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Thread: Saudi Arabia and OPEC are doomed.

  1. #511
    Saudi Arabia says it "remains committed" to an initial public offering of the state-run oil behemoth Saudi Aramco despite delays and growing speculation it may never be listed.Saudi Energy Minister Khalid al-Falih issued a statement early Thursday saying "timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the company will pursue in the next few months, as directed by its board of directors."

    More at: https://finance.yahoo.com/news/saudi...--finance.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

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  3. #512
    The sovereign wealth fund of Saudi Arabia is set to pick a number of international banks to lend it as much as US$12 billion, after the listing of oil giant Aramco has been delayed several times, and possibly even called off, the Financial Times reported on Thursday, quoting bankers, advisors, and other people with knowledge of the process.
    As many as 16 banks may be involved in what could be the first loan to the Public Investment Fund (PIF)—the sovereign wealth fund of Saudi Arabia, as the Kingdom is possibly trying to fill the gap that the delays in the listing of Aramco has created for Riyadh’s ambitions to rake in huge proceeds from the IPO to invest in diversification of its economy and mega infrastructure projects.

    More at: https://oilprice.com/Latest-Energy-N...PO-Delays.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  5. #513
    The impending oil renaissance in Alaska’s North Slope is going to be even more massive than previously projected. The oil lurking under the surface of the historically oil rich region is enough to turn the state’s economy around and reinstate it as a major player in the oil industry, according to new research from IHS Markit, a London-based global information and analytics provider. The study shows that the North Slope’s crude output could increase by as much as a whopping 40 percent in the next eight years, more than regaining its place as one of the major powerhouses of the United States.
    The North Slope region, previously considered as a mature basin, is now being touted in the media as the once and future “super-basin” thanks to an estimated 38 billion barrels of oil equivalent (BOE) in remaining recoverable resources. The report IHS Markit Plays and Basins: Alaska North Slope (ANS) Basin; Resurgence in an Arrested, Late-emerging Super Basin analysis cites that 50 trillion cubic feet (TCF) of gas, and 28 billion barrels of oil remain untapped. IHA Markit has predicted that the estimated total ultimate recovery (EUR), the sum of the remaining resources and the 16.8 billion barrels extracted up to this point, for the North Slope Basin is a staggering 54.8 billion BOE.
    The North Slope attraction does not end with these stunning figures--the region now has fewer bureaucratic barriers to begin exploration for operators, making it more competitive, and recent advancement in drilling technologies will make extraction more efficient and cost-effective than ever.

    More at: https://oilprice.com/Energy/Energy-G...naissance.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #514
    In what could be a power struggle between Saudi Aramco and the Saudi government, the Kingdom has altered the concession contract with the oil giant to 40 years with an option for renewal from a previous deal for oil and gas rights ‘in perpetuity’, the Financial Times reported on Monday, quoting three people briefed on the issue.
    The changes were reportedly made as Saudi Arabia was making procedural, tax, and governance changes in preparation of the initial public offering (IPO) of Saudi Aramco, which now, it seems, is indefinitely postponed, or even called off.


    According to FT’s sources, cutting the concession period from ‘forever’ to 40 years—but still well over the typical 20-year concession contracts that international oil companies have with other countries—is now pointless with the IPO stalled, and has only served to exert control over the oil giant that has tried to keep its ‘in perpetuity’ concession.
    The government has sought to have a shorter concession period, closer to the 20-year concessions that Big Oil have, but this would have meant changes in what Aramco could count as oil reserves, and would have had impact on its valuation, according to FT.

