IRAQ'S THREE PROPOSALS
According to WSJ, Iraq will offer three new proposals at a meeting in Vienna this coming week to discuss implementing an OPEC accord to cut output, Iraq's Oil Minister Jabbar al-Luaibi said late Sunday, in the latest sign the country is inching closer to resolving its differences with the cartel.
The options will be consistent with OPEC policy and are designed to bolster the unity of the group, said Mr. Luaibi, who has until very recently been at loggerheads with the group over Iraq's contribution to the reduction. He declined to give details over the proposals.
"Our alternatives are based on other variables and will make it easier for OPEC members to make a decision," he told The Wall Street Journal.
"All of the options will be logical and in line with OPEC policy," he added.
The Organization of the Petroleum Exporting Countries agreed in September to reduce output to help draw down a global supply glut that is weighing on oil prices, but left the details of the plan to be worked out later. The group is holding a so-called "technical meeting" at their Vienna headquarters Monday and Tuesday to discuss the mechanism for implementing the September agreement. The technical meeting will prepare for OPEC's ministerial meeting Nov. 30 in Vienna.
Iraq has been ramping up its oil production for more than two years. Mr. Luaibi has said Iraq should be exempted from cutting production because it needs the revenues to prosecute a costly war against Islamic State. But Friday, Mr. Luaibi said he is optimistic that OPEC will reach an agreement at the Nov. 30 meeting. His comments were followed by similarly positive comments from Iran, which had also been reluctant to rein in its output.
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REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.
U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.
Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.
“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”