عربي English Türkçe اردو فارسى
Logo
Latest News
Business

OPEC Receives Compensation Plans from Iraq, Russia and Kazakhstan

A model of oil rigs in front of the OPEC logo (Reuters)
A model of oil rigs in front of the OPEC logo (Reuters)
TT
TT

OPEC Receives Compensation Plans from Iraq, Russia and Kazakhstan

A model of oil rigs in front of the OPEC logo (Reuters)
A model of oil rigs in front of the OPEC logo (Reuters)

The Organization of the Petroleum Exporting Countries (OPEC) Secretariat said Wednesday that it received compensation plans from Iraq, Kazakhstan and Russia for their overproduced oil volumes in the first half of 2024.
OPEC said in a statement that the combined overproduction from the three countries totaled 2.28 million barrels per day (bpd) during the period.
The Organization added that the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on June 2, reiterated the critical importance of adhering to full conformity and the compensation mechanism.
In light of the above, the OPEC Secretariat said it received compensation plans from Iraq, Kazakhstan, and Russia for their overproduced volumes for the first six months of 2024 (January through June), which totaled about 1,184 tb/d for Iraq, 620 tb/d for Kazakhstan, and 480 tb/d for the Russian Federation, according to assessments made by the independent sources approved in the Declaration of Cooperation (DoC).
As a result, the three countries will trim output by varying amounts on a monthly basis, according to a table issued by OPEC, to compensate through September 2025.
Iraq and Kazakhstan will begin in July with 70,000 b/d and 18,000 b/d, respectively, while Russian cuts will begin in October.
The Platts OPEC+ Survey found Iraq produced 4.22 million b/d in June, against its quota of 4 million b/d. Russia pumped 9.10 million b/d (quota 8.978 million b/d) and Kazakhstan produced 1.54 million b/d (quota 1.468 million b/d) in the month.
Meanwhile, Russia would offset 40,000 bpd of oil overproduction in October-November 2024, while 440,000 bpd of excess output will be offset in March-September 2025, OPEC said.
Russian crude oil production in June exceeded quotas set by the OPEC+ group but the energy ministry pledged on Wednesday to stick to the required output level in July.
It said the production level was assessed by independent sources certified by the OPEC+ deal. These include international consultancies.
The ministry said Russia had sent its schedule on overproduction compensation to the OPEC secretariat, and that its oil output had fallen each month starting from April.
Deputy Prime Minister Alexander Novak said on Tuesday that Russia is producing close to its crude production cut target under the OPEC+ agreement.
Last month, Russia, in a rare admission of oil overproduction, said that it exceeded its OPEC+ production quota in April for “technical reasons.”
Meanwhile, Iraq has blamed high production estimates on its Kurdistan region, over which the government in Baghdad has little control.
“Iraq accounts for the largest share of the compensatory cuts. But Baghdad does not have oversight over production in the Kurdish Regional Government -- and has limited visibility over how much is even produced there,” said Jim Burkhard, Commodity Insights' vice president, oil markets, energy and mobility. “Unless KRG output is cut, then Iraqi federal production will have to be cut further. This would be a real challenge.”

 

Most Viewed

 
 
Business

Argaam Warns Against Fraudulent Digital Currency Claims Using Its Name

 Argaam logo 
 Argaam logo 
TT
TT

Argaam Warns Against Fraudulent Digital Currency Claims Using Its Name

 Argaam logo 
 Argaam logo 

Saudi financial information platform Argaam has issued a sharp warning after uncovering coordinated fraud attempts carried out through unofficial channels, exploiting its name and reputation in the Saudi market.

According to Argaam, the schemes seek to deceive the public by promoting false claims about digital currency launches and offering to double investors’ funds in return for dubious financial transfers.

In a statement, Argaam stressed that it does not issue digital currencies and never requests financial or digital transfers from individuals or entities.

It also confirmed that it does not collect personal or financial data nor offer investment invitations or proposals of any kind, emphasizing that all announcements and initiatives are communicated solely through its officially authorized channels within the Kingdom of Saudi Arabia.

Calling on the public to exercise caution and refrain from engaging with any unauthorized messages or entities, Argaam said it will take all necessary legal measures against anyone proven to have impersonated its name or exploited its trademark.

Such actions will be pursued in accordance with Saudi Arabia’s Anti-Cybercrime Law, Trademark Law, and other applicable regulations.

Argaam further affirmed that it reserves all its legal rights to pursue those involved before the competent authorities, and declared that it bears no responsibility for any transactions or damages resulting from dealings with such unofficial parties.

The warning comes at a time when Saudi regulations impose strict controls on digital currencies, which are not currently classified as legally recognized currencies within the Kingdom.