    More at: https://oilprice.com/Energy/Crude-Oi...Resources.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  7. #515
    The committee—consisting of representatives from the two leaders of the OPEC and non-OPEC groups, Saudi Arabia and Russia, respectively, as well as from Kuwait, the UAE, Algeria, Venezuela, and Oman—found on Monday that total production was just 9 percent above the agreed upon compliance of 100 percent, and compares with a compliance rate of 120 percent in June and an overzealous 147 percent in May, so the parties to the pact have been raising production, according to Reuters.
    In June, OPEC and its non-OPEC partners agreed to work toward an overall conformity level of 100 percent as of July 1, 2018, compared to the 147-percent compliance rate in May.
    OPEC-only production in July rose by 40,700 bpd from June, to 32.323 million bpd, according to secondary sources in the cartel’s Monthly Oil Market Report. While falling production in Libya and Iran was not so surprising, Saudi Arabia’s production dropped in July by 52,800 bpd from June to average 10.387 million bpd last month, according to OPEC’s secondary sources. Some analysts attributed the lower Saudi production to a lower than previously expected demand for Saudi crude.

    More at: https://oilprice.com/Latest-Energy-N...s-In-July.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  8. #516
    Saudi Arabia will report to OPEC that its crude oil production in August averaged 10.424 million bpd, up from the July levels, S&P Global Platts reported on Friday, quoting an OPEC source.
    Saudi Arabia supplied 10.467 million bpd to the market in August, the source said, which points to the Saudis drawing on stored oil to supply more crude to the market than it pumped.
    The Saudi production number for August would be 136,000 bpd higher than Saudi Arabia’s self-reported figure for July—10.288 million bpd, and according to Platts’ source, the August production reflected customer demand for Saudi crude.

    More at: https://oilprice.com/Energy/Crude-Oi...&utm_content=1
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #517
    OPEC’s oil production for the month of March[August] was 220,000 barrels per day higher than July volumes, a Reuters survey showed on Friday.

    Oil prices bristled at the news, and started to slip off August highs. At 11:44am, WTI was trading down 0.46% ($-0.32) to $69.93, with Brent falling 0.26% ($-0.20) to $77.82. Both benchmarks are still up on the month.
    The prices fell despite the fact that OPEC announced it would lift production at its meeting in June 22, saying it would reduce compliance to the production cuts to 100% after months and months of overcompliance and under-production which tightened the market.
    Iraq is the largest overproducer, and Saudi Arabia increased production from 10.40 million bpd in July to 10.48 million bpd in August.

    More at: https://oilprice.com/Energy/Crude-Oi...ion-Rises.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  10. #518
    Iraq set a new record for oil shipments from its southern ports in August, sending out 3.583 million bpd of oil last month and beating the July record of 3.543 million bpd, data by Iraq’s oil ministry showed over the weekend.
    Iraq, OPEC’s second-largest oil producer after Saudi Arabia, has been boosting its oil exports since June, after OPEC and its Russia-led non-OPEC partners in the deal agreed to reverse some of their production cuts—or as they frame it, to ease compliance rates to 100 percent.
    Iraq’s federal government exported 3.583 million bpd in August, or a total of 111,061,618 barrels from central and south Iraq, reaping a total of US$7.73 billion in revenues at the price of its oil averaging US$69.593, the oil ministry quoted the Iraqi State Oil Marketing Organization (SOMO) as saying this weekend.
    Iraq’s exports from the south were set on a record pace in August, judging from the high levels of exports in the first 19 days—around 3.7 million bpd, an industry source who compiled ship-tracking data told Reuters earlier this month.

    KRG saw its August oil exports from the Turkish Mediterranean port of Ceyhan surge by 40 percent compared to July’s 320,000 bpd exports, sources in the Kurdistan region to S&P Global Platts.
    Kurdistan exported a total of 445,000 bpd from Ceyhan in August, of which 370,000 bpd was by way of the KRG’s independent pipeline through Turkey. The remainder was drawn from storage at Ceyhan, according to Platts’ sources.



