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    OPEC - Global oil prices

    George1
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    Post  George1 on Thu Dec 01, 2016 8:31 am

    OPEC member states agree on first oil output cut since 2008

    Global oil prices rose by nearly 8 per cent on the news

    VIENNA, November 30. /TASS/. OPEC countries agreed to collectively reduce oil production by 1.164 mln barrels per day from the level of the cartel's production in October 2016, according to OPEC.

    Following the negotiations held in Vienna, Saudi Arabia will reduce oil production by 486,000 bpd, Iraq - 210,000 bpd, United Arab Emirates - 139,000 bpd, Kuwait - 131,000 bpd, Venezuela - 95,000 bpd, Iran - 90,000 bpd, Angola - 87,000 bpd, Algeria - 50,000 bpd, Qatar - 30,000 bpd, Ecuador - 26,000 bpd, Gabon - 9,000 bpd.

    However, Libya and Nigeria will not reduce production. As for Iran, the agreement allows it to increase oil production by 90,000 bpd.

    Oil prices rose by nearly 8% as energy ministers attended Wednesday's meeting in Vienna.

    Brent crude oil rose by 8.6% to $51.4 per barrel after the official reports on the OPEC countries limiting oil production at the level of 32.5 mln barrels per day on London’s ICE.

    At the same time, the price of Urals oil added 4.24% and reached $48.16.

    Russia's part

    Russia might enter Ministerial Committee to monitor the implementation of OPEC agreement, Venezuela's oil minister said. According to him, Russia’s Energy Minister Alexander Novak will be invited to join the committee, which will also include representatives of Kuwait, Venezuela and Algeria from OPEC, and some countries outside of OPEC that will be decided later.

    Moscow has agreed to cut oil production by 300,000 barrels a day, Qatar’s Energy Minister Mohammed Saleh Al Sada stressed:

    "This agreement is subject to 600,000 barrels per day reduction from key non-OPEC producers… I would like to report the Russian Federation already committed to reduce 300,000 barrels [per day]," the minister said.

    During an informal meeting at the 15th International Energy Forum in Algeria on September 28, the OPEC member states already agreed to limit oil production to 32.5-33.0 million barrels per day. The parties have since sought to approve specific limits for every country.


    More:
    http://tass.com/economy/915696
    George1
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    Post  George1 on Thu Dec 01, 2016 8:32 am

    Russia is ready to cut production by 300,000 barrels per day and join OPEC agreement

    More:
    http://tass.com/economy/915723


    Indonesia decides to suspend membership in OPEC — media

    More:
    http://tass.com/economy/915672

    ------------------------------------------------------------------------------------------------------------

    i think a discussion topic is needed, so what are your views on these developments??
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    par far

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    Post  par far on Fri Dec 02, 2016 5:04 pm

    George1 wrote:Russia is ready to cut production by 300,000 barrels per day and join OPEC agreement

    More:
    http://tass.com/economy/915723


    Indonesia decides to suspend membership in OPEC — media

    More:
    http://tass.com/economy/915672

    ------------------------------------------------------------------------------------------------------------

    i think a discussion topic is needed, so what are your views on these developments??


    I think OPEC is just a tool for the US and it needs to be dissolved, every country should have it's own say about what they are going to do.

    This won't last long, the US will pull the leash on Saudis and other Gulf countries and they will pump, until they go broke.
    KoTeMoRe
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    Post  KoTeMoRe on Fri Dec 02, 2016 7:56 pm

    I don't know, cutting the output will have long lasting effects. Especially as balancing will be slower than usual, people will simply reduce consumption for a while to push the glut further until Spring, then oil will be less in demand, until summer transits.

    But it's nice to see that the Arab idiots at OPEC finally got the memo.
    magnumcromagnon
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    Post  magnumcromagnon on Sat Dec 03, 2016 2:05 am

    KoTeMoRe wrote:I don't know, cutting the output will have long lasting effects. Especially as balancing will be slower than usual, people will simply reduce consumption for a while to push the glut further until Spring, then oil will be less in demand, until summer transits.

    But it's nice to see that the Arab idiots at OPEC finally got the memo.

