Petroleum Exporting Countries Muhammad Barikindo and discussed with them the importance of reaching an agreement that contributes to achieving the goals of the producers and is a joint and joint responsibility In order to maintain the balance and stability of the oil markets. Stressing the exceptional efforts of the Iraqi delegation in bringing views closer to a suitable agreement that restores global economic activity and increases the demand for crude oil.

For his part, Director General of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri said that the Joint Technical Committee (JTC) met on Tuesday
Its recommendations were submitted to the OPEC ministerial meeting, which was held Thursday, and to the ministerial meeting of the organization and its allies held on Friday, after reviewing the reports prepared by the OPEC Research Center regarding the effects of the virus on the demand for crude oil in the oil market and its implications for Chinese and global economic growth. .

The ministry spokesman, Assem Jihad, affirmed that the producers in OPEC and those allied to it face great difficulties towards this crisis, which directly affected the Chinese economy and undermined its imports of crude and reduced the volume of economic growth in general, even if it was for a limited period. Jihad added On the continuation of the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) on Thursday,

Then, tomorrow, the ministerial meeting of the Organization of Petroleum Exporting Countries and its allies will resume tomorrow. Everyone hopes to succeed in reaching a new agreement that will contribute to the stability of the oil market. The oil market from collapse, and played a wise role in bringing views closer to previous meetings, and despite all that, Iraq was and still supports strongly all the agreements that aim to achieve the required balance between supply and demand and lead to the stability of global markets.









https://nnciraq.com/27590/
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Opening address to the 178th (Extraordinary) Meeting of the OPEC Conference

Post by claud39 on Thu Mar 05, 2020 3:29 pm

[size=30]Opening address to the 178th (Extraordinary) Meeting of the OPEC Conference[/size]


05 Mar 2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20200305_110225_rdax_250x141
HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, and HE Mohammad Sanusi Barkindo, OPEC Secretary General




Delivered by HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference 2020, at the 178th (Extraordinary) Meeting of the OPEC Conference, 5 March 2020, Vienna, Austria.

Excellencies, distinguished delegates,
Good morning.

In the name of Algeria and on behalf of the Heads of Delegation and the OPEC Secretariat, it is my pleasure to welcome you all to Vienna for the 178th[size] Meeting of the OPEC Conference.

I would also like to pay tribute to my immediate predecessor as President of the OPEC Conference, HE Manuel Salvador Quevedo Fernandez, People’s Minister of Petroleum of Venezuela. Guiding the Conference in 2019 was an onerous task; however, HE Quevedo did so with tremendous skill, dedication and commitment. I thank you for your leadership and valuable contribution.  

Excellencies, Ladies and Gentlemen,

The 18th meeting of the Joint Ministerial Monitoring Committee, this meeting of the OPEC Conference, and the 8[size=11]th OPEC and non-OPEC Ministerial Meeting[/size] are taking place on dates of immense significance in the history of OPEC.

 Exactly 45 years ago, between the 4th and 6th of March 1975, my own country, Algeria, hosted the First OPEC Summit, or to give its correct title, the ‘Conference of Sovereigns and Heads of State of OPEC Member Countries.’ It culminated in the adoption of the Organization’s First Solemn Declaration


It constitutes also the origin of the establishment of our sister organisation, known initially as the “The OPEC Special Fund” and later as the OPEC Fund for International Development, which has contributed since then to funding development projects in no less than 134 countries, in energy, transportation, agriculture, water and sanitation, health, and education. I would like to take this opportunity to express, personally and on behalf of the Conference, my thanks and gratitude to Dr Abdulhamid Al-khalifa, Director-General of OFID, and to his able staff, for their great achievements in contributing to reducing poverty and improving the lives of millions of people around the globe. 

Complemented and strengthened by the Second Solemn Declaration issued in Caracas, Venezuela, in 2000, and the Third Solemn Declaration issued in Riyadh, in November 2007, the First Solemn Declaration continues to guide this Organization today.

In the Declaration, Member Countries “reaffirmed their support for dialogue, cooperation and concerted action for the solution of the major problems facing the world economy.”

These themes of cooperationdialogue, soliciting the views of producers and consumers, and reaching out to non-OPEC partners are as relevant today, as they were in 1975.

Perhaps the most tangible manifestation of the seed that was planted in Algiers in 1975 is the current ‘Declaration of Cooperation’ process,  the origin of which lies in the Algiers Accord adopted in September 2016. Under the DoC, OPEC works in tandem with our 10 non-OPEC partners in pursuit of sustainable oil market stability, in the interests of producers, consumers and the global economy.

It is only fitting therefore, that today, on this sapphire anniversary of the First OPEC Summit, we reflect on how far this Organization has come in 45 years. Given that the year 2020 marks the 60 year Anniversary of OPEC’s founding, it is more important than ever to benefit from the wisdom of our predecessors.

Turning to the current market situation and our business for today, it is clear that the decisions taken at the 177th Meeting of the OPEC Conference and the 7th OPEC and non-OPEC Ministerial Meeting of 5th and 6th December 2019, to further adjust production voluntarily, saw an improvement in market sentiment over the course of subsequent weeks.

That being said, we now convene at a time when the outbreak of COVID-19 has had a pronounced adverse impact on economic and oil demand forecasts in 2020, particularly in the first and second quarters.

This underscores the fact that events in the oil market are subject to critical uncertainties beyond the capacity of any one individual stakeholder to manage on their own. Complex challenges require collegiality and concerted action. For this reason, the ‘Declaration of Cooperation’ allies have been in close contact with our friends and partners in the People’s Republic of China at this difficult time. We must never lose sight of the fact that outbreak of COVID-19 is, first and foremost, a human tragedy. Our thoughts and prayers go the victims, their families and all bereaved.

We are extremely grateful to the Government of China for their cooperation with us over the last few weeks and months. HE Wang QunPermanent Representative of the People's Republic of China to the United Nations and other International Organizations in Vienna, provided a briefing at an extraordinary meeting of the Joint Technical Committee, which was held on the 4th[size] of February. This is a clear indication of the warm relations that exist between China and our participating countries.

Excellencies, Ladies and gentlemen,

Forty five years ago, OPEC Member Countries in their first Solemn Declaration stated that, “the interdependence of nations, manifested  in  the world  economic  situation,  requires  a  new  emphasis  on  international  co-operation and declare themselves prepared to contribute with their efforts to the objectives of world economic development and stability.”

The timeless wisdom of these words has once more been vindicated as we meet to discuss the challenges of our own times. My country is proud of our Membership of OPEC, proud of the role we have played as a constructive partner over many decades and proud that Algeria hosted that first OPEC Summit.

We assume the Presidency of the OPEC Conference at a critical juncture in the Organization’s history, but inspired by the giants of the past and the spirit of the First Solemn Declaration, with all of your help and support, I have no doubt, that this Organization’s best days are ahead of it.

Thank you for your attention.





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20200305_110205_rdax_250x141

HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, delivers his opening address



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS IMG-20200305-WA0066_rdax_250x167

The 178th Extraordinary OPEC Conference convenes in Vienna, Austria









https://www.opec.org/opec_web/en/press_room/5861.htm

[/size][/size]
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty OPEC 178th (Extraordinary) Meeting of the Conference concludes

Post by claud39 on Thu Mar 05, 2020 3:37 pm

[size=30]OPEC 178th (Extraordinary) Meeting of the Conference concludes[/size]


05 Mar 2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Logo




The 178th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Thursday, 5 March 2020, under the Chairmanship of its President, HE Mohamed Arkab, Minister of Energy of Algeria and Head of its Delegation.


The Conference took note of the announcement from Ecuador that it has withdrawn from its Membership of OPEC, with effect from 1 January 2020.


The Conference recalled the First OPEC Summit held from the 4-6 March 1975, exactly 45 years ago, in Algeria. The Summit saw the establishment of OPEC’s sister organization, the OPEC Fund for International Development. The Conference acknowledged Dr Abdulhamid Alkhalifa, Director-General of OFID, and his able staff, for their great achievements in contributing to reducing poverty and improving the lives of millions of people around the globe.


The Conference reviewed the report and recommendations of the Joint Ministerial Monitoring Committee (JMMC), whose work continues to be ably supported by the Joint Technical Committee (JTC) and the OPEC Secretariat.


The Conference took note of oil market developments since it last met in Vienna on 6 December 2019 and reviewed the oil market outlook for the remainder of 2020.


It noted the positive ramifications of the decision to further voluntarily adjust production at the 177th Meeting of the Conference, and subsequently the 7th OPEC and non-OPEC Ministerial Meeting, with market sentiment improving in the weeks thereafter.


However, the COVID-19 outbreak has had a major adverse impact on global economic and oil demand forecasts in 2020, particularly for the first and second quarters. Global oil demand growth in 2020 is now forecast to be 0.48 mb/d, down from 1.1 mb/d in December 2019. Moreover, the unprecedented situation, and the ever-shifting market dynamics, means risks are skewed to the downside.


The Conference noted that the further impact of the COVID-19 outbreak on oil market fundamentals necessitates further continuous monitoring.


Accordingly, in view of the current fundamentals and the consensus on market perspectives, the Conference decided to recommend to the 8th OPEC and non-OPEC Ministerial Meeting to extend the adjustment levels agreed at the 177th Meeting of the Conference and the 7th OPEC and non-OPEC Ministerial Meeting for the remainder of the year. It also agreed to recommend to the 8th OPEC and non-OPEC Ministerial Meeting a further adjustment of 1.5 mb/d until 30 June 2020 to be applied pro-rata between OPEC (1.0 mb/d) and non-OPEC producing countries (0.5 mb/d) participating in the Declaration of Cooperation.


The Conference commended all OPEC Member Countries, as well as non-OPEC countries participating in the Declaration of Cooperation, for their continued commitment to achieving and sustaining balance and stability in the market.


Member Countries reaffirmed their continued focus on fundamentals for a stable and balanced oil market, in the interests of producers, consumers, and the global economy. The Conference emphasized the ongoing dialogue with consuming countries, and the consultations undertaken in a collegial spirit before reaching decisions. Member Countries are resolute and committed to being dependable and reliable suppliers of crude and products to global markets.


The Conference confirmed that its next Ordinary Meeting will convene in Vienna, Austria, on 9 June 2020, and noted that September 2020 will mark the 60 Year Anniversary since the founding of OPEC in Baghdad in 1960.


The Conference expressed its continued gratitude to the Government and to the people of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and excellent arrangements for the Meeting.


https://www.opec.org/opec_web/en/press_room/5865.htm
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Iraq announces an agreement to hold a ministerial meeting to monitor oil production

Post by claud39 on Wed Mar 18, 2020 9:00 am

Iraq announces an agreement to hold a ministerial meeting to monitor oil production


18/03/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 19512





Economy News _ Baghdad

The Oil Ministry announced on Wednesday that an agreement had been reached to hold a ministerial meeting to monitor oil production, stressing the need to restore balance to the oil market.

The ministry staring at the ministry, Assem Jihad, said in a statement, "Economy News" received a copy of it.

Jihad added that "Iraq played a pivotal role in the last meeting, bringing the views closer."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Re: IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

Post by Jayzze on Wed Mar 18, 2020 9:23 am

the new pm elect from what I read has more leanings to the people and the us which is good. the real problem is with iran since this is the opposite of what iran wants. so this will be a problem as he appoints his ministers unless he appoints ones with iranian influences which we do not want
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Russia: We are watching the oil market to respond to the Iraqi proposal to hold an OPEC + meeting

Post by claud39 on Wed Mar 18, 2020 1:52 pm

 Russia: We are watching the oil market to respond to the Iraqi proposal to hold an OPEC + meeting


18/03/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 12443





Economy News - Baghdad:

The Russian presidential spokesman, Dmitry Peskov, announced that Russia is closely monitoring the situation in oil markets, and is analyzing it and formulating its position on the Iraqi proposal to hold an "OPEC +" meeting.

