Wednesday, November 27, 2024
Parliamentary oil: Amending a budget paragraph enhances oil exports and understanding with Kurdistan, 28 NOV
Parliamentary oil: Amending a budget paragraph enhances oil exports and understanding with Kurdistan
The Parliamentary Oil and Gas Committee confirmed on Wednesday that the amendment of the paragraph that paid the cost of extracting the oil of the Kurdistan Region and delivering it to “SUMO” opens the way to expand exports and improve coordination between the region and the center.
A member of the Parliamentary Oil and Gas Committee, Kazem Al-Tuki, told {Al-Furat News} that “Iraq is committed to the OPEC system in determining the quantities of oil production, pointing out that production is sometimes lower than the specified ceiling.”
He added: “The recent agreement with the Kurdistan Region included an amendment of a paragraph in the budget related to the payment of the financial cost of extracting oil and delivering it to SUMO, which opens the way for expanding exports or directing the region’s oil to refineries.”
He stressed the importance of this understanding between the region, the Center and the Ministry of Oil to achieve better coordination in the management of oil resources.
From.. Ragheed
MARKZ: EXPLAINING THE 800# & GUESTIMATE OF RATES, 28 NOV
EXCERPTS FROM MARKZ
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
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.
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