 

 

 

 

Business

Libya to Sign 25-year Deal with TotalEnergies, ConocoPhillips to Bring over $20 Billion in Investment

TotalEnergies' results in the fourth quarter of 2025 bucked the downward trend among major oil companies (Reuters)
TotalEnergies' results in the fourth quarter of 2025 bucked the downward trend among major oil companies (Reuters)
TT
TT

Libya to Sign 25-year Deal with TotalEnergies, ConocoPhillips to Bring over $20 Billion in Investment

TotalEnergies' results in the fourth quarter of 2025 bucked the downward trend among major oil companies (Reuters)
TotalEnergies' results in the fourth quarter of 2025 bucked the downward trend among major oil companies (Reuters)

Libya will sign a 25-year oil development agreement on Saturday with France's TotalEnergies and US-based ConocoPhillips, involving more than $20 billion in foreign-financed investment and aimed at boosting production capacity by up to 850,000 barrels per day, Prime Minister Abdulhamid al-Dbeibah ‌said.

Signed through ‌Waha Oil ‌Company, ⁠a subsidiary ‌of Libya's state-run National Oil Corporation, the deal is expected to generate net revenues of more than $376 billion, Dbeibah said in a post on X.

Dbeibah said ⁠that Libya will also sign a ‌memorandum of understanding with ‍US oil ‍major Chevron and a cooperation agreement ‍with Egypt's oil ministry, reported Reuters.

Libya is one of Africa's biggest oil producers, but output has been disrupted repeatedly in the chaotic decade since 2014, when the country ⁠split between rival authorities in the east and west following the NATO-backed uprising that toppled Muammar Gaddafi.

The agreements reflect "the strengthening of Libya's relations with its largest and most influential international partners in the global energy sector ... ultimately generating additional resources ‌for the national economy," Dbeibah said.

Business

Wall Street Intends to Stay Open around the Clock

Futures-options traders work on the floor at the New York Stock Exchange's NYSE American (AMEX) in New York City, US, January 21, 2026. REUTERS/Brendan McDermid
Futures-options traders work on the floor at the New York Stock Exchange's NYSE American (AMEX) in New York City, US, January 21, 2026. REUTERS/Brendan McDermid
TT
TT

Wall Street Intends to Stay Open around the Clock

Futures-options traders work on the floor at the New York Stock Exchange's NYSE American (AMEX) in New York City, US, January 21, 2026. REUTERS/Brendan McDermid
Futures-options traders work on the floor at the New York Stock Exchange's NYSE American (AMEX) in New York City, US, January 21, 2026. REUTERS/Brendan McDermid

The closing and opening bells of the New York Stock Exchange (NYSE) may become a ringing ritual of yesteryear, as the market moves toward nonstop trading.

This week, the Intercontinental Exchange announced it is developing a platform for 24/7 operations that offers "instant settlement."

The around-the-clock operations would rely on digital tokens mirroring the shares of listed companies, the NYSE's parent company said in a statement.

NASDAQ, another New York-based trading exchange, could follow suit as early as this year, said AFP.

The move is pending approval by federal regulators at the US Securities and Exchange Commission (SEC), and would amount to a minor revolution for the way money moves in US stock markets.

- 'Waste of time' -

In the early days of the exchange, investors had to be physically present in markets on Wall Street to "stand and yell at each other and wave pieces of paper, and then they would have to write down what everybody bought and sold," Sam Burns, chief strategist at Mill Street Research, told AFP.

That meant "having trading go on all day every day would sort of be impossible to keep up with," Burns said.

Digitized transactions can change all that.

Off-hours trading has already been on the rise since 2019, exploding since 2024 when the daily average topped $61 billion, according to a NYSE report in early 2025.

But the appeal remains limited, according to Steve Hanke, a professor of applied economics at Johns Hopkins University.

"Historically, there is little evidence that supports the idea that the benefits of 24-hour trading outweigh the costs," he said, adding that there "are few market-moving events that occur outside of normal business hours in New York City."

"Night trading proved to be a waste of time," he said.

Hanke said the real advantage in the NYSE's announcement lies in the time needed to finalize a trade -- a process that usually occurs the next day in most stock markets.

"Narrowing the settlement window may prove to be a significant competitive advantage," Hanke said.

- Attracting the young and foreigners -

As host to immense market caps, the US market remains the largest in the world, but competition is growing.

Last year, many European indexes generated returns that outpaced their US counterparts.

With extended hours, Wall Street may be able to attract smaller investors and those outside the Americas.

Nearly 18 percent of US shares belonged to non-US holders in 2024, according to the US Treasury's most recent available figures.

And fans of cryptocurrency trading may jump into stocks, said Burns, the Mill Street Research strategist.

"A lot of retail investors nowadays, particularly younger ones, seem to like the idea of being able to trade stocks all the time the way they do cryptocurrencies and other digital assets, whether it's nights or weekends," Burns said.

It is unlikely that the change would move traditional investors from banker's hours because the impacts of any change are likely to be limited," Burns added.

"Most institutional investors that trade the real money aren't really interested in working or trading on the weekends, and the fact (is) that banks are mostly still closed on the weekends," Burns said.