Manu66 » May 25th, 2017
So with Ramadan starting tomorrow and nothing gets done during this period then we look to the next window which is after Ramadan?
Aggiedad77 » May 25th, 2017
Aggiedad77 » May 25th, 2017
Sorry but I respectfully disagree.....yes Ramadan starts tomorrow....but you should not think that country or that all countries who recognize Ramadan shut down completely.....remember Frank has said numerous times it is not a holiday.....People still go to work, work continues.....just for not as many hours per day.....that's my take on it.....the RV can happen at whatever point they deem they are ready.....the studies by Frank and his TEAMS do not stop. Aloha Randy
Upstart » May 25th, 2017
Upstart » May 25th, 2017
Totally agree with you Randy ….I also like announcements on Thursday evenings
MilitiaMan » May 25th, 2017
MilitiaMan » May 25th, 2017
Oil did tap about $54.50 tonight. It looks as though the market is pricing in a cut in production and a deal with Iraq. Kinda cool, it is about Iraq, but, it isn't about Iraq. lol
SA putting someone inside of Iraq to cut a deal, make a deal, what ever it may be, it is SA in Iraq sniffing around and not Abadi running tail the other direction. That 800 million yacht, the gold, the gifts to Trump is an olive branch to the ME per se. I mean Trump (USA) is in big with guns in the ME. The New Garudian.. It looks solid while we wait.. imo ~! MM
Don961 » May 25th, 2017
SA putting someone inside of Iraq to cut a deal, make a deal, what ever it may be, it is SA in Iraq sniffing around and not Abadi running tail the other direction. That 800 million yacht, the gold, the gifts to Trump is an olive branch to the ME per se. I mean Trump (USA) is in big with guns in the ME. The New Garudian.. It looks solid while we wait.. imo ~! MM
Don961 » May 25th, 2017
Several delegates and ministers including Algeria say they do not believe cuts could be extended to a full year.
Thursday, May 25, 2017
Kuwait Raises Prospect for Deeper Crude Cuts
OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global oversupply and prop up the price of crude, Kuwait said on Wednesday.
The top oil producer in OPEC, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, to speed up market rebalancing and prevent crude prices from sliding back below $50 per barrel, Reuters reported.
Thursday, May 25, 2017
Kuwait Raises Prospect for Deeper Crude Cuts
OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global oversupply and prop up the price of crude, Kuwait said on Wednesday.
The top oil producer in OPEC, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, to speed up market rebalancing and prevent crude prices from sliding back below $50 per barrel, Reuters reported.
OPEC members Iraq and Algeria as well as top non-OPEC producer Russia also said they support a nine-month extension.
As ministers gathered in Vienna for informal consultations on Wednesday, Saudi OPEC ally Kuwait said discussions included the possibility of deepening the cuts or prolonging them by 12 months.
"All options are on the table," Kuwaiti Oil Minister Essam al-Marzouq told reporters.
The Organization of Petroleum Exporting Countries meets formally in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members agreed to cut output by about 1.8 million barrels per day in the first half of 2017.
On Wednesday, a ministerial monitoring committee consisting of OPEC members Kuwait, Venezuela, Algeria and non-OPEC Russia and Oman met in the Austrian capital to discuss the progress of cuts and their impact on global oil supply. Saudi Arabia, which holds the current OPEC presidency, also attended the informal gathering. Several delegates and ministers including Algeria said they did not believe cuts could be extended to a full year.
Possible surprises could include a deepening of the cuts, but this would likely be minor because the non-OPEC producers that are expected to join the accord for the first time on Thursday, such as Turkmenistan and Egypt, are fairly small.
A more substantial cut was unlikely, one OPEC delegate said, "Unless Saudi Arabia initiates it with the biggest contribution and is supported by other Persian Gulf members."
Algeria's energy minister said he believed stocks remained stubbornly large in the first half of 2017 because of high exports from the Middle East to the United States. "Thankfully, things are improving and we started seeing a draw in inventories in the United States," Noureddine Boutarfa told Reuters.
https://goo.gl/K0og4v
MilitiaMan » May 25th, 2017
They smell nothing but CRUDE! JED would be proud.. So would Granny!! Lol
Blinkster » May 25th, 2017
Blinkster » May 25th, 2017
Black Gold....Texas Tea. Sahwheet Crude!
Greenclan » May 25th, 2017
Greenclan » May 25th, 2017
Iraq Considers Massive Oil Hedge Akin To Mexico’s
By Zainab Calcuttawala - May 24, 2017, 10:00 PM CDT
Iraq Oil
Top Iraqi oil marketer Falah Al Amri suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades well in advance—just like Mexico’s existing strategy, but almost twice as large in size.
“We will not rush. This is a long process,” SOMO chief Al Amri said. “We must make sure we do not lose money. You know the Iraqi parliament, it would not accept that.”
Iraq is still in the early stages of exploring the possibility, the official said, adding that the proposal could add a new facet to SOMO’s traditional marketing role.
“Transforming SOMO is unstoppable. It will do more than just market Iraqi crude,” he said.
Bloomberg calculations put the size of the Middle Eastern country’s hedge at 400 million barrels, compared to the Mexican finance ministry’s 250 million barrels, which generate $3 billion from its options last year. State-owned PEMEX hedged its own oil production separately this year as well.
“We are sending people for training with international companies and they will learn about hedging and how we can do it,” Al Amri said. “We will study and make a proposal to the government.”
Private oil companies, especially American shale producers, commonly hedge oil prices to lock in incoming cash flow, but Mexico has so far been the largest country to make a federal strategy out of it. Ecuador, Ghana, and a few other nations have employed similar hedges in the past.
The hedge takes the form of mass purchases of options contracts that allow, but do not obligate, a government to sell oil at a predetermined price. The size of the hedge could affect the macroeconomics of barrel prices, and several analysts have said the Mexican policy contributed to bearish markets in 2008 and 2014.
By Zainab Calcuttawala - May 24, 2017, 10:00 PM CDT
Iraq Oil
Top Iraqi oil marketer Falah Al Amri suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades well in advance—just like Mexico’s existing strategy, but almost twice as large in size.
“We will not rush. This is a long process,” SOMO chief Al Amri said. “We must make sure we do not lose money. You know the Iraqi parliament, it would not accept that.”
Iraq is still in the early stages of exploring the possibility, the official said, adding that the proposal could add a new facet to SOMO’s traditional marketing role.
“Transforming SOMO is unstoppable. It will do more than just market Iraqi crude,” he said.
Bloomberg calculations put the size of the Middle Eastern country’s hedge at 400 million barrels, compared to the Mexican finance ministry’s 250 million barrels, which generate $3 billion from its options last year. State-owned PEMEX hedged its own oil production separately this year as well.
“We are sending people for training with international companies and they will learn about hedging and how we can do it,” Al Amri said. “We will study and make a proposal to the government.”
Private oil companies, especially American shale producers, commonly hedge oil prices to lock in incoming cash flow, but Mexico has so far been the largest country to make a federal strategy out of it. Ecuador, Ghana, and a few other nations have employed similar hedges in the past.
The hedge takes the form of mass purchases of options contracts that allow, but do not obligate, a government to sell oil at a predetermined price. The size of the hedge could affect the macroeconomics of barrel prices, and several analysts have said the Mexican policy contributed to bearish markets in 2008 and 2014.
By Zainab Calcuttawala for Oilprice.com
http://oilprice.com/Latest-Energy-News/World-News/Iraq-Considers-Massive-Oil-Hedge-Akin-To-Mexicos.html