    I don't think it's glut that's the problem, it's that the "free world" is too set on propping up the fake economy of finance capital (think Deutsche Bank and it's mountain of securities IOU's, valued greater than the entire combined physical assets of the United States, $75 trillion) and it's cult of derivative speculators. Instead going against bankers and hedgefunds, the EU specifically attacked Greece with severe austerity for a sophisticated organized attack on it's bond market, started by none other than George Soros' Quantum Hedge Fund, a combined speculative attack (with the help of the other top U.S./Wallstreet based hedgefunds), as a away to make the Dollar stronger by making the Euro look weaker. They (Soros and his ilk) originally wanted to attack the Renminbi, but the Chinese used capital and exchange controls to defend the Yuan, so Soros was forced to attack the Euro instead. The ongoing austerity rampage through Europe is causing several cutbacks in buying in commodities, which explains why a metric ton of steel has lost 5/6th's of it's value compared to 2008...the fall in value of steel surpasses that of hydrocarbons!
    kvs
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    Post  kvs on Sat Dec 03, 2016 7:57 pm

    KoTeMoRe wrote:I don't know, cutting the output will have long lasting effects. Especially as balancing will be slower than usual, people will simply reduce consumption for a while to push the glut further until Spring, then oil will be less in demand, until summer transits.

    But it's nice to see that the Arab idiots at OPEC finally got the memo.

    Glut has a very specific meaning: excess of supply even under high demand conditions. This is clearly not the case today. Global crude oil and crude condensate production
    is stalled. Over the last 7 years it has been the surge in non-conventional (mostly fracking) production in the USA has prevented a global supply contractions:

    OPEC - Global oil prices Namerica_nov14

    OPEC - Global oil prices Se_asia_Nov14

    OPEC - Global oil prices Europe_Nov14

    OPEC - Global oil prices Russia_fsu_nov14

    OPEC - Global oil prices Opec12_Nov14

    There is clearly no glut. The price drop is due to a demand drop associated with a global recession. In fact, the oil price
    is evidence of such a recession. Various chirpy GDP estimates in the OECD are fudging of data. Note how the GDP growth
    estimates are never given error bars even though they are not actual direct accounting but estimates. Any GDP change
    less than 1% is below the error margin and is basically meaningless.
    George1
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    Post  George1 on Wed Jun 13, 2018 11:12 pm

    Russia to suggest proportional scale-up of crude output among OPEC+ players

    Russia may consider various options

    MOSCOW, June 13. /TASS/. Russia will advocate proportionally escalating crude production between all participants of the OPEC+ deal at the upcoming Vienna summit scheduled for June 22-23, a source in the cabinet told TASS.

    "Russia will consider various options. We see that the market is well-balanced, though there is an overheating risk if the output goes down in particular countries, such as Venezuela and Iran. That is why Russia will suggest crude production be raised proportionally among all participants of the OPEC+ agreement to offset any potential market overheating," the source said.

    Russia’s Energy Minister and his Saudi Arabian counterpart noted earlier about the need to ease quotas on crude production cap stipulated by the OPEC+ deal. They explained that falling output in Venezuela and a potential decline of Iranian supplies due to US sanctions might result in a supply shortage. Production may begin recovering starting in the second half of 2018.


    More:
    http://tass.com/economy/1009349
    nomadski
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    Post  nomadski on Thu Jun 14, 2018 11:46 am

    Seems north America is fastest increase in production . ( Nice graphics btw) . Despite high cost of production by fracking . Is fracked fuel subsidised in any way ? We know that yanks no longer play by any trade rules . WTO rules .

    But can there be truly fair rules for trade ?  Yes . It has everything to do with increasing the self reliance and living standards of peoples . Of different nations . This means that for example , the Swiss , who have been making watches for decades . Keep making them . And others , if they can make oil . Cheaply . Without pollution . And they have been doing it for decades . Keep making them . So a father can teach his two children . So they are no poorer . If not richer . And they niether increase in number . Or decrease . This is what justice may require .
    George1
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    Post  George1 on Tue Dec 04, 2018 2:03 pm

    OPEC+ monitoring committee to discuss Qatar’s withdrawal from oil cartel on December 5

    More:
    http://tass.com/economy/1034149
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    Post  owais.usmani on Thu Mar 19, 2020 7:41 pm

    https://oilprice.com/Energy/Energy-General/Russia-Needs-Higher-Prices-But-Wont-Give-An-Inch.html

    Russia Needs Higher Oil Prices, But Won't Surrender

    Viktor
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    Post  Viktor on Thu Mar 19, 2020 7:52 pm

    owais.usmani wrote:https://oilprice.com/Energy/Energy-General/Russia-Needs-Higher-Prices-But-Wont-Give-An-Inch.html

    Russia Needs Higher Oil Prices, But Won't Surrender


    Thats what Tom Kool only thinks. It seems to me that Russia has oil price exactly where it wants them and will have for the duration it needs them so

    while it is true that Russia would earn more if the prices where higher at the moment more money is less important than taking the prize at the end of an idea !
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    Post  Hole on Thu Mar 19, 2020 9:28 pm

