• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 52 mins Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 1 day CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 day NordStream2
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 6 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days 2019 - Attack on Saudi Oil Facilities.
Canada's Ambitious New Plan To Save Its Oil Sands

Canada's Ambitious New Plan To Save Its Oil Sands

Canada is looking to harness…

Biden’s Blunder Could Send Oil Prices To $100

Biden’s Blunder Could Send Oil Prices To $100

While oil prices crashed on…

Iraq’s Oil Minister Sees Oil Breaking $50 In Early 2021

Oil prices are set to exceed $50 a barrel early next year, thanks to the OPEC+ production agreements, although prices are still volatile because of the pandemic, Iraqi Oil Minister Ihsan Abdul Jabbar Ismaael said over the weekend.

“Prices are improving, but they are still sensitive to fluctuations caused by the repercussions of coronavirus,” the oil minister of OPEC’s second-largest producer said at an oil and gas conference in Baghdad on Sunday, as carried by Middle East Monitor.

COVID-19 has crippled the oil industries, putting them in a “critical situation,” according to the Iraqi minister.

Two months ago, Ismaael was expecting oil prices to start to recover beginning in the second quarter next year, helping Iraq’s oil industry and its plans to increase production capacity. In October, the minister had forecast the average for Brent Crude prices during January-March 2021 at $45 a barrel. As a result of this expectation, Baghdad will be basing its 2021 budget on an oil price level of $42 a barrel, the minister told Iraqi daily Al Sabah.

Speaking at the Baghdad conference this weekend, Ismaael confirmed that Iraq’s budget for 2021 was based on a crude oil price of $42 per barrel.

Iraq is one of the most oil-dependent economies, even by OPEC standards, and has seen its budget revenues plummet after oil prices crashed in March. Oil revenues are critical to Iraq’s budget income, but in recent months Iraq has come under pressure from its fellow OPEC+ partners led by Saudi Arabia to stop cheating on their production quotas and finally start complying with the OPEC+ agreement. 

Iraq is committed to the agreement, the minister reiterated this weekend, days after OPEC+ managed to seal a compromise deal over its oil production policy early next year, presenting a united front of a unanimous decision after days of disagreements. The deal for increasing total OPEC+ production by 500,000 bpd in January also gives laggards in compliance – such as Iraq – time until March 2021 to compensate for their lack of compliance since May this year.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News