... OPEC+ states decided to cut production, oil prices, given the pressure of monetary factors (rising rates of the Fed and the ECB), could have dropped to USD 60-70 per barrel.
No doubt, there is a certain political implication of the decision made by some OPEC+ countries to cut oil production. It lies in the fact that relations between the U.S. and Arab oil-exporting countries have been cooling of late. The point is that, thanks to the “shale revolution in the U.S.,” oil production has significantly increased since 2010....
... June, Baghdad abided by the quotas in August, when the production amounted to 3.023 million barrels per day. Thus, Iraq was again forced to ask for so-called compensatory cuts, i.e., cutting production to compensate for overproduction in prior months.
OPEC+ members that exceeded their oil production in May-July have committed to further production cuts. Iraq accounts for the largest share of the total 2.375 million barrels per day of the compensatory cuts. Despite such export volumes, the implementation of the Iraqi budget is experiencing ...
... and health of Russian employees, our operators have specific tried-and-tested plans in place, which may even involve repatriation. However, we hope that it will
not be necessary
to resort to these crisis-response scenarios.”
Ruslan Mamedov:
A New Oil Campaign in Iraq
Speaking about the
OPEC+ deal
, Maksimov said, “The agreement to cut global petroleum output will definitely be welcomed in Iraq, which will allow the authorities to stabilize the budget policy and continue their efforts to restore the economy.”
Still, he mentioned ...
... prematurely, announced via Twitter that Saudi Arabia and Russia appeared
ready to compromise
on production cutbacks. But some analysts warned that the Saudis seemed "
much more measured
" in their statements.
Russia has withdrawn
from the OPEC+ deal among oil-producing nations to cut production and regulate the market, and Saudi Arabia announced earlier this week it would increase its oil output. The breakup not only sent the market into a spin, but it also triggered a controversial reaction in Russia....
