The end of 2013 .. Canada will replace oil and Saudi crude Kuwaiti and Iraqi
03/10/2013
BAGHDAD / JD / .. A report published by Citigroup suggests that heavy oil in Canada will replace imports of imported crude oil from Saudi, Kuwait and Iraq by the end of this year, and that rising U.S. oil production to record levels to make the United States is approaching more and more from the point of self-sufficiency, which threatens the existence of OPEC as a whole. (more…)
07/04/2012
BAGHDAD / JD / .. Reduced and the oil ministry of the concerns raised by the parliamentary committees on lower oil prices, stressing that prices are still above the estimates of the numbers of the budget.
He said the ministry spokesman Assem Jihad said in a statement to correspondent / JD /: no need for concerns raised here and there, adding that oil prices are still above the minimum limits set by the ministry during the preparation of the budget, amounting to $ 82 a barrel. (more…)
Erbil, January 3 (Rn) – Crude oil rose above $ 110 a barrel on Tuesday as raised tensions between Iran and the United States concerns about potential disruptions to oil supplies from the Middle East and in the time that the Chinese data showed the growth of economic activity.
The oil was a better asset performance in 2011 where he achieved Brent yearly gains of 13 percent to an average price of about $ 111 a barrel due to supply disruptions from the Middle East and North Africa. (more…)
BAGHDAD/TEHRAN: Global oil prices below $90 a barrel would be “difficult” to accept, Iraq’s Deputy Prime Minister for energy said in a sign that a slide in prices is starting to worry some OPEC members.
Brent crude oil dipped below $100 a barrel on Tuesday on growing concern about a Greek debt default and the health of the global economy. Prices have tumbled from a 2011 peak of $127 reached in April.
“Oil prices have slumped to their lowest acceptable levels and it would be really difficult to accept prices below $90,” Iraq’s Hussain Al-Shahristani said.
He said he saw no need for the Organization of the Petroleum Exporting Countries to review its crude output at its next meeting, in December, and no reason at the current time to trim production.
Read More: http://arabnews.com/economy/article512063.ece
It is expected that the gas company Basra, a joint venture company Shell, the sale of dry gas from oil fields in southern Iraq to the South Gas Company’s state-run rate is linked to fuel oil and can be compared to current prices in the United States and then sells to the South Gas Company for a fraction of the cost, as evidenced by a formal agreement of the summary obtained by Reuters.
After lengthy discussions about price, submit the final version, which was signed last July by Baghdad and the company Royal Dutch Shell Company and Mitsubishi to the developers of the project, estimated at billions of dollars selling prices more attractive than is available in most countries of the region.
At the same time, ensure the Convention to provide cheap fuel to power plants in Iraq, which desperately needs to fuel.
Oil falls to $ United States due to the delay in the payment of debt
PUKmedia for Reuters 07/25/2011 13:46:49
Hovered futures prices for oil near U.S. $ 117.70 a barrel after declining nearly $ stalled talks, the U.S. Congress over the weekend, making investors away from assets that volatile and high-risk Monday.
And overshadowed by fears of the possibility of reducing the credit rating of the United States or failure to pay debts on optimism about economic growth after the price of Brent crude oil jumped above $ 118 a barrel after reaching a tentative solution to the debt crisis of the euro area.
NEW YORK — Oil futures fell Tuesday because of a stronger dollar and expectations that U.S. supplies are rising.
The dollar gained ground against the euro and other major currencies. Oil is priced in dollars and it becomes less attractive to investors with foreign currencies as the dollar gets stronger.
Benchmark West Texas Intermediate crude for June delivery fell $2.47, or 2.2 percent, to settle at $111.05 per barrel on the New York Mercantile Exchange. In London, Brent crude dropped $2.67 to settle at $122.45 per barrel.
Read more: http://www.chron.com/disp/story.mpl/business/7549225.html
OPEC do not see the justification for an extraordinary meeting
Futures fell ore Brent oil and the U.S. more than three dollars yesterday, as a result of deteriorating morale of the global market because of strong earthquakes and tidal waves (tsunami ), which hit Japan. The price Brent crude to 112.25 dollars a barrel, while U.S. light crude fell to 99.01 dollars.
Announced delegate to the Gulf of «OPEC» that «the Organization of Petroleum Exporting Countries, sees no need to hold an extraordinary meeting will be scheduled for a meeting only if the predicted shortage of supplies and high prices not because of political turmoil, as is the case now». The delegate, who asked not to be named: OPEC currently does not expect any shortage in oil supply».
London Brent crude futures above the level of $ 114 a barrel today
To reach its highest level in 28 months driven by growing concerns over the unrest in Libya to other top producers in the Middle East, including Saudi Arabia.
Increase follows massive loss of around $141 bn in 2009
Strong crude prices boosted the nominal economy of Gulf oil producers by nearly $130 billion in 2010 while real GDP growth sharply rebounded, according to a key Saudi bank.
The rise in oil prices also turned the deficit in the combined fiscal balance in the six-nation Gulf Cooperation Council (GCC) into a surplus last year and largely widened their current account, the Saudi America Bank Group (Samba) said in a study.
Baghdad (news) .. warned oil expert Halim Kazem of the Kingdom of Saudi Arabia to increase production of oil, which will affect the Iraqi budget. Kazim said in a statement singled out by the Agency (news) on Saturday: can Saudi Arabia be used to increase oil pump for the drop in prices will be clear to the Iraqi economy and on the budget.
11/02/2011
LONDON, (Reuters) – Brent oil prices rose above $101 a barrel on Friday after Egypt’s President Hosni Mubarak refused to step down, stoking fears that the rising tensions could disrupt oil flows or spread to major producers in the region.
Brent futures jumped by more than $1 on Friday on rising tensions but later pared gains as Egypt’s powerful army moved to defuse tensions by lifting 30-year-old emergency laws.
ICE Brent crude futures were up by 62 cents at $101.49 a barrel and U.S. crude futures were up 11 cents at $86.84 a barrel.