"We are closely monitoring and analyzing the situation in global oil markets, trying to predict the situation in the near future and even in the medium term. Accordingly, we will formulate our position, " Peskov told reporters today, Wednesday .

In answer to a question whether the price of $ 27 a barrel of oil is appropriate for Russia, Peskov said: "Of course, a very low price, we would have liked it if the price was higher ."

 
Earlier, the spokesman for the Iraqi Oil Ministry, Assem Jihad, confirmed that his country had succeeded in bringing the views between the parties concerned to hold a meeting of the Ministerial Committee for Production Control and a meeting of ministers from inside and outside the "OPEC" in order to restore balance to the global oil market .

Moscow rejected a proposal to increase production cuts from its current level by 1.5 million barrels per day until the end of the current world. For its part, Riyadh refused to extend the agreement to reduce production under the current conditions for a period of 3 months .

Saudi Arabia also immediately offered cuts in its oil prices for next April, and media reports spoke of the kingdom's intention to increase its production of crude oil to more than 10 million barrels per day, which contributed to the sharp decline in black gold prices .





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Al-Ghadban: Oil prices fell because of Saudi Arabia's lower prices

Post by claud39 on Sun Mar 29, 2020 1:51 pm

Al-Ghadban: Oil prices fell because of Saudi Arabia's lower prices




29/03/2020




IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 10904



The Economy News - Baghdad


The Iraqi Oil Minister, Thamer Al-Ghadban, said that the reason for the drop in global oil prices is the dispute that occurred at the beginning of last March between Saudi Arabia and Russia and the supply of large quantities of oil at unprecedented low prices as well as the Corona crisis .


Al-Ghadban stated that the spread of the Corona virus caused a global economic and health crisis, and one of the ways to prevent it is a curfew, which leads to the suspension of most of the economic movement (citizens, aviation, general transportation), which caused a decrease in the demand for fuel, and accordingly the refinery activity decreased and thus sales decreased Crude oil .


 
He pointed out that the contraction of the Chinese economy (where the epidemic started), the world's first importer of oil, had a role in declining oil demand .


 
A member of OPEC (the International Petroleum Organization, which includes 13 oil producing countries) pointed out that the reason for the drop in the price of a barrel is also due to the so-called oil price war that occurred between Saudi Arabia and Russia, where unprecedented low prices were offered in addition to offering large quantities, which led to the provision of cheap oil to countries Industrial and global oil traders .


Al-Ghadhban said that there was a charter between OPEC countries (13 countries) and OPEC Plus countries (led by Russia, which includes Oman, Bahrain, Kazakhstan, Azerbaijan, and others, totaling 10 countries) as cooperation began since 2016 when these parties found that it was in their interest to work to withdraw the "oil" stock The market surplus, which leads to disturbances, is a factor that put pressure on prices to decline, which led to the success of these parties in reducing production three times (2017, 2018 and 2019), pointing to his attendance at two of those meetings that halted the deterioration in the markets and led to an improvement in oil prices .


He added, speaking: What happened now is a dispute that occurred at the beginning of March with two different visions that prevented the agreement, which caused a race between some countries on what is known as the market share, which is to sell the (producer) more at a lower price, contrary to the vision that prevailed. Previously, OPEC has to sell less at a higher price .


 
Al-Ghadban considered that this does not lead to the growth of global oil storage, especially at industrialized countries, while selling at a low price leads to the emergence of American shale oil, which made the United States (in recent years) the first product in the world with production exceeding 13 million barrels per day to exceed the production of all From Saudi Arabia and Russia, this is on the one hand, and on the other hand, raising prices leads to the growth of this shale oil, wondering: What is the marginal price that does not lead to the growth of American shale oil to high rates, and at the same time guarantees an acceptable (fair) price for the producing countries? That is spent on investment and operation.






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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The Kremlin: Oil producing countries have not discussed agreements other than OPEC +

Post by claud39 on Thu Apr 02, 2020 9:03 am

The Kremlin: Oil producing countries have not discussed agreements other than OPEC +


02/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 19834





The Economy News - Baghdad

The Kremlin said on Thursday that oil-producing countries have not discussed any specific or abstract agreements other than the formula of the OPEC + agreement to curb supplies, which expired at the end of last month.

Oil prices have fallen by nearly half since OPEC and other major producers, including Russia, failed last month to extend their agreement on production.

Kremlin spokesman Dmitry Peskov said during a daily press conference by telephone that Russian President Vladimir Putin speaks several times a day on the phone with Energy Minister Alexander Novak to discuss the global oil market and the domestic fuel market.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Novak: Russia does not intend to increase oil production

Post by claud39 on Thu Apr 02, 2020 9:08 am

Novak: Russia does not intend to increase oil production




02/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 4120





The Economy News - Baghdad

Reuters quoted Russian Energy Minister Alexander Novak as saying on Thursday that his country does not intend to increase oil production due to excess market supply.

Global crude prices have tumbled by nearly 50 percent to less than $ 26 a barrel since OPEC and other major oil producers led by Russia failed to agree to extend crude production cuts.

On Thursday, however, oil prices jumped 10 percent after US President Donald Trump said he expected Saudi Arabia and Russia to soon reach an agreement ending the price war between them.

Novak said that Russia has not yet discussed the situation in the oil market with Saudi Arabia, but it does not exclude this.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The drop in oil prices plunges Iraqi revenues to $ 2.9 billion in March

Post by claud39 on Thu Apr 02, 2020 9:12 am

The drop in oil prices plunges Iraqi revenues to $ 2.9 billion in March


02/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 4431





The Economy News - Baghdad



On Thursday, the Ministry of Oil announced the total exports and revenues generated for the month of March 2020.

The ministry said in a statement seen by "The Economy News", "The total quantities of exported crude oil in the past month amounted to 105.1 million barrels."

She added that the export revenues amounted to 2.99 billion dollars (28.44 dollars per barrel), noting that the previous month's revenues amounted to 5.05 billion dollars, given that the price of a barrel of oil reached 51.37 dollars.
And oil prices suffered losses exceeding 60 percent at the end of the month, falling to the lowest level in 18 years, due to the decline in global demand due to the interruption of economic activity due to the Corona virus, in addition to the price war between Russia and OPEC.

A spokesman for the Ministry of Oil, Assem Jihad, said, "The total quantities of crude oil exported for the month of March from the oil fields in central and southern Iraq amounted to 101.4 million barrels, and from the Kirkuk fields through the Ceyhan port amounted to 3.29 million barrels."

Jihad added, "The quantities exported from Qayyarah field amounted to 129.4 thousand barrels, while the quantities exported to Jordan amounted to 290.54 thousand barrels."

The spokesman pointed out that "the total daily rate of exports amounted to 3.39 million barrels, and in the ports of Basra reached 3.27 million barrels, and from Ceyhan the daily rate was 106 thousand barrels, while the daily rate from the Qayyarah field was 4 thousand barrels, and the daily rate exported to Jordan was 9 thousand barrel".

Jihad pointed out that "the average price per barrel was 28,436 dollars."



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Trump: Reducing oil production will reach 10 million barrels per day

Post by claud39 on Thu Apr 02, 2020 2:56 pm

Trump: Reducing oil production will reach 10 million barrels per day


 02/04/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 8678


Economy News - Baghdad:

US President Donald Trump on Thursday expressed his expectation that Saudi Crown Prince Muhammad bin Salman and Russian President Vladimir Putin will reduce oil production to 10 million barrels .
 
"I just spoke to my friend (the Saudi crown prince), who spoke to Russian President Putin, and I expect and hope that they will cut nearly 10 million barrels of oil, " Trump wrote in a tweet on Twitter .
 
He added: "Maybe much more than that, if that happens, it would be great for the oil and gas industry."



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Chairman of the Parliamentary Oil and Energy Committee supports Saudi Arabia's call to hold a meeting of the OPEC oil exporting countries

Post by claud39 on Sat Apr 04, 2020 8:43 am

[size=32]Chairman of the Parliamentary Oil and Energy Committee supports Saudi Arabia's call to hold a meeting of the OPEC oil exporting countries[/size]




 04/03/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS %D9%84%D8%AC%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3-800x445


The head of the Parliamentary Committee on Oil and Energy, MP Hebet Al-Halbousi, announced on Friday 3/4/2010 his support for the invitation of the Kingdom of Saudi Arabia to accelerate the convening of an urgent meeting of the oil-exporting countries "OPEC" and the producers allied with it from outside, and his support for the invitation of US President Donald Trump to invite Saudi Arabia and Russia to stop the oil conflict Between them and reduce oil exports to protect world oil prices.

Mr. Hebet Al-Halbousi stated that the Parliamentary Oil and Energy Committee strongly supports the invitation of the Kingdom of Saudi Arabia to the Organization of Petroleum Exporting Countries (OPEC) to hold an urgent meeting to discuss reducing the quantities of exported crude oil and international oil prices.

Mr. Al-Halbousi called on the representative of Iraq in OPEC to submit an official request with the exception of Iraq and increase its export quota in order to provide the funds required for the extraction companies approved in the licensing round in order to reduce the financial burdens on the public budget and reduce the financial deficit in it and provide additional imports to face the crises that the country suffers from.

"We also support the US President Trump's call to both Saudi Arabia and Russia to stop the oil dispute and the price war between the two countries," the head of the Oil Committee added, stressing that this call will have significant positive effects on improving global oil prices and taking rapid measures to stabilize the oil market and restore the balance between supply and demand. .

Mr. Al-Halbousi expressed his confidence that the world oil prices will return to normal after holding the forthcoming meeting and ending the Saudi-Russian oil conflict, warning that this will protect the economies of oil countries, especially Iraq, whose financial budget depends on more than two-thirds of oil imports.

Heibet Al-Halbousi added that this improvement in oil prices will help countries to face the burdens of the Corona epidemic, which have cast a shadow on the world's economies for what the response to the epidemic requires funds to provide prevention and medical supplies, support and protection for people with low incomes, social welfare, ration card items and staff salaries.



House of Representatives,
Information Service
3/4/2020



http://ar.parliament.iq/2020/04/03/%d8%b1%d8%a6%d9%8a%d8%b3-%d9%84%d8%ac%d9%86%d8%a9-%d8%a7%d9%84%d9%86%d9%81%d8%b7-%d9%88%d8%a7%d9%84%d8%b7%d8%a7%d9%82%d8%a9-%d8%a7%d9%84%d9%86%d9%8a%d8%a7%d8%a8%d9%8a%d8%a9-%d9%8a%d8%a4%d9%8a%d8%af/
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Insiders: Expectations to postpone the "OPEC +" meeting and most parties are ready to cut production

Post by claud39 on Sat Apr 04, 2020 9:44 am

[size=36]Insiders: Expectations to postpone the "OPEC +" meeting and most parties are ready to cut production[/size]





04/04/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 10442020_8888888888








Follow-up - Mawazine News




Reuters reported on Saturday that the emergency default meeting of the "OPEC +" coalition will not be held next Monday, as expected, and is likely to be postponed until April 8 or 9.


The agency quoted two sources in the Organization of Petroleum Exporting Countries (OPEC) as saying that this step comes in order to give black gold producers more time to negotiate the reduction of crude supplies.



For his part, an informed source confirmed the plans of the General Secretariat of "OPEC" regarding the preparation of the meeting, in an interview with the Russian "Novosti" agency today, that the Secretary-General of the Organization, Mohamed Barkindo, is still in continuous communication with the parties of the "OPEC +" deal, adding that The main parties in the oil alliance support the idea of ​​holding the meeting next Monday.

The source said that most of the parties to the coalition are ready to reduce the level of production, and there is a high possibility to reach consensus in this regard.


This comes in light of the expiry of the validity of the OPEC + deal.
On Friday, Russian President Vladimir Putin criticized Saudi Arabia's recent steps in oil markets, saying that the kingdom's withdrawal from the "OPEC +" deal represents one of the reasons for the drop in oil prices in the world, and called for a reduction in global oil production by 10 million barrels per day.