    More at: https://oilprice.com/Latest-Energy-N...In-August.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  11. #519
    As the crude powerhouse that is Texas’ Permian Basin becomes old news, oil explorers are looking for the next big thing--and they have found it in the more-than 4000 feet of stacked pay in Wyoming’s Powder River Basin. In Powder River, Big Oil has found less-congested pipelines, cheaper land, and more importantly, a whole lot of oil.
    It’s not the first time that the Powder River Basin has garnered industry attention. In 2014, when oil prices were soaring, many industry players were already eyeing the basin as the next big thing, but when oil prices waned in the following years many drilling plans in Powder River were abandoned for established operations. Now, as United States crude prices ballooned by nearly 50 percent over the last year, there has been a renewed rush for land deals in oil rich areas, and the Powder River Basin is no exception. Although the deals are largely undisclosed, we know that there have been a number of deals in Wyoming, bringing industry-wide interest to the conventional and shale formations found there.

    More at: https://oilprice.com/Energy/Energy-G...boy-State.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  12. #520
    The United Arab Emirates (UAE) is ramping up production at a newly operational offshore field, aiming to boost its total output to around 3 million bpd, S&P Global Platts reported on Wednesday, citing sources close to the issue.
    The Abu Dhabi National Oil Company (ADNOC), the producer of nearly all of the oil in the UAE, has started to raise production at the Umm Lulu offshore oil field, which was pumping around 30,000 bpd in August. Production at that field could rise to as high as 75,000 bpd, a UAE oil observer told Platts.
    The increased volumes at the newly operational Umm Lulu oil field would raise the total UAE oil production to 3 million bpd.
    According to OPEC’s latest Monthly Oil Market Report with data for July, the UAE boosted its production by 69,200 bpd from June to 2.959 million bpd in July, as per OPEC’s secondary sources. The UAE’s self-reported figures to OPEC showed that oil production jumped by 85,000 bpd from June to 2.975 million in July.

    ADNOC’s long-term goal is to raise the combined oil production at Umm Lulu and SARB to 215,000 bpd.

    More at: https://oilprice.com/Latest-Energy-N...llion-Bpd.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  14. #521
    A joint panel of OPEC and non-OPEC representatives will discuss next Tuesday how the group could distribute among them the 1 million bpd production increase that was agreed in June Reuters reported on Friday, citing sources familiar with the plans.

    At the meeting of the so-called Joint Technical Committee next Tuesday, the panel will debate four proposals on how to share the production increase, one of Reuters’ sources said. Those proposals will come from Iran, Algeria, Venezuela, and Russia, the source added. One of the proposals is to share the production increase pro-rata among the countries. But this idea is unlikely to pass through the two leaders of the OPEC and non-OPEC groups—Saudi Arabia and Russia, respectively—because they would get a smaller production boost than they want: Saudi Arabia wants 400,000 bpd and Russia wants another 300,000 bpd, according to the source.
    Earlier this month, Iran—faced with a decline in production and exports from the U.S. sanctions—warned OPEC that “no country can overtake the production and export quotas of other member states under any circumstances,” while Iran’s Oil Minister Bijan Zanganeh was quoted as saying that “Some members are interpreting the latest OPEC decision on oil output differently ... and are acting in accordance with the policies of the U.S.”

    More at: https://oilprice.com/Energy/Energy-G...Next-Week.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  15. #522
    The United States this year became the largest crude oil producer, surpassing Russia and Saudi Arabia, according to preliminary estimates from the Energy Information Administration.
    Although following the June 22 agreement between OPEC and Russia to up production to rein in prices Russia increased its output by more than 200,000 bpd, the average since the start of the year is higher for the United States, where drillers have evidently taken full advantage of higher prices and relatively low costs.
    Earlier this week, in its Short-Term Energy Outlook, the EIA estimated that U.S. crude oil production at 10.9 million bpd in August, an increase of 120,000 bpd from June. Although this was lower than Russia’s 11.21 million bpd for the same month, on average, the U.S. production rate for 2018 so far has been higher, the EIA estimates.
    What’s more, the authority said production growth will continue: it has estimated the average for full-2018 will be 10.7 million. That’s a substantial increase on last year’s average of 9.4 million bpd, and production will continue to grow in 2019 as well to 11.5 million bpd.

