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2015-12-21 19:45:00

OPEC CAN'T CUT

OPEC CAN'T CUT

OPEC will stick to its decision on Dec. 4 to maintain a policy of not limiting production, despite the drop in global prices, Iraq's oil minister said on Sunday, adding that any output reduction aimed at boosting prices would have to be coordinated with non-members.

"‎We are in a real world, OPEC is not the only producer or the only player. So we have to see what the decisions of others should be - Russia and the United States and other producers," Adel Abdul Mahdi told Reuters on the sidelines of an Arab oil producers' meeting in Cairo.

"OPEC can't take a unilateral decision, for example, to cut production and others ... raise production. Either we all go to cut production to really defend prices or we have to wait and see," he said in an interview.

"We can't repeat those old experiences of OPEC and then lose both, lose production and the prices. Because now many other producers are capable of really raising their production ... We are sticking (with the Dec. 4 decision)."

Global oil prices tumbled after the members of the Organization of the Petroleum Exporting Countries (OPEC) failed on Dec. 4 to agree a ceiling on their oil production, which has already been running at near record levels since last year in an attempt to drive higher-cost producers such as U.S. shale drillers out of the market.

In addition new supplies are likely to hit the market next year as Iran ramps up production after sanctions are lifted, creating fears of a growing supply glut.

Front-month Brent crude futures [O/R] closed at below $37 a barrel on Friday.

Abdul-Mahdi said he hoped oil prices would rebound but he did not "think it will be tomorrow."

"We can see that the price doesn't correspondent with the cost in most oil fields. ‎This is not logical," he said.

KURDISH EXPORTS

Meanwhile in Iraq a deal on oil exports from Iraq's Kurdish region had yet to be reached, Abdul-Mahdi said, reiterating the Baghdad central government's opposition to Erbil selling its oil directly instead of delivering it to Iraq's state oil marketing firm SOMO.

"We are still in a standstill ... We are waiting for real discussions with our brothers in Kurdistan," he said.

The Kurdistan Regional Government began bypassing Baghdad and exporting oil directly in 2014, following a dispute with the federal government about its share of the budget. It is currently exporting more than 500,000 barrels per day (bpd).

"If they deliver oil, they will have the 17 percent, if they don't they will not have the 17 percent," he said, referring to the portion of the federal budget allocated to the Kurdish authority in exchange for its oil.

He also said that Baghdad's discussions with international oil companies operating in the south over revising the terms of their service agreements were heading in a good direction.

"We received some reduction in costs from the IOCs. We are still discussing. The IOCs presented some suggestions... We are nearer to each other than before," he said.

"We have to put some incentives there for the IOCs but we also want them to bear responsibilities when the price is down and also we both be responsible on reducing the cost."

reuters.com

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More: 

SAUDI'S BATTLE FOR ASIA 

SAUDI PROTECT THEIR MARKET 

OPEC: THE HIGHEST OIL 

2016 OIL PRICES: $56 

IRAN & SAUDI COMPETITION

 

 

Tags: OPEC, OIL, PRICES
OPEC CAN'T CUT September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

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GAS PRICES UP TO $3.146

OPEC CAN'T CUT September, 20, 08:55:00

ЦЕНА URALS: $51,81591

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U.S. OIL + 79 TBD, GAS + 788 MCFD

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RENEWABLE'S FUTURE

OPEC CAN'T CUT September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

OPEC CAN'T CUT
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

OPEC CAN'T CUT
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

OPEC CAN'T CUT
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

OPEC CAN'T CUT
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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