 Ended 29 / r





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Oil crisis ... Putin is not planning to make contact with Trump at this time

Post by claud39 on Mon Apr 06, 2020 1:16 pm

[size=36]Oil crisis ... Putin is not planning to make contact with Trump at this time[/size]




06/04/2020








IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 11642020_5e8b047742360437c72e6b07






Follow-up - Mawazine News




The Kremlin announced today, Monday, that Russian President Vladimir Putin is not planning at the moment to have contacts with his American counterpart Donald Trump against the background of the situation in the oil market.




"At the present time, no," Russia's presidential spokesman Dmitry Peskov said in response to a news question.


A phone conversation took place between Putin and Trump a week ago, during which they touched on the global oil market, which is witnessing a sharp collapse in prices since the OPEC + parties failed in early March to reach an agreement on the volume of production. 




End / 29 / p







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Moscow declares its readiness to stabilize the oil market

Post by claud39 on Mon Apr 06, 2020 7:44 pm

Moscow declares its readiness to stabilize the oil market


04/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS %D9%86%D9%81%D8%B7-%D8%B1%D9%88%D8%B3%D9%8A%D8%A7-768x480








Information / follow-up ..



A spokesman for the Russian presidency, Dmitry Peskov, said today, Monday, that it was decided to postpone the meeting of "OPEC +" and other oil countries until next Thursday due to technical reasons.



Piskov added, during a press briefing today, that the preparations for the meeting, which will be held via a television bridge, are in full swing, noting that the Russian Energy Minister Alexander Novak is in constant contact with colleagues in other oil countries and officials of Russian energy companies.



In response to a question about the level of production cut that Russia is ready to implement, the spokesman referred to previous statements by Russian President Vladimir Putin, in which he said that oil countries are talking about a total reduction of production by 10 million barrels per day, without specifying Russia's share of this reduction.



Peskov added that, to achieve stability in the global energy market, oil countries that did not participate in the previous agreement should join the next deal.



In response to a question whether Putin intends to hold phone discussions in this regard with US President Donald Trump or with Saudi King King Salman bin Abdulaziz, Peskov said that there are no plans now to make such phone calls, but coordination can be done in a short time.



Oil prices collapsed by more than 50% during the month of March after Moscow and Riyadh failed to reach an agreement on the terms of extending production cuts, in addition to the decline in demand for crude due to the implications of the spread of Corona.



Saudi Arabia last week called for an emergency meeting of the "OPEC" and producers from outside it, including Russia, after a phone call between the American President and Saudi Crown Prince Mohammed bin Salman.
The meeting was supposed to be held today, but it was decided to postpone it until the 9th of April.



 25 h has ended



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Ministry of Oil: The lower prices did not affect production and export rates

Post by claud39 on Wed Apr 08, 2020 8:21 am

Ministry of Oil: The lower prices did not affect production and export rates


08/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 19972





Economy News _ Baghdad

The Oil Ministry confirmed on Wednesday that the decline in oil prices globally did not affect production and export rates.

The spokesman for the ministry, Assem Jihad, said in an interview with the Iraqi News Agency and seen by "AlEqtisad News", "The decline in oil prices did not affect production and export rates, because the available energy for production is estimated at 5 million barrels per day."

And that "Iraq production, according to the commitment of the (OPEC +) agreement, amounted to about 4 million and 500 thousand barrels per day. As for exports, it ranges between 3 million and 300 thousand barrels to 3 million and 500 thousand barrels per day."

Jihad added that "Iraq agreed during the previous meeting to reduce OPEC production to a million and a half, provided that its production is not compromised," stressing that "it is not possible to reduce production rates as a result of the current situation and the exceptional circumstance that Iraq is going through."

He pointed out that "Iraq has made extensive contacts with the oil ministers of OPEC member states and alliances with them outside the organization in the past days in order to bring the points of view closer to reaching an agreement to restore stability to the global oil market." She pointed out that "it was agreed to hold a ministerial meeting (OPEC + (Next Thursday), which is an important step to reach an agreement that will save the oil market from the big decline. "

Jihad stressed "the need for the main producing countries from outside (OPEC +), including the United States, Canada, Norway, and others, to also commit to a reduction in production by them, which in turn is an important factor to control the oil surplus in global markets, and to restore the required stability and balance."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Russia and Saudi Arabia will lead talks to cut oil production ... and America opposes cutting oil production

Post by claud39 on Thu Apr 09, 2020 8:31 am

Russia and Saudi Arabia will lead talks to cut oil production ... and America opposes cutting oil production


09/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 12006







The Economy News - Baghdad 



The Organization of the Petroleum Exporting Countries and other producers, led by Russia, are looking at their biggest ever cuts in oil production, but efforts to tackle price declines during the Corona virus pandemic are complicated by a recent row and the United States' opposition to sharing the cuts.

The spread of the virus has reduced demand for auto and aircraft fuels and lower crude prices, lowering the production costs of many producers, including American shale oil producers.

The benchmark Brent crude prices reached the lowest level in 18 years last month and crude is trading at less than $ 34 a barrel, which is at half the levels of the end of 2019.

On Wednesday, US President Donald Trump said that US oil producers had already cut production and warned that he had many options if Saudi Arabia and Russia did not reach an agreement on Thursday.
Trump said last week that he had reached a deal with Saudi Arabia and Russia that could cut global supplies by between 10 and 15 million barrels per day.

The largest production cut ever approved by OPEC reached 2.2 million barrels per day in 2008.
Recently, Russia and nine other OPEC producers joined in reductions of 1.7 million barrels per day, in addition to a reduction of 400 thousand barrels per day, which Saudi Arabia volunteered.

Riyadh and Moscow differed last month over the continuation of these cuts, which allowed the United States and other non-participating producers to acquire market shares.

The United States has become the world's largest oil producer, but the Trump administration has shown no desire to order a cut.

Saudi Arabia and Russia have not yet publicly mentioned any agreement on cuts or how to distribute them to participants.

"These are definitely different cuts," Kremlin spokesman Dmitry Peskov said on Wednesday, in response to a question about whether lower US oil production due to weak crude prices could be taken into account.

The OPEC + meeting on Thursday via video will be followed by Friday's meeting of energy ministers of the Group of 20 nations.

* The dilemma of the basis of cuts


Negotiating the cuts includes setting the basis for which it will be counted, a matter that has become hazy after Saudi Arabia and Russia announced plans to increase production after the collapse of talks between OPEC + members in Vienna on March 6.

The Kingdom increased production to 12.3 million barrels per day in April, from less than ten million barrels per day in March. Its Gulf allies, Kuwait and the UAE, also increased their production, and Moscow said Russian companies could boost production by up to 500,000 bpd.

OPEC sources said that Saudi Arabia wants to calculate any cuts based on its record production levels in April. But Russia says the basis for cuts should be the production of the first quarter before the start of the price war.

Russia's Tass news agency reported that any cuts would likely last for three months, starting in May.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Saudi Arabia declares its readiness to cut production by up to 4 million barrels per day

Post by claud39 on Thu Apr 09, 2020 8:42 am

Saudi Arabia declares its readiness to cut production by up to 4 million barrels per day


09/04/2020




IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 14269



The Economy News - Baghdad

Reuters quoted a well-informed source as saying that Saudi Arabia is ready to reduce its oil production by up to 4 million barrels per day from the level of production in April.

Continued..



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Iraq welcomes the Saudi-Russian agreement and considers it a victory for OPEC

Post by claud39 on Thu Apr 09, 2020 2:05 pm

[size=36]Iraq welcomes the Saudi-Russian agreement and considers it a victory for OPEC[/size]


09/04/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 15942020_02658




Baghdad - Mawazine News,



The Iraqi government welcomed, today, Thursday, the agreement reached by Saudi Arabia and Rursa to reduce crude oil production, usually a "victory" for OPEC.

The advisor to the Prime Minister, Mazhar Muhammad Salih, said in a statement seen by Mawazine News that "the oil agreement between Saudi Arabia and Russia, which included reducing production to ten million barrels per day within the APOC organization, is considered a victory for the organization after the recent crisis and the drop in oil prices to the lowest level."

Saleh added that "this agreement will revive the global market, as it is more deliberate on oil," expecting that the price of a barrel of oil within Brent crude will reach 45 - 50 dollars during the coming days.

He continued, "Iraq supports and supports this agreement and asks OPEC members to maintain the level of production and export of crude oil to avoid any further crisis in the future."

Saudi Arabia and Russia reached an agreement earlier in the day that would lead to a significant reduction in oil production. According to Reuters. End / 29 BC







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Reuters: OPEC + is working on a two-year agreement to be implemented gradually

Post by claud39 on Thu Apr 09, 2020 5:42 pm

Reuters: OPEC + is working on a two-year agreement to be implemented gradually


09/04/2020




IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 11170



The Economy News - Baghdad

Two OPEC + sources said on Thursday that the alliance that includes OPEC and producers from outside it is considering plans to reduce oil production for at least two years, with progress being implemented gradually.

The group had previously said it wanted the United States, one of the three largest oil producers in the world along with Russia and Saudi Arabia, to participate in the cuts. Washington says its production is already gradually declining due to lower oil prices.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Saudi Arabia and Russia agree to reduce 5 million barrels per day, while the other OPEC countries 5 million barrels

Post by claud39 on Thu Apr 09, 2020 5:45 pm

 Saudi Arabia and Russia agree to reduce 5 million barrels per day, while the other OPEC countries 5 million barrels




09/04/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 8516



Economy News - Baghdad:



Saudi Arabia and Russia agreed in principle on Thursday to agree to implement the largest organized oil production cuts in decades, after a month-long dispute and falling demand due to the Corona virus crisis that destroyed oil prices .
 
Prices rose before the announcement, before suddenly losing momentum and giving up most of its gains on a day of volatile trading. US crude rose 3.4% to $ 25.95 a barrel, and Brent crude rose 3.2% to $ 33.91 a barrel, having previously risen by 10% .
 
Two of the largest oil producers in the world joined a coalition of other countries by phone conference, in an effort to solve the global crude glut. The meeting includes representatives from 13 countries of the Organization of Petroleum Exporting Countries (OPEC), 10 countries led by Russia, and a handful of other oil producing countries .
 
For Saudi Arabia, production restrictions will include reducing its current production level of 12 million barrels by 3.3 million barrels per day, while Russia has agreed to reduce two million barrels per day from its current production of 10.4 million barrels per day .
 
Delegates agreed to cut production by 10 million barrels per day in May and June, according to OPEC officials. Officials said they would then continue to restrict 6 million barrels per day until April 2022. These people said late in the meeting, a participant, Mexico, raised a last-minute protest, and threatened to cancel the deal before finally softening .
 
With coronavirus outbreaks moving around the world leading to travel restrictions and suspension of work, oil consumption is expected to decrease by up to 30 million barrels per day this month .
 
"The fundamentals of supply and demand are terrifying," said OPEC Secretary-General Mohamed Barkindo. He said that the decline in the second quarter alone "is close to 12 million [bpd] and will widen", which is "unprecedented in the modern era ."
 
During the video call, Russian Energy Minister Alexander Novak said that only concerted actions by OPEC, Russia and other countries will achieve results, as demand for oil and storage around the world fell .
 
The silent market reaction came in this context .
 
"Perhaps the market is betting on a slightly larger volume than what has been announced," said Björnar Tonjögen, head of oil markets at the consultancy Restad Energy. "It also lacks details when it comes to the baseline level and whether the deal depends on cooperation from other countries outside OPEC +."
 
Bob McNally, a former White House adviser, said the Saudi restrictions would be the largest ever on a monthly basis. It will be the largest in an extended period since the 1980s, when European and American competitors flooded the market and produced 6.5 million barrels per day .
 
Russia and Saudi Arabia hope that the United States will join production restrictions. But their current plan expects up to 4 million bpd of cuts coming from outside their alliance. But the Trump administration has so far refused to formally participate in any cuts. President Trump said the cuts would happen because of coronary virus erosion of oil demand .
 
"I think the cuts are automatic, if you believe in the markets, " Trump said at a White House news conference on Monday .
 