    More at: https://oilprice.com/Energy/Energy-G...-Globally.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  16. #523
    Russia and Saudi Arabia are eating into Iran’s oil market share, Tehran’s OPEC governor, Hossein Kazempour Ardebili, said in an interview with state oil agency Shana.
    The official did not reserve his criticism for these two, however. He also slammed other OPEC members for welcoming the U.S. sanctions against Tehran and taking advantage of the situation to boost their production.
    “On the one hand” Ardebili said, “Russia and Saudi Arabia, under the pretext of balancing the supply and demand of the world, are seeking a part of Iran's market share; on the other hand, some OPEC members are hands in hands with the United States to strike some OPEC founding members.”


    The interview comes a few days after Iran’s Supreme Leader Ayatollah Ali Khamenei approached Russia’s Vladimir Putin for support in trying to “restrain” Washington.
    At the same time, Ardebili accused Russia of trying to cozy up to Washington through Riyadh to make the most of the oil market situation. Although he admitted it is more or less natural for every oil producer to take advantage of higher prices and seek to maximize its gains, the official said that Russia and Saudi Arabia were pursuing “hostage-taking policies in the market.”

    More at: https://oilprice.com/Energy/Energy-G...ket-Share.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #524
    Saudi Arabia's Public Investment Fund (PIF) has confirmed that it raised $11 billion in loans from international banks, The Wall Street Journal reported Sept. 17.

    Saudi Arabia's government has borrowed nearly $50 billion over the last three years as Crown Prince Mohammed bin Salman spearheads efforts to diversify the country's economy away from hydrocarbons.

    More at: https://worldview.stratfor.com/situa...-billion-loans
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  18. #525
    OPEC and the Russia-led non-OPEC partners in the production cut deal could discuss all kinds of production scenarios at their meeting in Algeria at the end of this week, Russian Energy Minister Alexander Novak said on Monday.
    “I think we have the possibility to discuss any possible scenarios,” Reuters quoted Novak, who was responding to a question as to whether the OPEC and non-OPEC groups were planning to discuss lifting production levels from what they agreed in June this year.
    In June, OPEC and allies agreed that they would aim for 100 percent compliance, down from the very high compliance rates of 150 percent in the months prior to the June meeting, to ease consumer concerns about the high oil prices and to ensure stable oil supply amid plunging production in Venezuela and returning sanctions on Iran.

    More at: https://oilprice.com/Latest-Energy-N...Scenarios.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  19. #526
    Crude oil production in the U.S. shale patch will hit 7.59 million bpd next month, the Energy Information Administration said in its latest Drilling Productivity Report. This is 79,000 bpd more than this month’s estimated production.
    The biggest increase, once again, will come from the Permian, where producers will add 31,000 bpd to overall daily production from the current 3.427 million bpd to 3.458 million bpd.
    The second-largest contributor to the monthly increase will be the Eagle Ford, where the EIA estimates production will rise by 16,000 bpd to 1.449 million bpd in October.
    Earlier this month, in its Short-Term Energy Outlook, the EIA reported preliminary production estimates suggest the United States had overtaken Russia as the world’s top crude oil producer, pumping 10.9 million bpd on average in August. Next year, the EIA estimated, daily production will hit an average of 11.5 million bpd, up from this year’s estimated 10.7 million bpd.

