BACKDOC: TALK IS ALWAYS CHEAP, SO WE WATCH THE OIL INVENTORIES TO SEE THE CRUDE REALITY! DOC IMO
Mountainman: Very INTERESTING......As I was READING This WEEKS OIL NEWS it Seemed to Me that Their was A COLLECTIVE NEGOTIATION...A Calculation coming to a Head and MANY COUNTRIES were in a "PAUSE and REFLECT" Mode before Something BIG UNVEILED Itself!!!!!!!! All seems to be "PANNING" Out!!!!!!!!......LOL
Thunderhawk: Oil prices recover ahead of Iran-Iraq talks
Crude prices recovered Wednesday before a meeting between the Iranian and Iraqi oil ministers following a Saudi Arabia-Russia agreement to freeze output...
In early afternoon London deals, Brent North Sea crude for delivery in April jumped $1.02 to $33.20 per barrel, according to AFP.
US benchmark West Texas Intermediate for March delivery added 64 cents to $29.68 a barrel from Tuesday's closing level.
Oil prices have tumbled about 70 percent since June 2014, hit by oversupply, sluggish demand and concerns over the global economic outlook.
Prices have come under renewed pressure from Iran's return to world markets after the lifting last month of international sanctions linked to its nuclear program.
The commodity had enjoyed a surge from Friday to early Tuesday as Moscow and Riyadh -- the world's two biggest producers -- prepared for talks on a rout that has seen the cost of a barrel collapse and hammered global markets.
But the conditional agreement between Saudi Arabia, Russia, Venezuela and Qatar to freeze output at record January levels, rather than make cuts, left a bad taste in the mouths of traders, sending both main contracts into reverse.
'Sharp price falls were (Tuesday's) market response to the joint decision of Saudi Arabia, Russia, Qatar and Venezuela to freeze their oil production at the January level for the time being,' said Commerzbank analyst Carsten Fritsch.
'This is because production will continue to exceed demand significantly for now, meaning that crude oil stocks will continue to grow.
'How prices now perform will depend to a major extent on the signals sent out from Iraq and Iran.
'There are indications that Iraq might be willing to cooperate, in which case Iraq's rapid production growth of almost 1.0 million barrels per day last year would at least come to an end.
Iran is bound to want to up its output following its long battle for sanctions to be lifted.
The weekly US oil inventories report is meanwhile scheduled for publication on Thursday, one day later than normal owing to a public holiday on Monday.
BACKDOC: IRAN SAYS THEY ARE REALLY GRATEFUL FOR LETTING US GET BACK ON OUR FEET IN THIS SLIPPERY MARKET! HEE HEE DOC IMO
Mountainman: In Other WORDS........It's to ALL our "BENEFIT" to COOPERATE Here and NOW......So we Can get The NEW GLOBAL REALITY at "FULL PROFIT POWER"........For Us ALL......IMO
Thunderhawk: Iran supports moves to improve oil price: Zangeneh
Iranian Minister of Petroleum Bijan Zangeneh said Tehran supports any move to stabilize the situation in the international crude oil market and improve the price of the product.
Speaking to reporters following a joint meeting among ministers of oil and energy of Iran, Iraq, Venezuela, and Qatar here on Wednesday, he said, “Today we had a good meeting and the report of yesterday’s meeting (in Doha) was presented. We welcome cooperation between OPEC and non-OPEC (producers).”
“The decision taken so that OPEC members and non-OPEC (countries) freeze their production ceiling in a bid to stabilize the market and improve prices in the interest of consumer and producer is also supported by us,” he told reporters, Shana reported.
He added that participants of the Tehran meeting were briefed about Iran’s return to the market in the post-sanctions era and said, “We discussed about this issue with the Iraqi, Qatari, and Venezuelan ministers of oil and energy and they viewed the reality with a logical view.”
“I hope that with the efforts which have been initiated, we would witness improvement of the market’s situation in future,” Zangeneh said.
Regarding the effect of a recent meeting between OPEC members and non-OPEC countries, the Iranian minister said, “One should wait to see its effect on prices.”
“As I said, this is the initial step and we have to look at it positively. Buy I think everybody agrees that we have to monitor the market situation and reaction and to consult on the next steps if necessary,” he said.
Referring to non-OPEC countries’ readiness to cooperate, Zangeneh said, “As I was told, Russia in the capacity of the world’s largest oil producer, Oman and other countries have expressed their joining up which is a positive move and we approach it in a positive way.”
“This is good start,” the Iranian minister said.
