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2022-11-28 10:20:00

OPEC EVALUATES THE MARKET

OPEC EVALUATES THE MARKET

PLATTS - 27 Nov 2022 - OPEC and its allies will monitor oil market conditions and the supply-demand balance in its upcoming Dec. 4 meeting, Iraq's national representative to OPEC said Nov. 26, as the coalition seeks to stem a price decline.

"Any future decision about maintaining the current cut, introducing a new cut or increasing production will take into account the market condition and achieving a balance," Mohammed Saadoon Mohsin told state-run Iraqi News Agency.

"OPEC+ is meeting every two months to assess global markets in terms of supply and demand. There is severe volatility due to the COVID-19 impact, the global economic slowdown, and the Russia-Ukraine war, which have weighed on price stability."

OPEC+ agreed on Oct. 5 to slash its production quotas by 2 million b/d starting in November, saying it was a "technical decision" aimed at averting the impact of a potential global recession. The decision came despite the EU's planned embargo on Russian crude imports set to start on Dec. 5.

The current OPEC+ agreement has helped stabilize oil markets, Saadoon said, adding that Iraq has kept its exports stable under the agreement.

A good oil price

Saadoon said this year's average oil price of around $97/b is good, adding that experts expect oil prices next year to hover between $85/b to $95/b or less by $5/b-$7/b.

Platts, part of S&P Global Commodity Insights, on Nov. 25 assessed Dated Brent at $85.475/b, nearly unchanged on the day.

The marker, which touched more than $100/b on Nov. 7, has fallen due to recession worries, tepid oil demand in China stemming from renewed COVID-19 lockdowns and ongoing discussions of imposing an oil price cap on Russian exports by Western nations.

Iraq, OPEC's second biggest producer, pumped 4.58 million b/d in October, which was below its quota of 4.651 million b/d, according to the latest Platts survey by S&P Global published on Nov. 7.

Under the OPEC+ deal, Iraq is expected to hold its crude oil production at 4.431 million b/d from November through the end of 2023.

Iraq needs high oil prices to finance its fiscal budget because oil revenue contributes to over 90% of government income.

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Earlier:

OPEC EVALUATES THE MARKET
2022, November, 25, 10:55:00
OPEC BALANCES THE MARKET
OPEC producers UAE and Saudi Arabia have denied a media report that suggested OPEC+ members are planning on increasing crude production by 500,000 barrels per day ahead of their next meeting on December 4.
OPEC EVALUATES THE MARKET
2022, November, 23, 10:40:00
OIL PRICE: BRENT BELOW $89, WTI NEAR $81
Brent dropped 15 cents, or 0.2%, to $88.21 a barrel, WTI lost 9 cents, or 0.1%, to $80.86 a barrel.
OPEC EVALUATES THE MARKET
2022, November, 21, 11:25:00
OIL PRICE: BRENT NEAR $87, WTI NEAR $80
Brent had slipped 74 cents, or 0.8%, to $86.88 a barrel, WTI were at $79.40 a barrel, down 68 cents or 0.9%.
OPEC EVALUATES THE MARKET
2022, November, 21, 11:20:00
RUSSIAN ENERGY FOR CHINA $60 BLN
Oil imports from Russia rose 16% to 7.72 million tons last month, a volume topped only by Saudi Arabia, according to Chinese customs data.
OPEC EVALUATES THE MARKET
2022, November, 18, 11:25:00
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Brent had edged lower by 13 cents or 0.1% to $89.65 a barrel, WTI rose 13 cents, or 0.2%, to $81.77 a barrel.
OPEC EVALUATES THE MARKET
2022, November, 7, 12:05:00
OPEC MARKET DECISIONS
OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels.
OPEC EVALUATES THE MARKET
2022, October, 6, 13:20:00
OPEC + RUSSIA DOWN 2 MBD
Страны – производители нефти приняли общее решение сократить добычу на 2 млн баррелей в сутки.
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Tags: OIL, PRICE, OPEC, RUSSIA, SANCTIONS