    More at: https://oilprice.com/Energy/Energy-G...tes-Again.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  20. #527
    There are no clear solutions for OPEC+ that leave the oil market satisfied while also maintaining group cohesion.
    The obvious course of action is to allow for higher production levels. But there is no way to do this while also getting all parties on board. Iran’s oil minister said that any change to Tehran’s allotment would be blocked. “I will definitely veto any decision that threatens our national interest,” Bijan Zanganeh said in an interview with reporters from S&P Global Platts and Bloomberg News. “Anyone who says they will compensate for the shortfall in the market is speaking against Iran. This is a 100% political statement, not economic.” Because any OPEC agreement requires unanimous consent, Iran could block any changes to the formal oil production cut deal.
    Iran still holds a little bit of leverage because the specifics of the June agreement, which called for increased production on the order of 1 million barrels per day (mb/d), were not hammered out. In all likelihood, Saudi Arabia and Russia would realistically take on a greater share of output, mostly because they are the only ones that have the ability to choose to produce substantially more.
    But formalizing those increases is politically tricky. After all, Iran is taking tangible losses because of U.S. sanctions. Those missing barrels have to be made up elsewhere. Saudi Arabia, Russia and a few Gulf States are the only countries that can increase output on a large scale. But even if Riyadh can physically replace the gap left over by Iran, Iran would never vote in favor of such a scenario. “No consensus on this issue is likely,” Commerzbank wrote in a note.

    Nevertheless, a de facto increase in Saudi production in lieu of supply losses from Iran is the only realistic outcome. The end result could be no formal agreement on specific allotments that take into account falling production from Iran and Venezuela. But the shift in market share may happen anyway, whether or not OPEC+ approves it.

    It amounts to a sort of co-presidency between Riyadh and Moscow, the two largest producers within the OPEC+ group, but it certainly will diminish group cohesion. “They are sacrificing OPEC, they are destroying OPEC and slowly, slowly, without directly saying so, they want to gather some names together to create a forum to replace OPEC and manage the market,” Zanganeh said.
    He also said that Saudi officials should fess up to their real motivations. “If they want to produce excessively, we cannot stop them,” Zanganeh said. “There is no forcible instrument in OPEC. But they shouldn't do it in the name of OPEC. They should come out and say, 'The U.S. has phoned and told me to increase output. And I have no other way but to do so.'”
    Not only are Saudi Arabia and Russia taking on a greater role in the current moment to ensure market stability, but they are also looking to institutionalize the arrangement for the long-term.

    More at: https://oilprice.com/Energy/Crude-Oi...roduction.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  21. #528
    Crude oil exports from southern Iraq are close to a record-high so far in September, averaging 3.6 million bpd as of yesterday, Reuters reports, citing sources in the know who had tracked shipping data to come up with the number. If the rate stays unchanged or rises, it will beat Iraq’s previous record of 3.58 million bpd hit last month.
    It’s safe to say that Iraq, OPEC’s second-largest producer, was only too happy to boost oil production after the June 22 meeting of the cartel when members decided to start reversing their production cuts agreed in late 2016. Iraq never really managed to reduce production to its assigned quota anyway, and it was vocal against the quotas because of its heavy dependence on oil revenues as its economy is still in ruins after the war and the fight with Islamic State.
    What’s more, the export rate data suggests that civil unrest, which has been rife since the summer, has not affected oil production. Indeed, any intentions on the part of protesters to try and cause production outages at oil fields have been quickly thwarted.

    More at: https://oilprice.com/Latest-Energy-N...cord-High.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  23. #529
    Quote Originally Posted by Swordsmyth View Post
    Russia and Saudi Arabia are eating into Iran’s oil market share, Tehran’s OPEC governor, Hossein Kazempour Ardebili, said in an interview with state oil agency Shana.
    The official did not reserve his criticism for these two, however. He also slammed other OPEC members for welcoming the U.S. sanctions against Tehran and taking advantage of the situation to boost their production.
    “On the one hand” Ardebili said, “Russia and Saudi Arabia, under the pretext of balancing the supply and demand of the world, are seeking a part of Iran's market share; on the other hand, some OPEC members are hands in hands with the United States to strike some OPEC founding members.”


