Wednesday, November 27, 2024
Goldman Sachs: OPEC+ cuts may support oil in the near term, 28 NOV
Goldman Sachs: OPEC+ cuts may support oil in the near term
Economy News _ Follow-up
Crude oil production declined in Iraq, Kazakhstan and Russia in compliance with OPEC+ production cuts, supporting some rise in Brent prices in the near term, according to a recent Goldman Sachs note.
The investment bank added in its memorandum issued on Tuesday that Saudi Arabia is likely to extend oil production cuts due to the recent decline in prices, and that it now believes that oil production cuts will continue until April 2025 instead of January.
Goldman Sachs kept his forecast for the average price of 2025 Brent crude at $76 per barrel.
The group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is discussing another delay in increasing oil production, which was due to begin in January, two OPEC+ sources told Reuters.
At the group’s latest meeting, held on November 3, OPEC+ agreed to postpone the production increase scheduled for December for a month.
“Any increase in OPEC+ production will be gradual and will depend on data,” the bank said.
Goldman Sachs added that the high level of commitment to OPEC+ production cuts indicates that member countries in the group are working together to stabilize oil prices.
Production from Iraq, Kazakhstan and Russia fell 0.5 million barrels per day in November, he said.
Executives at global commodity trading giants Vitol, Travigura and Gonfor said at the Energy Intelligence Forum in London that OPEC member countries were unlikely to back down from voluntary production cuts in the near term.
But despite OPEC+ production cuts and delayed production increases, Brent crude futures mostly remained in the range of $70 to $80 this year, trading at below $74 on Tuesday.
Goldman Sachs last week revised its forecast for Brent prices to $80 a barrel on average this year, despite supply deficits and geopolitical uncertainty during 2024, citing an expected surplus in 2025.
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Added 2024/11/27 – 10:17
EXCERPTS FROM MARKZ, 28 NOV
EXCERPTS FROM MARKZ
Member: Notifications or 800#’s today???
MZ: I’m not expecting them today….but very soon. None of my sources say it’s happening today….but some folks think the next 3 days are highly possible.
Member: Bruce said something about it going today
MZ: We do have some key people that are no longer in place until Friday. A number of folks on the bond side from the US that had been in Zurich, Hong Kong or Asia are home for the holidays. They should fly back to their places on Friday so I am not expecting a plethora of news before Friday. If need be- a number of people in the Reno area are close and can get back quickly.
Iraq ranks fourth in the Arab world among the world’s largest economies for 2025, 27 NOV
Iraq ranks fourth in the Arab world among the world’s largest economies for 2025
Iraq ranked 51st globally and fourth in the Arab world in the list of the world’s largest economies for 2025, according to a report issued by the American magazine “CEOWORLD”.
The report indicated that the United States will lead the world economies in 2025 with a total domestic product of $30.33 trillion, followed by China with $19.53 trillion, then Germany with $4.92 trillion, Japan with $4.39 trillion, and India with $4.27 trillion.
The report explained that these five countries will lead the global economy thanks to their great influence on international trade and wealth, while the list of the top ten includes other countries such as the United Kingdom, France, Italy, Canada and Brazil, reflecting a balance between developed and emerging economies.
Iraq is in fourth place in the Arab world
At the Arab level, Iraq came fourth with a gross domestic product of $ 270.87 billion, after:
1. Saudi Arabia
2. Emirates
3. Egypt
It was followed by Algeria, Qatar, Morocco, and Kuwait.
Countries at the bottom of the global list
At the end of the ranking, Tuvalu came in last place (196) with a gross domestic product of $79 million, ahead of Nauru with $179 million.
The report reflects an optimistic view of the Iraqi economy in the near future, while noting its great potential to play a pivotal role in the region.
https://www.nrttv.com/ar/detail3/37263
Coffee with MarkZ. 11/27/2024
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Gooood morning Mark, mods and fellow Patriots!
Member: Happy Thanksgiving eve!!! 4 day weekend. Nice for a RV?
Member: Notifications or 800#’s today???
MZ: I’m not expecting them today….but very soon. None of my sources say it’s happening today….but some folks think the next 3 days are highly possible.
Member: Bruce said something about it going today
MZ: We do have some key people that are no longer in place until Friday. A number of folks on the bond side from the US that had been in Zurich, Hong Kong or Asia are home for the holidays. They should fly back to their places on Friday so I am not expecting a plethora of news before Friday. If need be- a number of people in the Reno area are close and can get back quickly.
Member: Could you please explain the 800 #s for the new people?
Member: Redeeming banks/redemption centers will send a notification to the dinar sites and some gurus to publish …Call the 800 number posted…..give them your zip code and they set up an exchange appointment for you in your area……Thats what I was told.
Member: Do you have a guesstimate of rates for us newbies?
MZ: On the dong we have seen anything from .39 cents to $3.90 recently….i am hearing now that it could be closer to the $3.50-$3.90 range. I am hearing low $4’s on the dinar but they have seen $6-$8…and some of my sources think the law rate is off. Indonesia we are still hearing $1.47.I do not have any idea what the Pengo or bolivar will be. Still hearing on the Zim between $30 million to $50 million per 100T note
Member: The talk about these supposed rates doesn't mean a Damn thing if they continue to not flip the switch
Member: Got a lot of intel in my inbox forwarded to me last night wow!!! I think Things are getting very exciting!!!!
Member: Sudani’s out of his country so no RV until he returns. IMO
MZ: “ The upcoming session will witness a vote on all controversial laws” one f the most controversial laws is the HCL and the profit sharing agreement . It is a key peace for a revaluation.
MZ: “ For the first time since 2003. Non-Oil revenues achieve significant growth in 2024” This gives Iraq stability and helps allow them to raise the value of their currency.
Member: Amazon warehouse workers are going on strike this Black Friday-possibly
Member: Mark...think it would be epic for EAS and disclosure during Thanksgiving dinner to vindicate all the tin foil hat peeps
MZ: There are a lot of people staying home this Thanksgiving. One rumor I did hear on fines and penalties…that there was a good chance they could go this weekend because of the number of people that will be home and in place. It makes sense.
Member: Why is there so much miss information out there? Why can’t people tell the truth?
MZ: A lot of the misinformation is purposeful….so people don’t know the timing
Member: Safe travels to those heading out this Thanksgiving and remember we all have something to be thankful for.
Member: We were CHOSEN to be here at this time...Have faith...Our day is coming...We will create our new beautiful earth together...Remember Unconditional Love & Peace
Member: Hope everyone has a great day today!
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
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