Thursday's deal in principle effectively ends the bruising oil price war between Saudi Arabia and Russia that saw oil prices drop 55% in March .
 
And early last month, Saudi Arabia cut crude oil prices and said it would raise production to record levels after talks with Russia failed to respond to a coronary virus outbreak. The effort was an attempt to capture market share from Russia. But the ensuing oil defeat, which sent prices to unprecedented levels in 17 years, hindered many US shale producers .
 
Saudi Arabia and Russia are also awaiting positive signals from a virtual conference of the Group of Twenty nations due to be held on Friday. Major oil producers such as the United States, Canada and Brazil will attend. Organizers in Texas - the largest oil producer in the United States - are due to discuss on April 14th whether to force companies to cut production .
 
Instead of the usually crowded room at OPEC headquarters in Vienna, the rally was ostensibly to respect social space reserves that became the norm .
 
In Vienna, Mr. Barkindo watched Russian Energy Minister Alexander Novak speaking on a flat-screen TV. In Tehran, Iranian Oil Minister Bijan Zangana from his office joined a team of masked officials .






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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The Oil Minister stresses the necessity of setting a ceiling for the amount of production cut and the time period

Post by claud39 on Thu Apr 09, 2020 5:47 pm

 The Oil Minister stresses the necessity of setting a ceiling for the amount of production cut and the time period


09/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20036







Economy News _ Baghdad



On Thursday, Oil Minister Thamer Al-Ghadban stressed the need to determine the ceiling for the amount of production cuts and the time period, expressing his support for the agreement that restores stability and balance to the oil market.

A statement by the Oil Minister, "Economy News" received a copy of it, that "Iraq supports the agreement that restores stability and balance to the oil market," adding that "all producers must realize the size of their responsibilities towards their people and the international community and work to stabilize the oil market."

Al-Ghadban stressed that "today we are in dire need of ever to reach a fair agreement that takes into account the interests of producers and achieves the required balance, and there are positive indications for reaching an acceptable agreement."

"We aim to bring the views of the members closer, to accelerate the achievement of an acceptable agreement, and we play a positive role in this framework," the minister explained.

He pointed out that "it is necessary to determine the ceiling of the amount of production cuts and determine the time and date of the start of commitment in accordance with the agreement and the division of shares in an acceptable and fair manner."







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty US Secretary of Energy: OPEC + countries can easily reduce 10 million b / d

Post by claud39 on Thu Apr 09, 2020 5:50 pm

US Secretary of Energy: OPEC + countries can easily reduce 10 million b / d


04/09/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20028





The Economy News - Baghdad



US Energy Secretary Dan Browell said on Thursday that he saw OPEC + countries could easily cut oil production by ten million barrels per day and he was optimistic that Russia and Saudi Arabia would iron out their differences.

"I think they can easily reach ten million, perhaps more, and undoubtedly more if other oil producing countries include countries like Canada, Brazil and others. This is easily possible," Bruelet said in an interview with CNBC.

"We are optimistic that they will reach an agreement between the Saudis and the Russians to stabilize the markets," he added.







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Global oil production cuts hostage a confrontation with Mexico

Post by claud39 on Fri Apr 10, 2020 7:48 am

Global oil production cuts hostage a confrontation with Mexico


10/04/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20058





Economy News _ Baghdad



The oil producers of OPEC +, led by Saudi Arabia and Russia, are expected to put pressure on Mexico on Friday to conclude an agreement to collectively reduce production by ten million barrels per day, before asking other countries to implement reductions of five million barrels per day.

The United States has urged global cooperation to give impetus to the oil markets that collapsed after the Corona pandemic accelerated in March and the producers of a price war resort after failing to agree how to support prices.

Oil prices fell on Thursday despite the fact that OPEC was close to an agreement, as orders to impose general isolation measures around the world took the lives of the global economy, and traders believed that even implementing a combined cut of 15 million barrels per day would do little to stabilize the market.

Markets are closed on Friday for the Good Friday holiday in major centers. But on Thursday, Brent crude, which reached its lowest level in 18 months last month, was trading at about $ 32 a barrel, which is half of the level recorded at the end of 2019.

After Thursday's talks, OPEC, Russia and other allies outlined plans to cut production by more than a fifth and said they expected the United States and other producers to join in their bid to boost prices.

In a separate phone conversation after the meeting, the Saudi Press Agency reported that the Saudi monarch, King Salman bin Abdulaziz, US President Donald Trump and Russian President Vladimir Putin reviewed the importance of cooperation between the oil producing countries.

"The desire to coordinate moves aimed at stabilizing the global oil trade situation and reducing the negative impact of volatile oil prices on the global economy has been confirmed," the Kremlin said after phone conversation with other producers.

But the group, known as OPEC +, said a final agreement depended on Mexico's participation in the agreement after it refused the oil cuts that were requested to implement it.

"I hope you (Mexico) will see the benefits of this agreement not only for Mexico but for the whole world," Saudi Energy Minister Prince Abdulaziz bin Salman told Reuters by phone. The entire agreement depends on Mexico agreeing to it. ”

During the talks, Mexico proposed cutting its oil production by 100,000 barrels per day in the next two months, and Mexican Energy Minister Rossio Nali said in a tweet that her country would cut production to 1.681 million bpd from 1.781 million bpd recorded in March. Mexico was asked to cut production by 400,000 bpd.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty OPEC + Meeting Summary: 6 items subject to Mexico's approva

Post by claud39 on Fri Apr 10, 2020 7:54 am

OPEC + Meeting Summary: 6 items subject to Mexico's approva




04/10/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20054





The Economy News - Baghdad

The Kingdom of Saudi Arabia revealed 6 items included in the "OPEC +" agreement to reduce oil supplies to try to return to the stage of global energy market balance, with a condition for completing the agreement.

On Thursday, the ninth "extraordinary" ministerial meeting of OPEC member countries and oil-producing countries outside the organization was held through "Webinar" technology to hold meetings on the Internet, chaired by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and his Russian counterpart Alexander Novak, according to a news agency. Saudi Arabia "SPA", today.

The meeting witnessed the participation of Argentina, Colombia, Ecuador, Egypt, Indonesia, Norway, Trinidad and Tobago and the International Energy Forum, as observers.

During the meeting, the participating countries announced the cooperation, which includes the member states of OPEC and the oil producing countries participating from outside it, reaffirming their continued commitment to the declaration of cooperation in order to achieve stability in the oil markets, and to maintain it, and the common interests of the producing countries, and to provide safe and economic supplies It is highly efficient for consumers and with fair returns on invested capital.

In view of the current basic data and agreed market perspectives, the participating countries agreed to meet 6 items, namely:

- Reaffirmation of the framework for the Declaration of Cooperation, which was signed on December 10, 2016, and re-ratified at subsequent meetings; in addition to the Cooperation Charter, which was signed on July 2, 2019.

- Making cuts to its total production of crude oil by 10 million barrels per day, starting from May 1, 2020, for a period of two months ending on June 30, 2020, and during the next six-month period, starting from May 1, 2020 to December 31, 2020, the amount of the reduction will be The agreed total is 8 million barrels per day.

To be followed by a reduction of 6 million barrels per day for a period of sixteen months starting from January 1, 2021 to April 30, 2022, and the reference basis for calculating the adjustments is oil production for October 2018, except for Saudi Arabia and the Russian Federation, and the reference basis for each of them It is 11 million barrels per day.

The decision signed today will be in effect until April 30, 2022; however, the possibility of extending the decision in December 2021 will be considered.

Inviting all major producing countries to contribute to the efforts aimed at achieving market stability.

- Reaffirming the role of the joint ministerial committee to monitor the production reduction agreement, and extend its mandate and its membership, in order to thoroughly review the conditions of the public market, the levels of oil production, and the level of commitment to the declaration of cooperation, and with this statement, supported by both the Joint Technical Committee and the OPEC Secretariat .

Reaffirming that monitoring compliance with the Declaration of Cooperation will be applied to the production of crude oil, based on information from secondary sources, in accordance with the methodology applied by OPEC member countries.

- Meeting on January 10, 2020, through the "Webinar" technology, to determine additional measures that may be required to balance markets.

It was agreed on the above between the OPEC member countries and the oil producing countries from outside it and participate in the declaration of cooperation, with the exception of Mexico, and for this, the agreement is conditional on Mexico's approval.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Mexico proposes to cut oil production by 100,000 b / d at the OPEC meeting

Post by claud39 on Fri Apr 10, 2020 8:11 am

Mexico proposes to cut oil production by 100,000 b / d at the OPEC meeting




10/04/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20046





Economy News _ Baghdad

Mexican Energy Minister Rossio Nali said in a meeting with OPEC and its allies that her country is proposing to reduce its oil production by 100,000 barrels per day in the next two months.

Nali added in a tweet that Mexico would cut production to 1.681 million bpd from 1.781 million bpd registered in March.







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Canada: We are working with America to stabilize the oil price

Post by claud39 on Fri Apr 10, 2020 8:12 am

Canada: We are working with America to stabilize the oil price


04/10/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 9802





The Economy News - Baghdad

Canada's Minister of Natural Resources, Seamus Oregon, said after a phone conversation with US Energy Secretary Dan Brolet that Canada and the United States would work with the Group of 20 industrial powers to stabilize the price of oil.

"The instability of oil prices is hurting Canadian oil workers and their families," Oregon said in a statement.

A Canadian official said Mexico had not participated in the conversation that took place on Thursday.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Birol hopes the G20 meeting will restore stability to the oil markets

Post by claud39 on Fri Apr 10, 2020 8:19 am

Birol hopes the G20 meeting will restore stability to the oil markets




10/04/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20060


Economy News _ Baghdad

Executive Director of the International Energy Agency, Fatih Birol, said that he hoped that the G20 meeting on Friday would restore stability to oil prices, as crude prices were severely affected by the Corona virus crisis and disputes between oil producing countries.

“After the welcome step announced overnight by some of the producing countries, I look forward to the extraordinary G20 energy ministers meeting today,” Birol said in a statement on Friday. I hope it will restore some very necessary stability to the oil market. ”

Oil prices fell on Thursday on suspicions that an agreement between OPEC and its allies to implement record cuts in oil supplies was sufficient to offset the collapse in global fuel demand as a result of the Corona virus pandemic.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty "OPEC +" announces production cuts of 10 million barrels per day from May for two months

Post by claud39 on Fri Apr 10, 2020 7:56 pm

"OPEC +" announces production cuts of 10 million barrels per day from May for two months




10-04-2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Image








Baghdad / news

"OPEC +" affirmed in a statement issued on Thursday, the reduction of oil production by 10 million barrels per day as of May 1, 2020, and for an initial period of two months.

A source said, according to "Reuters", that the "OPEC +" coalition will cut 10 million barrels per day, while other producing countries will reduce about 5 million barrels per day.

He added, that the alliance agreed in principle to cuts of 10 million barrels per day in May and June this year.

The agency quoted other sources as saying that the "OPEC +" group is considering production cuts that will extend for at least two years, in order to support global energy markets.

The source of "OPEC" indicated that Russia and Saudi Arabia will reduce 23% from the base level of 11 million barrels per day.

The group had said earlier that it wanted the United States, one of the three largest oil producers in the world, to participate in the Russia and Saudi Arabia agreement to reduce production. 







https://www.ikhnews.com/index.php?page=article&id=213139
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty UAE: OPEC + decision will have a major impact in rebalancing the oil market

Post by claud39 on Sat Apr 11, 2020 2:28 pm

 UAE: OPEC + decision will have a major impact in rebalancing the oil market


11/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20080


The Economy News - Baghdad



UAE Minister of Energy and Industry Suhail Mohammed bin Faraj Al Mazrouei said on Saturday that OPEC's decision + to reduce oil supplies will have a major impact on rebalancing the oil market amid the outbreak of the new Corona virus.

Al-Mazrouei added on Twitter, "The decision to reduce the largest production in the history of the organization will have a significant impact on rebalancing the oil market at a time when the world is witnessing the solidarity of everyone to face the Corona epidemic," noting that the decision will help in achieving a balance between supply and demand.