    The Trump regime is now peddling the idea to buy 77 Mio. barrels of oil from murican companies (shale oil). Who needs higher prizes? Very Happy
    magnumcromagnon
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    Post  magnumcromagnon on Thu Mar 19, 2020 10:14 pm

    Viktor wrote:
    owais.usmani wrote:https://oilprice.com/Energy/Energy-General/Russia-Needs-Higher-Prices-But-Wont-Give-An-Inch.html

    Russia Needs Higher Oil Prices, But Won't Surrender







    Thats what Tom Kool only thinks. It seems to me that Russia has oil price exactly where it wants them and will have for the duration it needs them so

    while it is true that Russia would earn more if the prices where higher at the moment more money is less important than taking the prize at the end of an idea !

    Talk about a contradictory title, you can't surrender on something you desperately need lol! The Federation is a industrial power of the highest order, which means lower fuel costs will fuel the industrial economy, and the Ruble slipped in value as well, which will also aid the industrial base. Lower cost fuel means that it'll be cheaper to run the major civil engineering projects coming down the pipeline this decade. Cheaper oil is also advantageous because Russia is or will be barter trading with the 2 other major sanctioned fuel powers (Iran and Venezuela) which means they can trade domestic made goods for more barrels of fuel (than usually), then flip/sell fuel later when the prices eventually return to normal and make a serious profit. Buy as much Iranian and Venezuelan oil when it's cheap, then sell it when the prices normalize. Also people are quick to forget that Gazprom had record profits back during the price war in 2014/15.
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    Post  Hole on Fri Mar 20, 2020 10:39 am

    Pepe Escobar thinks it was also done (scrapping of the agreement with OPEC) to help the chinese economy get over Convid-19.
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    Post  Big_Gazza on Sat Mar 21, 2020 2:09 am

    Pepe is usually right, and I don't doubt this is likely to be a factor. Bottom line however is that this is about geopolitical defense rather than economics. Make the feckless Muricanz hurt and keep them hurting, even if Russia must bear a short-term opportunity cost (lost oil revenue and a reduction in cash reserves). Send these evil cunts a lesson in how bad behaviour always brings a cost...
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    Post  PapaDragon on Sat Mar 21, 2020 4:22 am


    Russia knows that they could make some money now by working with Saudis

    But they also know that they can make ALL the money later if they torch the Saudis now and now is the perfect time to do it

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    Post  Austin on Sat Mar 21, 2020 7:49 am

    Sechin called the causes of the crisis in the oil market

    https://rns.online/energy/Sechin-nazval-prichini-krizisa-na-rinke-nefti--2020-03-20/
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    Post  Austin on Sun Mar 22, 2020 9:02 am

    Belousov accused Russia's Arab partners of a collapse in oil prices

    https://tass.ru/ekonomika/8045985
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    Post  owais.usmani on Tue Mar 31, 2020 6:54 am

    https://oilprice.com/Energy/Energy-General/Russias-Plan-To-Bankrupt-US-Shale-Could-Send-Oil-To-60.html

    Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60

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    Post  JohninMK on Tue Mar 31, 2020 12:38 pm

    owais.usmani wrote:

    Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60


    "As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many would have until recently considered an impossible scenario, a lot of U.S. shale might do just that. Breakeven prices for U.S. shale basins range between $39 and $48 a barrel, according to data compiled by Reuters. Meanwhile, West Texas Intermediate (WIT) is trading below $25 a barrel and has been for over a week now. "

    I think he is deluding himself. That might be the case in a 'normal' supply limited world but he seems to be ignoring demand falling through the floor which is likely to stay there for a long time as the World's economy is up shit creek and COVID-19 is just a very timely camouflage for that.

    At the moment the biggest problem for oil companies is where to store the stuff they got pouring out of the ground with no customers to go to. They will have to almost give it away soon, WTI is below $20 now.

    Refineries can't even use the lull to go into maintenance shutdown due to COVID-19 restrictions.
    miketheterrible
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    Post  miketheterrible on Tue Mar 31, 2020 6:06 pm

    We will start to see more Russian companies investing in refineries to make end goods that are still in demand. Selling raw oil isn't that profitable right now and won't be for a while

    But once the Covid 19 scare ends, manufacturing will boom and demand for oil will jack up
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    Post  owais.usmani on Mon Apr 06, 2020 4:39 pm

    https://oilprice.com/Energy/Energy-General/Russia-Saudis-Very-Close-To-Reaching-Oil-Output-Deal.html

    Russia, Saudis, ‘Very Close’ To Reaching Oil Output Deal


    Saudi Arabia and Russia are “very, very close” to reaching an agreement on how to react to the low oil prices, Kirill Dmitriev, chief executive at Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), told CNBC on Monday.