    The interview comes a few days after Iran’s Supreme Leader Ayatollah Ali Khamenei approached Russia’s Vladimir Putin for support in trying to “restrain” Washington.
    At the same time, Ardebili accused Russia of trying to cozy up to Washington through Riyadh to make the most of the oil market situation. Although he admitted it is more or less natural for every oil producer to take advantage of higher prices and seek to maximize its gains, the official said that Russia and Saudi Arabia were pursuing “hostage-taking policies in the market.”

    More at: https://oilprice.com/Energy/Energy-G...ket-Share.html
    One day after the US president issued an implicit warning to remove military support for "middle eastern" nations, tweeting that "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!"...


    ... Reuters reports that during tomorrow's meeting of oil producing states, OPEC and Non-OPEC states may boost production by half a million barrels per day:
    OPEC AND NON-OPEC COUNTRIES DISCUSSING POSSIBLE PRODUCTION INCREASE BY ANOTHER 500,000 BPD - SOURCE FAMILIAR WITH DISCUSSIONS
    In kneejerk response, Brent pared all of its intraday gains and dropped as low as $78.64, while WTI last traded higher by 23c at $70.55/bbl, also sliding sharply from its $71.80/bbl high.



    More at: https://www.zerohedge.com/news/2018-...500000-barrels
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  24. #530
    While there has been no love-loss between the U.S. and Russia in recent years, news coming out of Moscow yesterday was sure to cheer the most ardent Russian naysayers in both Washington and especially the U.S. energy patch.
    A Russian government official, according to a Bloomberg report, asking to not be named since the information hasn’t been made public yet, said on Thursday that the country’s oil production increased to a new post-Soviet high and is fluctuating between 1.54 million and 1.55 million tons a day, driven mostly by state-run energy firm Rosneft.
    Those numbers equal between 11.29 million and 11.36 million barrels per day (bpd) of output, bypassing a previous record set in October 2016, just a few months before Russian agreed to participate with a Saudi-led OPEC to reign in an over supplied global oil market and prop prices back up from multi-year lows.

    More at: https://oilprice.com/Energy/Energy-G...et-Record.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  25. #531
    Oil Prices Feared to Spike as Saudi Arabia Runs Low on Popular Crude
    https://sputniknews.com/business/201...ke-saudi-iran/


    Aramco is warning its potential buyers that they are running low on the most popular crude in October 2018,
    a month before the US is to impose sanctions on the sale of Iranian oil..

    “We are heading to a price spike, likely $90 to $100. It’s not just Iran that will suffer. It’s going to have a boomerang effect with rising gasoline prices,”

  26. #532
    Quote Originally Posted by goldenequity View Post
    Oil Prices Feared to Spike as Saudi Arabia Runs Low on Popular Crude
    https://sputniknews.com/business/201...ke-saudi-iran/


    Aramco is warning its potential buyers that they are running low on the most popular crude in October 2018,
    a month before the US is to impose sanctions on the sale of Iranian oil..

    “We are heading to a price spike, likely $90 to $100. It’s not just Iran that will suffer. It’s going to have a boomerang effect with rising gasoline prices,”
    They may be running out of oil, many people have speculated that they would.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  27. #533
    @Swordsmyth
    after reading several OPEC and non-OPEC articles...
    these are my takeaways..
    ►the oil markets in the coming months MAY be headed for disruption/price rise/supply deficit
    ►Non-OPEC members can't make up the oil supply deficit despite 'best efforts' and 120% over production
    OPEC (Iran is 3rd largest member) must have UNANIMOUS vote to raise production (to cover Iranian sanction supply loss)
    ►Iran will vote against raising OPEC production
    ►Iran WANTS disruption/supply deficit/price rise to happen: Trump will (rightfully) get the blame

    -------------------
    Japanese refiners stop buying Iran oil ahead of sanctions
    https://on.rt.com/9eup
    Last edited by goldenequity; 09-23-2018 at 08:41 AM.