The Emirati minister thanked Saudi Arabia, which called for the meeting in which OPEC led by Saudi Arabia and its Russian-led allies, known as OPEC +, reached an agreement to reduce crude production by ten million barrels per day, or equivalent to ten percent of global supplies after Thursday's marathon talks.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty OPEC and zero free rides in the international oil markets

Post by claud39 on Sun Apr 12, 2020 8:59 am

OPEC and zero free rides in the international oil markets



12/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20084





Dr.. The appearance of Muhammad Salih




Away from the conceptual developments of the science of economic well-being and the dialectic of public good, which does not exclude anyone from its use mostly, and which reinforced the role of the free rider in providing a basis for a beneficiary without providing a societal or tax contribution or bearing financial burdens and other contributions, the OPEC considered the role of The active and influencing element in the stability of the oil market strategies and the rules of the game or the game in it from the oil producers from inside and outside the oil organization comes to answer a fundamental question:

 Is the OPEC oil cartel game becoming more cooperative game after the recent price war in The oil market? As countries outside OPEC still produce more than two-thirds of the world’s total oil production, totaling about 104 million barrels of oil per day, to keep pace with the non-cooperative game cartel game of the OPEC group itself, and convert it from OPEC + 1 with Russia to OPEC-1 without Saudi Arabia.

As Saudi Arabia, as OPEC's largest oil producer, went to the role of negative free rider and led, with many free passengers, to provide an additional oil supply and an unwanted glut (in oil markets of an inelastic price nature in demand), this estimate was estimated at 10 million Barrel and war prices have become very loose.



The aforementioned oil price war left a dark price reality, in which the price of the Brent oil fell from the highest level reached in August 2019 at an average price of $ 74.71 a barrel down to the lowest price level in the late first quarter of the year 2020, as the barrel of oil became the source From Brent oils, it fell to around 22.7, especially at the end of March 2020. Thus, the oil revenue lost $ (minus 52) from the value of one barrel of oil during the past six months. 

And all oil markets were subjected to joint losses after everyone became holding back the loss and the loss of returns, within the oil game that enjoys a high degree of non-cooperation, including non-OPEC producers, and their loss of important oil revenues. As the oil revenue loss depends on the levels of break even points in production (which is the rent-free point and where the cost matches the return).

Thus, the non-cooperative phenomenon in the world oil market, and its disruption during the past six months, caused two important contradictory events from the phenomena of free ride itself. The first, which is at the level of the producers of shell oilers and the continuation of negative rent-producing (i.e. below the break-even point), especially in the north of the American continent, which embodied the phenomenon (free excessive negative ride) for the first time in decades in the United States. 

Faced with that drop in oil prices significantly and at very high costs that exceeded the low costs of production in the Gulf countries, major banks in the United States, such as the banks of JP Morgan, Wells Fargo, Bank of America and Citigroup, began to practice thinking about finance imperialism (a thinking that He does not replace his skin) with a hostile takeover of non white knights takeover by merging the oil industry with its financed sector of money.

 The idea is based on the above that the financed banks themselves seize the producing oil fields and the equipment of the oil companies from which they borrowed money (estimated at 200 billion dollars) and were unable to pay. Perhaps these banks will employ executives with high experience in energy management and oil operations for their benefit, as they are new owners in the American oil industry.

As for the second event, it comes in terms of the permanence of positive free riders themselves. The reliance of OPEC members in the April 2020 agreement to adhere to the quantities of production cut equivalent to 10 million barrels comes to restore balance in all oil markets at the end of the summer, as we mentioned above and walk again in the cohesion of the rules of the cooperative game of the OPEC oil cartel.

 In essence, the agreement is a natural return in the positive free ride mechanisms for the oil market (outside of OPEC), which will benefit from the adjusted OPEC quotas adjusted for the price, so that all producers will be at a unified cooperative balance point in the price game without anyone being dumped on the markets alone, and this is considered an eloquent lesson. In the transformation of the behavior of users in the oil market towards the great turmoil in the energy markets in the spring of 2020 and its stability stabilized until the hot summer.

In this way, the oil markets will shift from free (negative) rides to free (positive) rides without exploitation or recklessness towards practicing dumping the market with oil in undesirable competitive quantities. As everyone will be subjected to the framework of a comprehensive cooperative game for OPEC and other producers, without stalking and fatal competition, as long as everyone sails a winner of the new price boat.

In conclusion, it can be said that in the framework of the new cooperative game of the OPEC members ’agreement, all oil markets (whether inside or outside OPEC countries) will enjoy rewarding oil revenues that exceed their break-even point (no matter how different the costs of producing oil in the regions of the world). They will all reach the single equilibrium point, which is the closest to the Nash equilibrium.

 Nash’s balance will represent the state of the oil market, the situation in which no party producing the oil market, including the free riders, can obtain additional oil gains or royalties on their own, once the market strategy is changed on their own and the other producers ’strategies remain the same. The free ride will disappear here, and it will disappear after turning mostly from its (negative or positive) manifestations into a new phenomenon, Zero free riding, as long as all oil markets adhere to the principles of the new OPEC cooperative game.




About the Iraqi Economist Network





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The federal government intends to restrict the Kurdistan Region by OPEC agreement

Post by claud39 on Sun Apr 12, 2020 9:05 am

The federal government intends to restrict the Kurdistan Region by OPEC agreement


12/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20082



Economy News _ Baghdad



 The federal government intends to restrict the Kurdistan Region by OPEC agreement to reduce crude oil production.

The advisor to the Prime Minister, Mazhar Muhammad Salih, in an interview with the official "Al-Sabah" newspaper and seen by "Al-Iqtisad News", referred to what he called "the importance of the Ministry of Oil restricting the region in production, because this issue is internal and has nothing to do with OPEC."

And he added that "policies are unified, and therefore failure to adhere to the (OPEC) agreement will represent a great danger to Iraq."



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The Energy Ministerial Council examines oil prices and supports the stability of electrical energy

Post by claud39 on Sun Apr 12, 2020 9:10 am

 The Energy Ministerial Council examines oil prices and supports the stability of electrical energy


12/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20098





The Economy News - Baghdad



The Energy Ministerial Council held a meeting, on Sunday, to discuss developments in the local and global oil markets.

The meeting was chaired by Prime Minister Adel Abdel-Mahdi, and the ministers of oil, electricity, and water resources attended, as well as ministerial representatives and consultants.

A statement issued by the Prime Minister's media office, seen by Al-Iqtisad News, said that the meeting discussed "developments of world oil prices, the participation of the Iraqi delegation in the meeting of the Organization of Petroleum Exporting Countries OPEC and the economic effects of the decline in oil prices in light of the Corona pandemic."

The statement added that the meeting also discussed "supporting the stability of electrical energy in Iraq and the areas of production and distribution, providing the necessary fuel, and examining the preparations of the Ministry of Electricity for the coming summer season, and took a number of measures and recommendations in this regard."



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Re: IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

Post by claud39 on Sun Apr 12, 2020 11:34 am

@claud39 wrote:OPEC and zero free rides in the international oil markets



12/04/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20084





Dr.. The appearance of Muhammad Salih




Away from the conceptual developments of the science of economic well-being and the dialectic of public good, which does not exclude anyone from its use mostly, and which reinforced the role of the free rider in providing a basis for a beneficiary without providing a societal or tax contribution or bearing financial burdens and other contributions, the OPEC considered the role of The active and influencing element in the stability of the oil market strategies and the rules of the game or the game in it from the oil producers from inside and outside the oil organization comes to answer a fundamental question:
 Is the OPEC oil cartel game becoming more cooperative game after the recent price war in The oil market? As countries outside OPEC still produce more than two-thirds of the world’s total oil production, totaling about 104 million barrels of oil per day, to keep pace with the non-cooperative game cartel game of the OPEC group itself, and convert it from OPEC + 1 with Russia to OPEC-1 without Saudi Arabia.
As Saudi Arabia, as OPEC's largest oil producer, went to the role of negative free rider and led, with many free passengers, to provide an additional oil supply and an unwanted glut (in oil markets of an inelastic price nature in demand), this estimate was estimated at 10 million Barrel and war prices have become very loose.


The aforementioned oil price war left a dark price reality, in which the price of the Brent oil fell from the highest level reached in August 2019 at an average price of $ 74.71 a barrel down to the lowest price level in the late first quarter of the year 2020, as the barrel of oil became the source From Brent oils, it fell to around 22.7, especially at the end of March 2020. Thus, the oil revenue lost $ (minus 52) from the value of one barrel of oil during the past six months. 
And all oil markets were subjected to joint losses after everyone became holding back the loss and the loss of returns, within the oil game that enjoys a high degree of non-cooperation, including non-OPEC producers, and their loss of important oil revenues. As the oil revenue loss depends on the levels of break even points in production (which is the rent-free point and where the cost matches the return).
Thus, the non-cooperative phenomenon in the world oil market, and its disruption during the past six months, caused two important contradictory events from the phenomena of free ride itself. The first, which is at the level of the producers of shell oilers and the continuation of negative rent-producing (i.e. below the break-even point), especially in the north of the American continent, which embodied the phenomenon (free excessive negative ride) for the first time in decades in the United States. 
Faced with that drop in oil prices significantly and at very high costs that exceeded the low costs of production in the Gulf countries, major banks in the United States, such as the banks of JP Morgan, Wells Fargo, Bank of America and Citigroup, began to practice thinking about finance imperialism (a thinking that He does not replace his skin) with a hostile takeover of non white knights takeover by merging the oil industry with its financed sector of money.
 The idea is based on the above that the financed banks themselves seize the producing oil fields and the equipment of the oil companies from which they borrowed money (estimated at 200 billion dollars) and were unable to pay. Perhaps these banks will employ executives with high experience in energy management and oil operations for their benefit, as they are new owners in the American oil industry.
As for the second event, it comes in terms of the permanence of positive free riders themselves. The reliance of OPEC members in the April 2020 agreement to adhere to the quantities of production cut equivalent to 10 million barrels comes to restore balance in all oil markets at the end of the summer, as we mentioned above and walk again in the cohesion of the rules of the cooperative game of the OPEC oil cartel.
 In essence, the agreement is a natural return in the positive free ride mechanisms for the oil market (outside of OPEC), which will benefit from the adjusted OPEC quotas adjusted for the price, so that all producers will be at a unified cooperative balance point in the price game without anyone being dumped on the markets alone, and this is considered an eloquent lesson. In the transformation of the behavior of users in the oil market towards the great turmoil in the energy markets in the spring of 2020 and its stability stabilized until the hot summer.
In this way, the oil markets will shift from free (negative) rides to free (positive) rides without exploitation or recklessness towards practicing dumping the market with oil in undesirable competitive quantities. As everyone will be subjected to the framework of a comprehensive cooperative game for OPEC and other producers, without stalking and fatal competition, as long as everyone sails a winner of the new price boat.
In conclusion, it can be said that in the framework of the new cooperative game of the OPEC members ’agreement, all oil markets (whether inside or outside OPEC countries) will enjoy rewarding oil revenues that exceed their break-even point (no matter how different the costs of producing oil in the regions of the world). They will all reach the single equilibrium point, which is the closest to the Nash equilibrium.
 Nash’s balance will represent the state of the oil market, the situation in which no party producing the oil market, including the free riders, can obtain additional oil gains or royalties on their own, once the market strategy is changed on their own and the other producers ’strategies remain the same. The free ride will disappear here, and it will disappear after turning mostly from its (negative or positive) manifestations into a new phenomenon, Zero free riding, as long as all oil markets adhere to the principles of the new OPEC cooperative game.



