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Tag: OPEC and its Allies

Iraqi Crude Oil Production has shown Historical Jump

Iraqi Crude Oil Production has shown Historical Jump

On Tuesday, the Iraqi Oil Minister Thamer Ghadhban announced the country’s approach to historical production in crude oil. He said Iraq is too close to reaching oil production capacity at 5 million barrels/ day. The country is also moving to add 2 million barrels/ day during the next couple of years. Ghadhban added that Iraq is still burning half of the associated gas production. He said the new projects to convert gas to liquid will contribute to resolving the problem….

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Current OPEC Deal and its impact on Oil Market

Current OPEC Deal and its impact on Oil Market

The Iraqi oil minister Thamer Ghadhban earlier said that an agreement between OPEC and its allies to expand oil output cuts until the end of March 2020 will decrease inventories. He added it would help to stabilize the market and address price irregularity. Ghadhban discussed OPEC’s position on oil prices and said the general view of 70 U.S dollars per barrel or higher was acceptable. He added the producer group sought prices that were fair to both producers and consumers….

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A continuous Decline in Oil Prices after an OPEC Agreement

A continuous Decline in Oil Prices after an OPEC Agreement

On Wednesday, the oil price stabilized after a sudden decline in the previous session. It was supported by an extension of the agreement between OPEC and its allies to cut production, in spite of a fear that demand will be dropped due to a global economic slowdown. The oil prices got support from data pointing a bigger than expected downfall in the U.S crude inventories. Brent crude for September delivery increased 12 cents to $62.52/ barrel or 0.2%. The U.S…

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