Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman participated in a virtual meeting last Sunday, during which they agreed to increase oil production by 188,000 barrels per day next month.  

This marks the fourth consecutive month that OPEC+ has increased its production, “despite the United Arab Emirates’ departure from OPEC on May 1 and the dissolution of the broader OPEC+ alliance.”

The adjustment announced by these seven OPEC+ countries is part of their “collective commitment to support oil market stability,” according to a statement.

A meeting of these seven countries is scheduled for July 5 to make further decisions. However, they have indicated that they will maintain full flexibility to adjust their production according to market conditions.

M.Pino

Source: xinhuanet

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Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

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La entrada OPEC+ agreed to increase production to 137,000 barrels per day in October apareció primero en Bitfinance.

During the 79th session of the United Nations General Assembly, a cybersecurity agreement was announced between Venezuela, Russia, Cuba, Iran, North Korea, Nicaragua, Belarus, Burkina Faso, Egypt, Iraq, Kyrgyzstan, and Laos.

The signing of this agreement is an endorsement of the United Nations Convention on Cybercrime and will help members collect and share digital evidence, combat the use of cyberspace to commit crimes, and strengthen regulations in this field.

“The group urged all member states to sign the document during the official ceremony scheduled for Hanoi in 2025, and to work on the development of an additional protocol addressing other crimes enabled by digital technologies, in accordance with General Assembly resolutions 74/247 and 75/282.”

Venezuela and the 11 signatory countries urged the UN to establish a “Permanent Mechanism on ICT Security, to replace the current open working group on the peaceful use of information technologies (2021–2025). The objective would be to consolidate a stable, consensus-based institutional framework to address cybersecurity issues from the perspective of international peace and stability.”

The document is critical of sensitive issues such as the use of new technologies as tools for interference in internal affairs, “political destabilization, and manipulation through satellite internet networks.”

The twelve nations advocate multilateralism, non-interference, and respect for each state’s national legislation.

M.Pino

Source: globovision

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La entrada Venezuela signs cybersecurity agreement with 11 nations apareció primero en Bitfinance.

In a recent meeting between the Venezuelan ambassador to Iraq, Arturo Aníbal Gallegos, and the Iraqi Minister of Agriculture, Abbas Jabr Al-Maliki, a memorandum of understanding was signed to strengthen trade cooperation between the two countries.

During the meeting, the Iraqi minister indicated that the nation is deeply interested in importing 400,000 head of Venezuelan cattle by 2025 to meet its people’s demand for protein.

This meeting addressed the need to “strengthen collaboration in livestock, beef consumption, and other agro-industrial areas.” The importance of “promoting bilateral private investment in the agro-industrial sector, enabling the development of productive capacities in Iraq with support from Venezuela’s experience,” was also highlighted.

The expansion of trade between the two countries includes the inclusion of strategic products “such as coffee, cocoa, and tropical fruits from Venezuela, while Iraq will offer its surplus wheat and dates.”

M.Pino

Source: ultimasnoticias

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La entrada Venezuela and Iraq agreed to strengthen agricultural and trade cooperation apareció primero en Bitfinance.

The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

M.Pino

Source: finanzasdigital

(Reference image source: Christian Harb on Unsplash)

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La entrada OPEC+ members agreed to increase production apareció primero en Bitfinance.

Iraq announced it will reduce its oil exports to 3.3 million barrels a day to balance any increase above its OPEC+ quota in January and February.

The announcement was made this Monday by the Iraqi Ministry of Oil, in line with the voluntary cuts of the OPEC+ group of oil-exporting countries.

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, together with its allies, including Russia (OPEC+), have been applying these production cuts since the end of 2022 to support the market.

In this sense, the next cut came into effect in January for the first quarter of 2024. At the beginning of the current month, it was extended to cover the second quarter.

Regarding Iraq’s oil production quota, it stands at 4 million barrels per day, adjusted for voluntary cuts. “Secondary sources, which provide production data for OPEC+ members, reported that Iraq’s production was 4.2 million bpd in February”, when Iraqi oil exports averaged 3.43 million bpd in February, according to the Oil Ministry.

M.Pino

Source: marketscreener

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La entrada Iraq will reduce oil exports to compensate for excess production apareció primero en Bitfinance.

Germany’s second private commercial bank, Commerzbank, plans to close its branches in Barcelona (Spain) and Venezuela, and also sell its subsidiaries in Brazil and Hungary.

The measure is due to the results released by the entity in 2020 when a net attributable loss of almost 2,900 million euros was recorded. At that time they announced they wanted to close branches and representative offices outside of Germany and withdraw from fifteen international locations.

So far it is known that the company’s future plans will be set to expand its offices in Dubai as well as other countries such as Azerbaijan, Georgia, Indonesia, Iraq, Kazakhstan, Lebanon, Malaysia and Serbia, where it plans to have progressive advances.

The information was provided by the directors Roland Boehm and Nikolaus Giesbert, who from the bank’s intranet announced that the subsidiaries in Luxembourg, Brussels, Bratislava and Hong Kong will also be closed.

Commerzbank plans to be present in 40 countries around the world and will concentrate its activities in Singapore.

K.Villarroel

Source: diariolibre

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