About the Iraqi Economist Network








Dr.. The appearance of Mohamed Saleh *: OPEC and free zero rides in the international oil markets


04/11/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Mudher-Deputy-Governor-CBI




Away from the conceptual developments of the science of economic well-being and the dialectic of public good, which does not exclude anyone from its use mostly, and which reinforced the role of the free rider in providing a basis for a beneficiary without providing a societal or tax contribution or bearing financial burdens and other contributions, the OPEC considered the role of The active and influencing element in the stability of the oil market strategies and the rules of the game or the game in it from the oil producers from inside and outside the oil organization comes to answer a fundamental question: Is the OPEC oil cartel game becoming more cooperative game after the recent price war in The oil market? As countries outside OPEC still produce more than two-thirds of the world’s oil production, totaling about 104 million barrels of oil per day, to keep pace with the non-cooperative game cartel game of the OPEC group itself, and convert it from {OPEC + 1 with Russia} to {OPEC-1 without Saudi.

 

As Saudi Arabia, as OPEC's largest oil producer, went to the role of negative free rider and led, with many free passengers, to provide an additional oil supply and an unwanted glut (in oil markets of an inelastic price nature in demand), this estimate was estimated at 10 million Barrel and war prices have become very loose.

 

The aforementioned oil price war left a dark price reality, in which the price of the Brent oil fell from the highest level reached in August 2019 at an average price of $ 74.71 a barrel down to the lowest price level in the late first quarter of the year 2020, as the barrel of oil became the source From Brent oils, it fell to around 22.7, especially at the end of March 2020. Thus, the oil revenue lost $ (minus 52) from the value of one barrel of oil during the past six months. And all oil markets were subjected to joint losses after everyone became holding back the loss and the loss of returns, within the oil game that enjoys a high degree of non-cooperation, including non-OPEC producers, and their loss of important oil revenues. As the oil revenue loss depends on the levels of break even points in production (which is the rent-free point and where the cost matches the return).

 

Thus, the non-cooperative phenomenon in the world oil market, and its disruption during the past six months, caused two important contradictory events from the phenomena of free ride itself. The first, which is at the level of the producers of shell oilers and the continuation of negative rent-producing (i.e. below the break-even point), especially in the north of the American continent, which embodied the phenomenon (free excessive negative ride) for the first time in decades in the United States. Faced with that drop in oil prices significantly and at very high costs that exceeded the low costs of production in the Gulf countries, major banks in the United States, such as the banks of JP Morgan, Wells Fargo, Bank of America and Citigroup, began to practice thinking about finance imperialism (a thinking that He does not replace his skin) with a hostile takeover of non white knights takeover by merging the oil industry with its financed sector of money. The idea is based on the above that the financed banks themselves seize the producing oil fields and the equipment of the oil companies from which they borrowed money (estimated at 200 billion dollars) and were unable to pay. Perhaps these banks will employ executives with high experience in energy management and oil operations for their benefit, as they are new owners in the American oil industry.

 

As for the second event, it comes in terms of the permanence of positive free riders themselves. The reliance of OPEC members in the April 2020 agreement to adhere to the quantities of production cut equivalent to 10 million barrels comes to restore balance in all oil markets at the end of the summer, as we mentioned above and walk again in the cohesion of the rules of the cooperative game of the OPEC oil cartel. In essence, the agreement is a natural return in the positive free ride mechanisms for the oil market (outside of OPEC), which will benefit from the adjusted OPEC quotas adjusted for the price, so that all producers will be at a unified cooperative balance point in the price game without anyone being dumped on the markets alone, and this is considered an eloquent lesson. In the transformation of the behavior of users in the oil market towards the great turmoil in the energy markets in the spring of 2020 and its stability stabilized until the hot summer.

 

In this way, the oil markets will shift from free (negative) rides to free (positive) rides without exploitation or recklessness towards practicing dumping the market with oil in undesirable competitive quantities. As everyone will be subjected to the framework of a comprehensive cooperative game for OPEC and other producers, without stalking and fatal competition, as long as everyone sails a winner of the new price boat.

 

In conclusion, it can be said that in the framework of the new cooperative game of the OPEC members ’agreement, all oil markets (whether inside or outside OPEC countries) will enjoy rewarding oil revenues that exceed their break-even point (no matter how different the costs of producing oil in the regions of the world). They will all reach the single equilibrium point, which is the closest to the Nash equilibrium. Nash’s balance will represent the state of the oil market, the situation in which no party producing the oil market, including the free riders, can obtain additional oil gains or royalties on their own, once the market strategy is changed on their own and the other producers ’strategies remain the same. The free ride will disappear here, and it will disappear after turning mostly from its (negative or positive) manifestations into a new phenomenon, Zero free riding, as long as all oil markets adhere to the principles of the new OPEC cooperative game.

(*) Researcher, economist, and financial advisor to the Iraqi government

Copyright reserved for the Iraqi Economist Network. Republishing is permitted provided the source is indicated. April 11, 2020

Click on the following link to download the PDF file









http://iraqieconomists.net/ar/2020/04/11/%d8%af-%d9%85%d8%b8%d9%87%d8%b1-%d9%85%d8%ad%d9%85%d8%af-%d8%b5%d8%a7%d9%84%d8%ad%d8%a7%d9%88%d8%a8%d9%83-%d9%88%d8%a7%d9%84%d8%b1%d9%83%d9%88%d8%a8-%d8%a7%d9%84%d9%85%d8%ac%d8%a7%d9%86%d9%8a/
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Researcher on Iraqi affairs: Consensus with OPEC is the best way to overcome the economic crisis

Post by claud39 on Tue Apr 14, 2020 8:40 am

Researcher on Iraqi affairs: Consensus with OPEC is the best way to overcome the economic crisis


14-04-2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Image






Baghdad / news

Ali Al-Obaidi, the researcher on Iraqi affairs, stressed that consensus with OPEC is the best step to overcome the economic hardship that the country is suffering from.

Al-Ubaidi said in a tweet on Twitter, "The consensus with OPEC is the best step to overcome the economic risk."

He added that "the alternative is more dangerous because Iraq may lose its customers to other countries that have the ability and ability to give lower prices than what Iraq requires, and the result is neither export nor a role in the future."

"The best is you work with the team and you can win steps to support the economy better than the insurgency," he said.







https://www.ikhnews.com/index.php?page=article&id=213463
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Sudanese demands the government to wait in the implementation of the OPEC agreement and calls to study the issue and not to give up 25%

Post by claud39 on Tue Apr 14, 2020 8:44 am

Sudanese demands the government to wait in the implementation of the OPEC agreement and calls to study the issue and not to give up 25%




14-04-2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Image








Baghdad / newsletter: 
A member of the Parliamentary Strategic Planning Committee, Muhammad Shi'a Al-Sudani, called on the government, on Tuesday, to wait for the implementation of the OPEC agreement after giving up 25% of Iraq’s oil share.
 
 
IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Image





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Image







https://www.ikhnews.com/index.php?page=article&id=213444
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Al-Ghadban: The reduction rate applies to all OPEC countries and its implementation in early May

Post by claud39 on Wed Apr 15, 2020 11:03 am

[size=36]Al-Ghadban: The reduction rate applies to all OPEC countries and its implementation in early May[/size]






15/04/2020






IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 71542020_154202002247ddds





Baghdad - Mawazine News

, Oil Minister Thamer Al-Ghadban assured, on Wednesday, that the rate of oil reduction of 22.8% applies to all OPEC countries without exception.

Al-Ghadban said that "Iraq will start reducing its oil production by 22.8% as of May 1, in implementation of the last agreement in OPEC."

He added, "The rate of reduction applies to all OPEC countries without exception," denying at the same time "reports that Iraq has volunteered to reduce its oil production."

He explained, "The financial resources are more important than the amount of oil production," noting that "the reduction came based on studies in order for the price of oil to rise, so whenever the supply decreases and the market stabilizes, the price improves."

He continued, "There is no benefit in increasing production with low selling prices, so that everyone will be a loser," noting that "





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Abdul Mahdi’s advisor mortgages the recovery of oil prices, on condition

Post by claud39 on Fri Apr 17, 2020 1:57 pm

[size=36]Abdul Mahdi’s advisor mortgages the recovery of oil prices, on condition[/size]






17/04/2020








IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 141742020_5645







Baghdad - Mawazine News 



, the economic advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, considered Friday that the recovery of oil prices in world markets depends on the commitment of producers in OPEC and outside the agreement to reduce production.

Saleh said, in a statement seen by Mawazine News, that "oil prices will recover if countries abide by the OPEC agreement to reduce global production."

He added that "the rise in prices is related to the amount of those countries' commitment to the oil agreement," stressing "Iraq’s commitment to the decisions issued by OPEC, and will work to reduce production."

Saleh pointed out that "Brent crude prices may reach $ 50 per barrel in the coming period."

And OPEC Plus agreed, on Sunday, to an unprecedented reduction in production equivalent to about 10 percent of global supply, to support crude prices that fell in the midst of the Corona pandemic.

According to the agreement, Iraq will reduce its production by about one million barrels per day. 


End / 29 BC







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Re: IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

Post by Jayzze on Sat Apr 18, 2020 10:34 am

claude Iraq is off to a great start they have been down graded to a b minus this should really help them grow along with  their very valuable currency. the word on the street is everyone is running to lend them money
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Post by claud39 on Sat Apr 18, 2020 11:06 am

@Jayzze wrote:claude Iraq is off to a great start they have been down graded to a b minus this should really help them grow along with  their very valuable currency. the word on the street is everyone is running to lend them money



[size=36][rtl]Centralization and economic confrontation[/rtl][/size]

Friday, April 17, 2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 980-Alsabbaq



Samir Al-Nassery
 

Since the beginning of the last quarter of 2019, Iraq has been going through many complicated political and economic conditions and challenges to which the repercussions of the spread of the Corona virus have been added in most of the world countries, including ours, and the consequent effects on the global economy and the sharp drop in world oil prices by 50 percent compared to its prices before the epidemic spread .

What concerns us here is the state of the Iraqi economy in the current circumstance and how it will be able to overcome its economic and financial crisis expected during the coming months, since the central banks in the countries of the world mainly aim to achieve economic stability and overcome the challenges of instability in the monetary system and the financial system through their programs and strategies and facing crises and challenges Economic shocks in particular, and working according to monetary policy tools and means in achieving the required support for national economies. 

This is what is happening now, as most of the central banks in the countries of the world have drawn up proactive plans to confront the effects of corona in the global economy and have allocated allocations and treatments in the applications of monetary policy and unite the world economies in support of the orientation of central banks and the G-20’s decision in its last meeting to pump $ 5 trillion in Global market to revitalize the economy. And what is happening now is the efforts of the oil producing countries to address the low prices and try to return to its prices near 50 dollars a barrel after agreeing to reduce production by 10 million barrels per day.

All the international measures taken by the countries of the world were previously used by the Central Bank of Iraq during the economic and security shocks after 2015 and had experience of success in supporting the national economy and achieving economic resilience.

According to a press statement of the Central Bank by taking immediate decisions to enhance the liquidity of banks by one trillion dinars by reducing the percentage of legal reserves for banks at the Central Bank, postponing penalties and fines, activating their investments with the bank and other important decisions to stimulate the economic cycle and granting a fundamental role for the banking sector in supporting the government effort to bypass the current circumstance, its initiative is added to it To make a donation to support the Ministry of Health in the face of the epidemic and to postpone the monthly installments of borrowers from the SME Funding Initiative.