BACKDOC: EVEN THE SCARECROW WITHOUT A BRAIN GETS IT! WITH ADJOINING BORDERS AND INCOME PROPERTIES THESE TWO SHIA BROTHERS WILL CHOOSE JOY! HEE HEE DOC IMO
Thunderhawk: Iraq calls for expansion of ties with Iran
Visiting head of the Chamber of Commerce of Iraqi province Dhi Qar said in this western province here on Wednesday that Baghdad attaches great importance to expansion of all-out relations with Tehran
Abdul Razzaq made the remarks in a meeting attended by Iranian businessmen in Kermanshah province.
'So far, the local businessmen in Kermanshah province have had an active presence in Dhi Qar markets,' he added.
'Iraq has expanded its economic relations with several countries, Iran in particular, recently,' Razzaq said.
Touching upon Iraqi government 2016 agenda for reinforcing its economic sector, he added: 'We are keen on fostering trade cooperation with Iran.'
'Dhi Qar province enjoy huge untapped potentials for expanding trade cooperation with Iran,' he added.
Located in south of Iraq, the industrial city of Dhi Qar has two million population.
Mountainman: WELL"....IMO......OIL is being "SIGNALED" as A New PARADIGM Unfolds here.....S.A. and RUSSIA/Other OPEC/NON-OPEC Countries WORKING to Agree....As I said Before...Could This be The "SIGNAL" that Projects The Petro Dollars EXIT.....For The WORLD to SEE???......TIME will TELL as We Watch!!!!!!!!.....IMO
Thunderhawk: S. Arabia, Russia to freeze oil output
Saudi Arabia and Russia agreed to freeze oil output, which is already at near-record levels. This is the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies.
According to Bloomberg, it’s the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it’s open to further action.
Oil pared gains after the accord was announced, signaling traders see no immediate end to the global supply glut.
The deal to fix production at January levels, which includes Qatar and Venezuela, is the “beginning of a process” that could require “other steps to stabilize and improve the market,” Saudi Oil Minister Ali Al-Naimi said in Doha Tuesday after the talks with Russian Energy Minster Alexander Novak.
Qatar and Venezuela also agreed to participate, he said.
Saudi Arabia has resisted making any cuts in output to boost prices from a 12-year low, arguing that it would simply be losing market share unless its rivals also agreed to reduce supplies.
Naimi’s comments may continue to feed speculation that the world’s biggest oil producers will take action to revive prices.
“The reason we agreed to a potential freeze of production is simply the beginning of a process” over the next few months, Naimi told reporters.
“We don’t want significant gyrations in prices. We don’t want a reduction in supply. We want to meet demand. We want a stable oil price.”
More than a year since the Organization of Petroleum Exporting Countries decided not to cut production, oil remains about 70 percent below its 2014 peak, hovering around $140 a barrel.
Supply still exceeds demand and record global oil stockpiles continue to swell, potentially pushing prices below $20 a barrel before the rout is over, Goldman Sachs Group Inc. said last week.
While Novak has said he could consider cuts if other countries joined in, Russia faces significant obstacles to doing so. The freeze is conditional on other nations agreeing to participate, Russia’s Energy Ministry said in a statement.
The group of producers plans to monitor output and prices for four months, Venezuelan Oil Minister Eulogio Del Pino said in an e-mailed statement.
“This is an announcement of a production freeze among countries whose production didn’t even grow recently,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt.
Oil erased gains in London after rising before the meeting amid speculation the countries would discuss production cuts. Brent crude fell 3.6 percent to settle at $32.18 a barrel Tuesday in London, having earlier climbed as much as 6.5 percent.
BACKDOC: FOR IRAN, ITS TIME TO MAKE THE DONUTS! SHOW ME THE MONEY HONEY! I MEAN THE EUROS MR. BRIT! DOC IMO
Mountainman: I SEE IRAN Says........"WHAT'S" Coming DOWN this GLOBAL OIL SLOPE and We are At "FULL SPEED AHEAD"........SHIPS OF JOY.....MATEY!!!!!!!! IMO
Thunderhawk: Iran to export 2nd oil shipment to Europe
Deputy Oil Minister and Managing Director of National Iranian Oil Company Roknoddin Javadi said on Wednesday that Iran will export its second oil shipment to Europe before the end of February as the first shipment headed for the destination after lifting of sanctions.
Javadi said French, Spanish and Russian companies are purchasers of the Iranian oil.
On the whole, four million barrels of oil will be exported to Europe, he added.
Javadi said Iranian oil production will increase by 500,000 barrels by the end of this year.
Iran will raise its crude exports by one million barrels per day after elimination of sanctions.
BACKDOC: IF YOU WOULD GET GOING AND DIVERSIFY YOUR ECONOMY YOU MIGHT NOT WORRY AS MUCH ABOUT RUDE CRUDE! LOL DOC IMO
Mountainman: Hey My Brother SHIITE/IRAQ.......Since we are PARTNERS....You Know "WHAT" I'm sayin.......Let's Make Our Countries Productive....What You say IRAQ???.......Cool Your ALL IN too....RIGHT ON!!!!!!!!