  28. #534
    Quote Originally Posted by goldenequity View Post
    @Swordsmyth
    after reading several OPEC and non-OPEC articles...
    these are my takeaways..
    ►the oil markets in the coming months MAY be headed for disruption/price rise/supply deficit
    ►Non-OPEC members can't make up the oil supply deficit despite 'best efforts' and 120% over production
    OPEC (Iran is 3rd largest member) must have UNANIMOUS vote to raise production (to cover Iranian sanction supply loss)
    ►Iran will vote against raising OPEC production
    ►Iran WANTS disruption/supply deficit/price rise to happen: Trump will (rightfully) get the blame

    -------------------
    Japanese refiners stop buying Iran oil ahead of sanctions
    https://on.rt.com/9eup
    The Saudis and the Russians have said they intend to increase production in spite of Iranian objections, if they do we may see the end of OPEC now, if that happens Iraq and any other members who can will rush to increase their production.
    On the other hand your post about the Saudis saying they are running low one one grade of crude may indicate that they are actually running out of oil and not only won't be able to increase production but may be forced to reduce it, if that is the case the end of Saudi Barbaria may happen soon.

    Interesting times.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  29. #535
    the 'article' is in french and doesn't really 'get' the politics/forces in play...
    but it declares Russia/OPEC have agreed on 'no changes' for now as far as $/bbl.


    https://twitter.com/Ozkok_/status/1043965872921030656

  30. #536
    Quote Originally Posted by goldenequity View Post
    the 'article' is in french and doesn't really 'get' the politics/forces in play...
    but it declares Russia/OPEC have agreed on 'no changes' for now as far as $/bbl.


    https://twitter.com/Ozkok_/status/1043965872921030656
    Less than three months after Trump's latest tweet slamming OPEC, in which he warned the petroleum cartel that it must "REDUCE PRICING NOW!", Trump was at it again and on Thursday morning, with Brent hitting $80 per barrel and higher gasoline prices creating another headache for Republicans ahead of the midterm elections, the president lashed out at OPEC, saying that the US protects the countries of the Middle East, and warning these nations that "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember."

    Trump's latest threat, however, was summarily ignored on Sunday when OPEC leader Saudi Arabia and its biggest non-OPEC oil-producer ally, Russia, ruled out additional increase in crude output, defying Trump’s calls for action to cool the market.
    "I do not influence prices," said the Saudi Energy Minister Khalid al-Falih during a press conference in Algiers for a meeting that ended with no formal recommendation for any additional supply boost, Reuters reports.
    In recent weeks, oil prices have moved back to 4 year highs, a rally that according to analysts has been mostly due to a perceived decline in oil exports from Iran due to fresh U.S. sanctions, stemming from Trump's decision to pull out of the Iran Nuclear deal. As a result, as much as 1.5 million barrels of output are in danger of being taken off the market.
    And while Falih said Saudi Arabia had spare capacity to increase oil output, he said that no such move was needed at the moment. Instead, Falih blamed refiners for not converting enough product: "My information is that the markets are adequately supplied. I don’t know of any refiner in the world who is looking for oil and is not able to get it" he said.
    Still, indicating that Saudi Arabia was quite ready to steal even more market share from Iran, Falih said that Saudi Arabia was ready to increase supply if Iran’s output fell: “Whatever takes place between now and the end of the year in terms of supply changes will be addressed.”
    Russian Energy Minister Alexander Novak echoed the comments, saying that no immediate output increase was necessary, although he believed a trade war between China and the United States as well as U.S. sanctions on Iran were creating new challenges for oil markets.
    Separately, Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy and Kuwaiti counterpart Bakhit al-Rashidi told reporters that producers had agreed they needed to focus on reaching 100% compliance with production cuts agreed in June, which means offsetting and compensating for falling Iranian production. However, Al-Rumhy said the exact mechanism for doing so had not been discussed.