And from my vision as an observer and a follower of the current economic situation and the country is about to form a new government whose primary goal will be to overcome our economic and epidemic crises, I can say that the central bank with its issued decisions has started the corresponding attack in support of the national economy and is determined to experiment with new success, because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq. Therefore, the Central must be granted freedom to implement its economic plans and procedures.




https://alsabaah.iq/24286/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%88%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%A9
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Re: IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

Post by claud39 on Sat Apr 18, 2020 11:08 am

@claud39 wrote:
@Jayzze wrote:claude Iraq is off to a great start they have been down graded to a b minus this should really help them grow along with  their very valuable currency. the word on the street is everyone is running to lend them money





[size=36][rtl]Centralization and economic confrontation[/rtl][/size]



Friday, April 17, 2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 980-Alsabbaq



Samir Al-Nassery
 

Since the beginning of the last quarter of 2019, Iraq has been going through many complicated political and economic conditions and challenges to which the repercussions of the spread of the Corona virus have been added in most of the world countries, including ours, and the consequent effects on the global economy and the sharp drop in world oil prices by 50 percent compared to its prices before the epidemic spread .
What concerns us here is the state of the Iraqi economy in the current circumstance and how it will be able to overcome its economic and financial crisis expected during the coming months, since the central banks in the countries of the world mainly aim to achieve economic stability and overcome the challenges of instability in the monetary system and the financial system through their programs and strategies and facing crises and challenges Economic shocks in particular, and working according to monetary policy tools and means in achieving the required support for national economies. 
This is what is happening now, as most of the central banks in the countries of the world have drawn up proactive plans to confront the effects of corona in the global economy and have allocated allocations and treatments in the applications of monetary policy and unite the world economies in support of the orientation of central banks and the G-20’s decision in its last meeting to pump $ 5 trillion in Global market to revitalize the economy. And what is happening now is the efforts of the oil producing countries to address the low prices and try to return to its prices near 50 dollars a barrel after agreeing to reduce production by 10 million barrels per day.
All the international measures taken by the countries of the world were previously used by the Central Bank of Iraq during the economic and security shocks after 2015 and had experience of success in supporting the national economy and achieving economic resilience.
According to a press statement of the Central Bank by taking immediate decisions to enhance the liquidity of banks by one trillion dinars by reducing the percentage of legal reserves for banks at the Central Bank, postponing penalties and fines, activating their investments with the bank and other important decisions to stimulate the economic cycle and granting a fundamental role for the banking sector in supporting the government effort to bypass the current circumstance, its initiative is added to it To make a donation to support the Ministry of Health in the face of the epidemic and to postpone the monthly installments of borrowers from the SME Funding Initiative.

And from my vision as an observer and a follower of the current economic situation and the country is about to form a new government whose primary goal will be to overcome our economic and epidemic crises, I can say that the central bank with its issued decisions has started the corresponding attack in support of the national economy and is determined to experiment with new success, because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq. Therefore, the Central must be granted freedom to implement its economic plans and procedures.




https://alsabaah.iq/24286/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%88%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%A9


Friday, April 17, 2020



And from my vision as an observer and a follower of the current economic situation and the country is about to form a new government whose primary goal will be to overcome our economic and epidemic crises, I can say that the central bank with its issued decisions has started the corresponding attack in support of the national economy and is determined to experiment with new success, because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq. Therefore, the Central must be granted freedom to implement its economic plans and procedures.



 because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq.


Claud (Moose)
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Re: IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

Post by claud39 on Sat Apr 18, 2020 11:10 am

@claud39 wrote:
@claud39 wrote:
@Jayzze wrote:claude Iraq is off to a great start they have been down graded to a b minus this should really help them grow along with  their very valuable currency. the word on the street is everyone is running to lend them money







[size=36][rtl]Centralization and economic confrontation[/rtl][/size]





Friday, April 17, 2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 980-Alsabbaq



Samir Al-Nassery
 

Since the beginning of the last quarter of 2019, Iraq has been going through many complicated political and economic conditions and challenges to which the repercussions of the spread of the Corona virus have been added in most of the world countries, including ours, and the consequent effects on the global economy and the sharp drop in world oil prices by 50 percent compared to its prices before the epidemic spread .
What concerns us here is the state of the Iraqi economy in the current circumstance and how it will be able to overcome its economic and financial crisis expected during the coming months, since the central banks in the countries of the world mainly aim to achieve economic stability and overcome the challenges of instability in the monetary system and the financial system through their programs and strategies and facing crises and challenges Economic shocks in particular, and working according to monetary policy tools and means in achieving the required support for national economies. 
This is what is happening now, as most of the central banks in the countries of the world have drawn up proactive plans to confront the effects of corona in the global economy and have allocated allocations and treatments in the applications of monetary policy and unite the world economies in support of the orientation of central banks and the G-20’s decision in its last meeting to pump $ 5 trillion in Global market to revitalize the economy. And what is happening now is the efforts of the oil producing countries to address the low prices and try to return to its prices near 50 dollars a barrel after agreeing to reduce production by 10 million barrels per day.
All the international measures taken by the countries of the world were previously used by the Central Bank of Iraq during the economic and security shocks after 2015 and had experience of success in supporting the national economy and achieving economic resilience.
According to a press statement of the Central Bank by taking immediate decisions to enhance the liquidity of banks by one trillion dinars by reducing the percentage of legal reserves for banks at the Central Bank, postponing penalties and fines, activating their investments with the bank and other important decisions to stimulate the economic cycle and granting a fundamental role for the banking sector in supporting the government effort to bypass the current circumstance, its initiative is added to it To make a donation to support the Ministry of Health in the face of the epidemic and to postpone the monthly installments of borrowers from the SME Funding Initiative.

And from my vision as an observer and a follower of the current economic situation and the country is about to form a new government whose primary goal will be to overcome our economic and epidemic crises, I can say that the central bank with its issued decisions has started the corresponding attack in support of the national economy and is determined to experiment with new success, because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq. Therefore, the Central must be granted freedom to implement its economic plans and procedures.





https://alsabaah.iq/24286/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%88%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%A9


Friday, April 17, 2020



And from my vision as an observer and a follower of the current economic situation and the country is about to form a new government whose primary goal will be to overcome our economic and epidemic crises, I can say that the central bank with its issued decisions has started the corresponding attack in support of the national economy and is determined to experiment with new success, because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq. Therefore, the Central must be granted freedom to implement its economic plans and procedures.



 because I see that Iraq’s problems lie In the economic solution and this solution is in the hands of the Central Bank of Iraq.


Claud (Moose)



Therefore, the Central must be granted freedom to implement its economic plans and procedures.

Claud (Moose)
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Basra Oil: Stable export rates during this April

Post by claud39 on Sun Apr 19, 2020 10:14 am

Basra Oil: Stable export rates during this April




04/19/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 19022



The Economy News - Baghdad

Basra Oil Company confirmed that the export rates during the month of April are stable.

The director of the company, Ihsan Abdul Jabbar, according to the official news agency "Wa'i," said that "the rate of oil exports for the current month is still stable at 3 million and 400 thousand barrels."

Abdul-Jabbar added, "The Minister of Oil, Thamer Al-Ghadban, stressed the necessity of achieving the ministry's goals in achieving balance in oil markets according to the determinants of recent OPEC decisions to improve the economies of producing countries and globally."

The Minister of Oil, Thamer Al-Ghadban, had confirmed earlier that the oil reduction rate of 22.8% applies to all OPEC countries without exception.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Oil suggests a slow improvement in crude oil prices

Post by claud39 on Sun Apr 19, 2020 10:16 am

Oil suggests a slow improvement in crude oil prices


04/19/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 2499





The Economy News - Baghdad

The Iraqi Ministry of Oil suggested that a slow improvement in the price of crude oil in the international market take place with the entry into force of the decision of the Organization of Petroleum Exporting Countries (OPEC) and its allies, starting in May .

A statement distributed by the Iraqi Ministry of Oil on the reality of the oil market stated that what the global oil market is witnessing today is some decrease in prices is a temporary matter due to the continued significant impact of the Corona pandemic and the oil supply at its highest levels as the implementation of the agreement starts from next month .

"The decline in prices is expected to stop and even towards slow improvement until significant amounts of global oil reserves are withdrawn and the impact of the pandemic has decreased to achieve good levels starting from the end of this year and continuing next year with good compliance ratios achieved, " the statement added.

The statement pointed out that "the Ministry of Oil has prepared several alternatives to deal with recent developments with the aim of maximizing financial resources as a result of low oil prices, including reducing the cost of production, optimal dealing with international oil companies contracting with Iraq, and maintaining liquidation processes at the required rates, and providing fuel for power plants to produce energy Electric in the country. "





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Iraq is negotiating with foreign companies to reduce costs of producing oil

Post by claud39 on Mon Apr 20, 2020 8:53 am

Iraq is negotiating with foreign companies to reduce costs of producing oil




04/20/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20286



Economy News _ Baghdad



The advisor to the Prime Minister for Economic Affairs, Abdul Hussein Al-Hanin, announced on Monday that Baghdad was ready to negotiate with foreign oil companies to reduce production costs by 30 percent without affecting production levels.

Al-Hanin said in a press statement that was followed by "Al-Iqtisad News", that "the government entrusted the Ministry of Oil with entering into negotiations with foreign oil companies operating in Iraq to reduce production costs and operational budgets without affecting production levels."

He added that "the aim of this comes in order to maximize profit for each barrel of product, expected that the Ministry of Oil negotiations will be crowned with success in reducing costs, especially that international companies have an interest in joint cooperation with the Ministry of Oil in particular, and the Iraqi government in general."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Governmental advisor: Iraq negotiates foreign companies to reduce production costs

Post by claud39 on Mon Apr 20, 2020 12:44 pm

[size=36]Governmental advisor: Iraq negotiates foreign companies to reduce production costs[/size]






20/04/2020








IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 52042020_454037Image1







Baghdad - Mawazine News

, Abdul Hussein Al-Hanin, Adviser to the Prime Minister, revealed on Monday that Baghdad is preparing to negotiate with foreign oil companies to reduce production costs by 30 percent without affecting production levels.

Al-Hanin stated, "The government has entrusted the Ministry of Oil to enter into negotiations with foreign oil companies operating in Iraq to reduce production costs and operational budgets without affecting production levels."

He added that "the aim of this comes in order to maximize profit for each barrel of production", expecting that "the negotiations of the Ministry of Oil will be crowned with success in reducing costs, especially since international companies have an interest in joint cooperation with the Ministry of Oil in particular, and the Iraqi government in general."

Iraq is seeking to reach an agreement with the American Exxon Mobil companies, Russian Lukoil, British BP and Chinese and Malaysian oil companies operating in Iraq to reduce production costs and operational budgets for the current year by 30 percent.


 Ended 29 / A 43





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The Oil Ministry comments on the collapse of oil prices

Post by claud39 on Tue Apr 21, 2020 8:27 am

The Oil Ministry comments on the collapse of oil prices




04/20/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20312





Economy News _ Baghdad



A spokesman for the Iraqi Oil Ministry, Assem Jihad, confirmed on Tuesday that stopping the collapse of oil prices in the world is linked to controlling the "Coffed 19" pandemic, pointing out that the continued restriction of movement means more losses.

Jihad said to the Russian "Sputnik" and seen it by "Al-Iqtisad News", "This situation is normal in light of the lack of control of the Corona pandemic, which causes a recession in crude oil, inflation in storage operations and inflation in supply operations and therefore this is a natural issue because of the lack of movement to purchase, Thus, this reflects negatively on oil prices. "

He added that "the supply now exceeds the demand and there is a large inflation in supplies and storage, which has reached a large stage, whether in the producing or consuming countries", pointing out that "the most important factors causing the price collapse are restricting the movement of human and industrial transport by air, as this negatively affected consumption" .

He added, "It is related to the extent of control of the Corona virus and the gradual return of movement. Whenever we return to normal movement, this will reflect positively on oil consumption and consequently on prices. The more restriction continues, the markets will see more losses."

And held the Economic Ministerial Council in Iraq, yesterday evening, Monday, an emergency session to discuss the repercussions of the financial situation of the country coinciding with a sharp drop in oil prices, announcing several decisions.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty The oil minister expects more measures to absorb the surplus oil

Post by claud39 on Wed Apr 22, 2020 8:34 am

The oil minister expects more measures to absorb the surplus oil




04/22/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20334


Economy News _ Baghdad



Iraqi Oil Minister Thamer Al-Ghadban said on Tuesday that OPEC + and other producers may take additional measures to control the oversupply of crude oil that is fueling panic in global markets.

Al-Ghadhban's speech came after his participation with a number of OPEC + ministers directly meeting via an electronic department centered at the headquarters of the Organization of Petroleum Exporting Countries (OPEC +) to discuss the implications of the sharp drop in oil prices, as well as measures that can be taken during the subsequent period.

