07/22 Closing prices/ revised 07/23/2024 07:50 GMT  |                                                                          07/22 OPEC Basket  $82.77   -$2.04 cents 07/22 Mexico Basket (MME)  $73.72   -$0.37 cents  | 06/31 Venezuela Basket (Merey)   $69 23   -$1.22 cents| 07/22 NYMEX WTI  August CLQ24  $79.78  -$0.35 cents | 07/22 ICE Brent Sept  BRNU24  $82.30 -$0.23 cents  | 07/22 NYMEX Gasoline Aug RBQ24 $2.47 +0.8 %  |  07/22 NYMEX  Heating Oil  Aug  RBQ 24  $2.43  +0.7% | 07/22 Natural Gas August NGQ 24    $2.25   +5.8%  | 07/19 Active U.S. Rig Count (Oil & Gas)    586  +2   | 07/23 USD/MXN Mexican Peso 17.9848 (data live)  | 07/23 EUR/USD   1.0877 (data live)  | 07/23 US/Bs. (Bolivar)   $36.5314000 (data BCV) |

OPEC+ to monitor market conditions at Dec. 4 meeting: Iraq’s OPEC rep – Platts

  • OPEC+ agreement has helped stabilize markets
  • Average oil price of around $97/b is ‘good’
  • Severe oil market volatility weighing on price stability: Saadoon
An OPEC flag is seen on the day of OPEC+ meeting in Vienna in Vienna, Austria October 5, 2022. (Lisa Leutner/Reuters)

Dania Saadi, Platts

ABU DHABI
Energiesnet.com 11 28 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.

spglobal.com 11 27 2022

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top