    “I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” Dmitriev told CNBC on the day on which the former allies were set to hold a video meeting with other major producers, including U.S. representatives, to try to hammer out an agreement for a global collective cut of 10 million bpd and even more.

    The meeting is now delayed to later this week, possibly April 9, OPEC sources told Reuters, after the spat between the Saudis and the Russians over who broke up their partnership took a turn for the worse over the weekend.

    First, Russia’s Energy Minister Alexander Novak and President Vladimir Putin said on Friday that Saudi Arabia withdrew from the OPEC+ agreement, announcing “significant additional discounts on their oil, as well as plans for a sharp increase in production,” as per the Kremlin’s English translation of a meeting between Putin and Novak on the global energy markets.

    “As I said, we did not initiate the breakup of the OPEC+ deal. We are always ready to reach an agreement with our partners, in the OPEC+ format, and we are prepared to cooperate with the United States on this issue. I consider it necessary to pool our efforts to balance the market and reduce production as a result of these concerted and well-coordinated efforts. Based on tentative estimates, I believe the reduction should be about 10 million barrels per day, more or less,” Putin said.

    “The key partners in balancing the market should be producers like the United States,” Novak said, after noting that “Unfortunately, our partners from Saudi Arabia did not agree to extend the current deal on the current conditions. In fact, they withdrew from the agreement and announced significant additional discounts on their oil, as well as plans for a sharp increase in production.”

    Saudi Arabia reacted to these statements by putting out a statement from Energy Minister Abdulaziz bin Salman, who said that, via the Saudi Press Agency:

    “These claims are categorically false and contrary to fact.”

    “His Royal Highness noted that the Kingdom has exerted great efforts with OPEC+ countries to take action to prevent a glut in the oil market resulting from a decline in the global economic growth. However, this proposal made by the Kingdom and approved by 22 countries, unfortunately was not agreed upon by the Russian delegates, leading to non-agreement,” Saudi Arabia said.

    While the Saudis and Russians spat over who is to blame, they both signal that they would not cut production if the U.S. doesn’t join a global effort to reduce output.
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    Post  miketheterrible on Mon Apr 06, 2020 5:28 pm

    Do you like to post stupid shit? Should I seriously have to add you to ignore list?

    That fucking retard is wrong. Pushkov already said there was no talk and it should be Novak not the dolt at the investment fund talking about energy prices.

    He is posting his hopes, not reality

    This is reality:
    https://tass.com/pressreview/1140581
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    Post  owais.usmani on Tue Apr 07, 2020 11:50 am

    https://oilprice.com/Energy/Energy-General/Russia-Is-Ready-To-Make-Major-Output-Cuts.html

    Russia Is Ready To Make Major Output Cuts


    Russia is prepared to undertake significant cuts to its oil production, according to two Russian sources who spoke to Reuters on Monday. The markets are hanging on every word from Saudi Arabia, Russia, and the United States about who is prepared to do what, for how long, and with what conditions.

    Oil markets were largely trading down on Monday after OPEC over the weekend postponed the emergency meeting originally scheduled for today at the behest of the United States for later in the week. Although both Saudi Arabia and Russia have signaled its continued intent to curb oil production, the actions spooked markets.

    At 1:05pm EDT, WTI was trading down 6.21% at $26.58, with Brent crude trading down 3.96% at $32.76. Both benchmarks are still up significantly week on week on the news that Russia and Saudi Arabia might finally be coming to their senses and reign in their oil production that far exceeds demand.

    OPEC+ is now scheduled to hold a videoconference on Thursday this week to discuss the markets. Potential production cut figures between 10 million bpd and 15 million bpd have been thrown out as possible by Russia, Saudi Arabia, and the United States, although it is for the most part understood that even those massive figures may not be enough to offset the drop in demand due to Covid-19 that some say is more than 20 million bpd.

    Until late last week, Saudi Arabia was determined to continue over producing, at over 12 million barrels per day at a time when the coronavirus is sapping the demand out of the market. A handful of other producers followed suit in an effort not to lose market share. But as reality set in that the virus was interrupting demand more than the producers thought possible, cooler heads appear to be prevailing.

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    Post  JohninMK on Tue Apr 07, 2020 11:59 am

    owais.usmani wrote:https://oilprice.com/Energy/Energy-General/Russia-Is-Ready-To-Make-Major-Output-Cuts.html

    oilprice.com don't have a very good record of forecasting events and are definitely not pro Russian.

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