Al-Ghadban said in a statement received by "Al-Iqtisad News", that the meeting heard a report by the OPEC Research Center on the evaluation of the oil market situation during the current period and expectations for the next stage, especially after the recent OPEC + agreement, which provides for a reduction of (9.7) million barrels per day.

Al-Ghadban added, "The meeting also dealt with the repercussions and causes of the decline in oil prices in the American market, and the effects of this on other global markets."

He pointed out, "The agreement in this meeting to intensify contacts between the (OPEC +) ministers for the purpose of closely watching the developments in the oil market and the changes that occur in it, after the agreement entered into force as of May 1, 2020."

Al-Ghadban added, "The recent production cut agreement is one of the measures and steps taken to absorb the oil surplus in global markets after the spread of the Corona epidemic."

The anger did not rule out taking other measures by the ministers of the producing countries, but this depends on the developments of the global market, and the extent of the commitment of producers from OPEC + and the rest of the producers from outside it to the agreement to reduce production.

According to the statement, the meeting included the ministers of all of Algeria, Nigeria, Venezuela, Kazakhstan, Azerbaijan, in addition to the Secretary General of the Organization of Petroleum Exporting Countries (OPEC).





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty British report: a verbal argument between Putin and Bin Salman precedes the oil war

Post by claud39 on Wed Apr 22, 2020 9:46 am

[size=35]British report: a verbal argument between Putin and Bin Salman precedes the oil war[/size]


2020-04-22



[size=35]IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Doc-P-342353-637231336597217556
[/size]


British Middle East Eye website revealed that the oil war between Saudi Arabia and Russia was preceded by a verbal argument between Crown Prince Muhammad bin Salman and Russian President Vladimir Putin.



In the report written by David Hurst, it was reported that the crown prince threatened the Russian president about reducing production, before deciding to flood the oil market, according to the sources.

As stated on the site, "a phone call last month between Russian President Vladimir Putin and Saudi Crown Prince Muhammad bin Salman led to a loud talk between the two men before Riyadh decided to flood the market with oil in a move that resulted in a sharp drop in prices."






Saudi officials, familiar with the catastrophic call, said in a statement to the website that the dispute threatened to spoil months of détente between the two countries, during which a significant arms deal was also agreed.

The call took place ahead of the OPEC Plus meeting on the sixth of last March, which witnessed the failure of the major oil exporters to agree on a deal on reducing production despite the decline in global demand due to the outbreak of the Corona virus.

The Saudi official, who spoke on condition that his identity be kept confidential, said: "Prior to the meeting, there was a phone call between Putin and Muhammad bin Salman, and Muhammad bin Salman was aggressive and gave an ultimatum, then threatened that if no agreement was reached then Saudi Arabia would start a price war. The call was personal Very, and the two raised their voices together. Putin refused the ultimatum and the call ended badly. "


The website added that, before showing aggression to Putin, Muhammad bin Salman communicated with Jared Kushner, President Donald Trump's son-in-law and senior adviser, who is described as "the fiercest defender of the crown prince inside the White House," according to a second source who also spoke on condition of anonymity.

"The call with Putin was made with Trump's blessing through Kushner," the source said. "Kushner did not ask Muhammad bin Salman to make the call, but it was made with his knowledge and he did not object to making it. It seems that Muhammad bin Salman concluded this only from his own conclusions."

Oil prices fell sharply after the meeting, in which OPEC countries, Russia and other countries failed to agree on a proposal to reduce production by one and a half million barrels per day.

There were reports from within the meeting that Saudi Arabia sought to "arm" Russia. An oil sector expert commented: "We have just seen the dangers of Putin's squeeze in the corner."

Initially, Trump praised the collapse in oil prices, viewing it as an opportunity to fill US tanks with cheap oil.

He said: "We will fill the tanks completely, and thus save American taxpayers billions and billions of dollars, and we help our oil sector and move forward in achieving this wonderful goal - which we have achieved, and which no one thought was possible - which is energy independence."



The report continues that the Saudi quarrel with Putin over oil production has dispelled months of quiet diplomacy between Moscow and Riyadh, which began when Putin seized the opportunity not to respond to Trump's attacks on Saudi oil facilities in Aramco by Iranian drones and cruise missiles in September. the past.

Putin had spoken after a meeting with Turkish and Iranian leaders in Ankara last September, offering to sell Saudi Arabia the air defense systems that Russia is building.

Putin said: "We are ready to provide the necessary assistance to the Kingdom of Saudi Arabia, and it is sufficient for the political leadership in the Kingdom of Saudi Arabia to take a wise government decision - as did the leaders of Iran when they bought the S-300 system and as President Erdogan did when he bought the latest S-Triamif system." 400 air defense from Russia. "

In mid-January, Saudi Arabia decided in principle to purchase a Russian Pantsir S1M SPAAGM air defense system, according to sources disclosed by Middle East Eye.

In this regard, the Saudi official told Middle East Eye: “They did not sign any contracts. They decided to buy the system but set some conditions. The Saudis wanted to make part of the Russian system inside Saudi Arabia itself. They were serious about buying the system. This is three months after the Aramco attack. "

The Russian missile system is relatively modern, as it was unveiled in a review of the Russian Ministry of Defense early last year. The Russian Ministry of Defense describes the system as designed to protect small military and industrial industrial infrastructure, clashing with targets flying at low altitudes.

The report pointed out that the man who formed the focal point in these negotiations is Kirill Dimitriev, who is very close to Putin and the head of the Russian state's Investment Fund RDIF, whose budget amounts to 10 billion dollars. Dimitriev told CNBC in October last year that Russia was not seeking to fill the void left by the United States in the Middle East.

Dimitriev said: “Actually, we are not talking about the strategic partnership that Saudi Arabia has with the United States, and what we are doing is not anti-American, but we are building something positive, in fact. Likewise, building something that helps the Saudi and Russian economies and builds friendship between our two countries. "

He added: “We had many differences during the Soviet Union. We had many differences over many policies in the Middle East. Now, I can tell you that we have really made a breakthrough, which is a breakthrough achieved because President Putin and King Salman and his Crown Prince Mohammed bin Salman actually believe It is possible that there could be a rapprochement between Russia and Saudi Arabia. "

Hurst added that the Russian Investment Fund has established investment partnerships with two sovereign wealth funds in the Kingdom of Saudi Arabia, the Public Investment Fund, which is headed by Mohammed bin Salman, and the General Authority for Investment in the Kingdom of Saudi Arabia. Saudi Aramco has also invested in the Russian oil company Novomit. Other joint investment projects were to be announced before the climate became sour due to the dispute over oil production.

By October last year, Saudi Arabia had invested $ 2.5 billion out of the $ 10 billion it had pledged to invest in the Russian energy sector, infrastructure and technology.

Dimitriev was presented to both bin Salman and Abu Dhabi Crown Prince, Mohammed bin Zayed, in a meeting organized in the Seychelles and attracted the attention of Robert Mueller, the private lawyer who was investigating allegations of Russian interference in the 2016 US elections.

Dimitriev was also mentioned as the Russian who met with Eric Prince "for a drink" at the Four Seasons Hotel on the islands in the Indian Ocean. It is reported that Prince, who founded the military contractor for Blackwater (now called an academic), now lives in the United Arab Emirates and has close ties and commercial contracts with the UAE government.

In testimony before the U.S. Congress, Prince admitted that he had met with Dimitriev but denied that this had been done in an official capacity. Prince said he met Dimitriev on the recommendation of Emirati officials, but he discussed with him overall investment projects.

Prince said in his testimony to Congress: "They said there is a Russian here who came to meet us and it might be useful for you to meet with him."

However, that Prince’s testimony about the meeting was false to Muller's report.

Mueller revealed that George Nader, who was a mastermind for Mohamed bin Zayed and was convicted of crimes related to child molestation and is now arrested in the United States and facing new charges related to maintaining sexual scenes for children, is the one who arranged the meeting for them after Dimitriev sought to identify A member of the Trump team in the interim period in preparation for the start of improving relations between the United States and Russia.

The report described Dimitriev as in direct contact with Putin and that he often called him his boss or manager.

When the Kingdom of Saudi Arabia wanted to find a new partner for it in Russia, Dimitriev had the qualifications to move forward in negotiating with Saudi Arabia and with bin Salman personally.

These qualifications were reinforced by a strange celebration in which Dimitriev was awarded the King Abdulaziz Medal, the highest medal awarded to civilians in the Kingdom.

Later on, Dimitriev played an important role in ensuring the conclusion of a Russian-Saudi agreement on oil that was announced on the twelfth of April when OPEC plus finally agreed to reduce global production by nearly ten percent. But the price of oil then fell to nearly half of what it was when the rift occurred in relations between the two parties.

The deal was reached through a series of phone calls between leaders in Moscow, Riyadh and Washington.

On April 10, the Kremlin announced that Putin had spoken with Muhammad bin Salman and that "the two agreed to continue with Russian-Saudi contacts" in the context of reducing oil production.

On April 12, Putin spoke by phone with Trump and the Saudi monarch, King Salman, to confirm the agreement reached by OPEC +. Then Trump, in a Twitter account, congratulated both Putin and King Salman on the deal.

However, the deal was not enough to prevent oil markets from slipping to an unprecedented bottom on Monday, as American crude oil prices fell sharply and reached the negative area, so the last price reached at the end of that day is minus $ 37.63, as oil storage facilities are no longer Able to absorb more imports.

When asked if he would consider stopping US imports of Saudi oil to support the domestic oil sector, Trump said, "We'll look at it."

Dimitriev had met Muhammad bin Salman on February 22, when the Saudi crown prince began to worry about falling oil prices, the sources told Middle East Eye.

"Then the virus became clear and oil prices began to fall. He came as an envoy by Putin and discussed these issues. It was not a bad meeting, but Muhammad bin Salman expressed his fear that our budget will not be borne," a Saudi official told Middle East Eye. The decrease in prices. "

Dimitriev asked Muhammad bin Salman if he could connect his boat offshore off the coast of Saudi Arabia. "The relations were good then," the source says.

Middle East Eye has contacted the Saudi and Russian governments and the Russian Investment Fund, but none of them responded to a request for comment on this report before it was published.




https://www.alsumaria.tv/news/%D8%AF%D9%88%D9%84%D9%8A%D8%A7%D8%AA/342353/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D8%A8%D8%B1%D9%8A%D8%B7%D8%A7%D9%86%D9%8A-%D9%85%D8%B4%D8%A7%D8%AF%D8%A9-%D9%83%D9%84%D8%A7%D9%85%D9%8A%D8%A9-%D8%A8%D9%8A%D9%86-%D8%A8%D9%88%D8%AA%D9%8A%D9%86-%D9%88%D8%A8%D9%86-%D8%B3%D9%84%D9%85%D8%A7%D9%86-%D8%B3%D8%A8%D9%82
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS Empty Parliamentary Energy: Iraq is going through a major crisis that will not come out of it unless oil prices improve globally

Post by claud39 on Thu Apr 23, 2020 8:41 am

Parliamentary Energy: Iraq is going through a major crisis that will not come out of it unless oil prices improve globally




 04/23/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS 20376





Economy News _ Baghdad



The House of Representatives oil, energy and natural resources committee said Thursday that Iraq is going through a major crisis that cannot be overcome unless oil prices improve globally.

The committee member, Amjad Hashem Al-Aqabi, stressed that "the government must be serious about finding alternative sources of oil during the next stage."

Al-Oqabi added, “The Corona virus struck all countries and their economies, and this situation will continue until it is completely eradicated,” indicating that “this epidemic has negatively affected the global oil price collapse, which cannot be improved unless factories, factories and countries of the world are longer.” To her normal life. "

He stressed, "Iraq is going through a major crisis that cannot be overcome unless oil prices improve globally."

And that "the state must commit to searching for resources other than oil to rely on during the next stage to improve the Iraqi economic reality."





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