Thunderhawk: Industry minister attends Iran's second exclusive fair in Baghdad
Minister of Industry, Mine and Trade Mohammad Reza Ne'matzadeh visited different sectors of the second exclusive exhibition of Iran in Baghdad and discussed existing problems in the way of private sector export to Iraq by participants.
Nematzadeh in a meeting with Iraq's acting Minister of Commerce and Minister of Labor and Social Affairs Mohammad Shyaa Sabbar al-Sudani in the morning signed a Memorandum of Understanding and then visited exhibition accompany with Iraqi minister.
In inauguration ceremony, Deputy Minister of Industry Hossein Esphahbodi presented a report on Iranian companies participated in the fair.
He said that 115 Iranian companies have presented their latest achievements in this exhibition.
The Iranian participating companies are in the fields of automobile, construction materials, oil, petrochemicals, electricity, water, telecommunication, food products, sanitation materials and home appliances.
Nematzadeh is due to visit production line of Saipa and Iran Khodro in city of Eskandarieh, south of Baghdad, which are commissioned by joint venture investment.
Iran's exclusive exhibition will be open here until February 19, 2016.
Mountainman: Gotta LOVE this HEADLINE...."NEW ERA"........Yah It's Called "NEW VALUE"......Coming to a COUNTRY near YOU!!!!!!!! (8) Ball Corner POCKET!!!!!!!!........LOL.....
Thunderhawk: Deputy FM says new era for investment and technology transfer
Deputy Foreign Minister for Euro-American affairs Majid Takht-e Ravanchi said on Wednesday that following the removal of sanctions, a new era has begun for investment and technology transfer.
He was speaking during the opening ceremony of a meeting in Oslo to explore cooperation opportunities between Iran and Norway.
Norway boasts very good capacities in different industries, including maritime industry, oil and gas, nuclear safety and renewable energies, Takht-Ravanchi said, adding that Tehran welcomes the presence of Norwegian companies in Iran that he said can open a gate to the regional market.
He said that presence of representatives from Iranian state-owned and private companies in his accompanying delegation indicates the eagerness on the Iranian side to cooperate with Norwegian companies.
The meeting was attended by representatives from 150 Iranian and Norwegian companies.
BACKDOC: HEY, I THINK THE TIN MAN GOT LUBED UP AND CALLED A MEETING! THE MEMO READ: I CHOOSE JOY!
Mountainman: "STRATEGIC" theme "AGAIN"......WATCH this "CONVERGENCE".....for it Sets the "STAGE" Right NOW....and In shall we say...."FUTURE ENDEAVORS"=Ezekiel 38+39.......STRATEGY......for the "FUTURE as well....IMO
Thunderhawk: Expert: Iran, Russia cooperation vital for ME stability
Head of Russian Center for Political Technologies Sergey Mikheev said Tehran-Moscow cooperation in security and military areas was vital for consolidating peace and stability in the Middle East region.
Talking to IRNA on Wednesday, he stressed that both Iran and Russia pursued the objective of fighting terrorism and extremism in the region.
He said the two countries have already upgraded the level of cooperation to long-term strategic relation which is of higher premium.
He said the two countries have within the past year increased the volume of cooperation on regional developments.
He referred to developments in Syria as one outstanding case of high-level collaboration between Iran and Russia which has forced other regional and international players like the US and Turkey to change their policies.
The Russian expert said the convergence between Iran and Russia came as the result of their shared goal of combating terrorism and extremism.
Mountainman: Let's FACE it.......EUROPE is In "DIRE" need RIGHT NOW and They NEED ALL the "LIFE LINES" they can Get!!!!!!!!........IMO
Thunderhawk: Swiss firm ready for petchem technology transfer to Iran
Managing Director of National Petrochemical Company (NPC) Marziyeh Shahdaei said foreign firms are required to transfer modern technology when embarking on joint ventures with Iran as a Swiss firm expressed readiness to cooperate with Iran.
“NPC supports investment in the petrochemical industry’s upstream and downstream sectors and Swiss companies can participate in its projects in line with this policy,” she told a delegation from Sulzer company.
Thorsen Winter Greze, a senior Sulzer official, said that the firm is interested in returning to Iran’s petrochemical projects, according to Shana.
“We are ready to cooperate in transfer of technology to Iran’s petrochemical complexes as well as in licensing of Iranian companies,” he added.
The Sulzer Executive Committee member also said the firm has established ties with two Iranian petrochemical companies following removal of sanctions.
Link to Part 2