    Going back to Iran's arch enemy, Saudi Arabia, its energy minister said returning to 100% compliance was the main objective and should be achieved in the next two-three months, although he "refrained from specifying how that could be done." Then again it is largely implied: Saudi Arabia is the only oil producer with significant spare capacity.
    “We have the consensus that we need to offset reductions and achieve 100 percent compliance, which means we can produce significantly more than we are producing today if there is demand,” Falih said adding that "the biggest issue is not with the producing countries, it’s with the refiners, it’s with the demand. We in Saudi Arabia have not seen demand for any additional barrel that we did not produce."
    If he is right, and demand is indeed has indeed plateaued - largely due to the recent slowdown in China even with the boost resulting from the US fiscal stimulus - it could have more profound consequences for the global economy.
    Finally, on Sunday OPEC also decided to change the dates of its next meeting to Dec. 6-7 from the earlier-agreed Dec. 3.The joint OPEC/non-OPEC ministerial monitoring committee will next meet on Nov. 11 in Abu Dhabi.



    More at: https://www.zerohedge.com/news/2018-...oil-production
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



  31. Remove this section of ads by registering.
  32. #537
    If anybody hasn't connected the dots by now (ahead of the mid terms)... here it is:
    HONK raise yer prices IF YOU DEMS! (hate Trump)

  33. #538
    India’s oil refiners are considering reducing their crude oil imports and drawing on inventories to try to cut their import costs amid high oil prices and a weakening local currency against the U.S. dollar, Reuters reported on Monday, citing refinery sources and top executives.
    Over the past few months, rising oil prices and the weakening Indian currency, the rupee, have already created a perfect storm for India, where oil demand growth has been surging, but the higher oil prices are increasing the country’s spending on crude oil imports, which account for 80 percent of Indian oil consumption.
    Consequently, India—the world’s third-largest oil importer—has been paying much more for oil in recent months.
    For example, the value of India’s oil imports in August 2018 stood at US$11.83 billion, up by 51.62 percent in dollars, and up 64.84 percent in rupees compared to August 2017, trade data by the Indian Ministry of Commerce & Industry showed. In April-August, the value of India’s oil imports jumped by 53.55 percent in dollars and by 62.01 percent in rupees, compared to April-August last year.

    More at: https://oilprice.com/Latest-Energy-N...ces-Rally.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  34. #539
    Libya’s oil production has hit its highest level since 2013, the chairman of the National Oil Corporation (NOC), Mustafa Sanalla, told Bloomberg in response to questions on Sunday.
    If the security situation in the country improves, Libya’s production could further rise from the recent 1.278 million bpd, Sanalla said. The country could lift production by “hundreds of thousands” of barrels of oil per day, security permitting, according to the head of the national oil company.

    More at: https://oilprice.com/Latest-Energy-N...ince-2013.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  35. #540
    Iraq plans to have its newly restarted Qayara oil field in the north produce 60,000 bpd by the end of this year, targeting to gradually ramp up the current 30,000 bpd production, S&P Global Platts quoted the Iraqi oil ministry as saying.
    The Qayara oil field was shut-in for years until last year, due to the war with Islamic State.
    In December last year, Iraq declared the war with ISIS over, and has been seeking foreign investments in major projects that would help revive its economy.
    Before the war with the Islamic militants ISIS started, the oil pumped at the Qayara field was only directed to the local nearby refinery, partly because of its proximity and partly because of a lack of infrastructure for exports.
    But after the oil field was restarted, part of its production was diverted for exports after a road with a loading platform for trucks was built, sources familiar with the operations told S&P Global Platts. Oil from Qayara has been transported via trucks to Kurdistan, Turkey, and Iran, according to Platts sources. Iraq’s state oil marketing company SOMO has been marketing the oil.
    If Iraq manages to further boost production at the Qayara oil field, it could raise its oil production and exports and get more revenues at a time when oil prices are rising and supply from neighboring Iran is declining with the U.S. sanctions on Tehran’s oil sector snapping back in early November.

    More at: https://oilprice.com/Latest-Energy-N...Oil-Field.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

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