Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Iraq, Saudi Arabia express full commitment to OPEC balancing act
by Daniel J. Graeber
Washington (UPI) Aug 11, 2017


Oil production from Iraq and Saudi Arabia will remain subdued until the markets reach a target level that indicates a balanced market, leaders said.

Saudi Prince Mohammed bin Salman bin Abdulaziz al-Saud hosted Iraqi Oil Minister Jabbar al-Luabi to discuss recent trades in shared oil policy.

Saudi Arabia is the largest oil producer in the Organization of Petroleum Exporting Countries and Iraq is second. In terms of contribution to the OPEC-led effort to balance a market that's oversupplied by historic standards, Saudi is said to be cutting the most, while Iraq has been considered among the least compliant.

According to the official Saudi Press Agency, both sides touched on coordination with the multilateral agreement "and the confirmation of the two countries full commitment to the agreement to reduce oil production until the markets reach the target balance of this agreement."

Secondary sources told OPEC economists that Iraq produced 4.4 million barrels of oil per day in July, a decline of 33,000 bpd from the previous month, but relatively on par with its average for the year. Saudi Arabia produced 10.06 million barrels per day, which at 31,800 above June levels, nearly offsets Iraq's decline.

Saudi Arabia produced 9.9 million bpd in May, the first time in years that output was below 10 million barrels per day. Total OPEC production was about a half percent higher in July than in June.

There are indications the market still favors the supply side. According to OPEC, commercial oil stocks for the developed countries in the Organization for Economic Cooperation and Development in June were still above the latest-five year average by about 252 million barrels. That comes even as commercial OECD stocks declined in the same month by 21.9 million barrels.

Gains in U.S. crude oil production and output from Libya and Nigeria, two OPEC members exempt from the agreement because of national security issues, have undermined OPEC's balancing effort somewhat.

At a meeting in Abu Dhabi this week, Iraq and the United Arab Emirates joined non-member states Kazakhstan and Malaysia in expressing their willingness to work with a committee monitoring the production arrangement "in order to achieve the goal of reaching full conformity."

OIL AND GAS
Canada: province hires special counsel to help fight pipeline
Ottawa (AFP) Aug 10, 2017
British Columbia's new social-democratic government hired external counsel Thursday to review a pipeline expansion in Canada's westernmost province, after vowing during a recent election to kill the project. Officials also said they would seek to join a court challenge of the Trans Mountain project and try to revive consultations with affected indigenous groups. That was a key condition of t ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Additive selectively converts CO2 to multicarbon fuels

New light-activated catalyst grabs CO2 to make ingredients for fuel

Biochar could clear the air in more ways than one

Algae cultivation technique could advance biofuels

OIL AND GAS
Solar glasses generate solar power

ABB wins $30 million order to support integration of renewables in Germany

New method enhances broadband light absorption in solar cells

Lightweight catalyst for artificial photosynthesis

OIL AND GAS
Norway's Statoil reshapes hold of giant wind farm off the British coast

Vertical axis wind turbines can offer cheaper electricity for urban and suburban areas

Annual wind report confirms tech advancements, improved performance, low wind prices

U.S. wind power momentum up 40 percent from last year

OIL AND GAS
The Roadmap for Increased Safety and Viability of Nuclear Power Plants

Areva signs MOX fuel fabrication contract with Japan

Construction of two nuclear power plants in US halted

Nuclear contaminates earnings of France's EDF

OIL AND GAS
US to join climate talks despite Paris accord exit

Government report sees drastic climate change impact in US: NYT

Small odds of reaching 2 C climate goal: researchers

Could spraying particles into marine clouds help cool the planet

OIL AND GAS
Electric vehicles to eat into global oil demand by 6 million barrels

Czech Republic aims for nation-wide vehicle charging points

VW offers discounts against dirty old diesels

Mining giant BHP hops on EV bandwagon

OIL AND GAS
Conviction, sentences upended in Blackwater case

Iraq faces vast challenges securing, rebuilding Mosul

Two killed in IS-claimed attack on Iraq embassy in Kabul

FMS support deal in works for Iraqi vessels

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement