Latest topics
JP Morgan Says Iraq Oil Production Bigger Threat Than Iran 2015-7
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
JP Morgan Says Iraq Oil Production Bigger Threat Than Iran 2015-7
Actually, Iraq is the oil market's biggest problem
REUTERS/Essam Al-SudaniIraqi workers near a pipeline as it ejects oil at Al Tuba oil field in Basra, southeast of Baghdad, on February 19.
There's a bigger threat to oil prices than Iran.
Iraq.
Last week, Iran struck a nuclear deal with several world powers that, among other things, will end an oil embargo and allow the country to increase production for export.
Analysts have begun to worry that the extra supply — estimated by Goldman Sachs at up to 400,000 barrels a day — could worsen the already flooded market.
In a note to clients on Friday, however, JPMorgan analysts said Iraq was a bigger, more immediate concern to the market.
The firm wrote (emphasis added):
Iran's agreement with the P5+1 solidifies the case of increased production in Q1. However, it is arguably additional supplies from Iraq that are pressuring world oil prices more than Iran at this juncture. Iraqi production has risen consistently over recent quarters, but surged ahead in 2Q2015 prompting us to conclude that Iraq will likely overtake Saudi Arabia as the biggest contributor to OPEC growth this year.
The full potential of Iranian oil exports is not expected within the next year, because the production infrastructure still needs to be brought back to life.
And so Iraq's surging production is a more immediate threat to oil prices, which last week fell for a third straight week.
On Monday morning, West Texas Intermediate crude futures were slightly lower, and fell to about $51 a barrel.
Writing to clients on Friday, Deutsche Bank's Michael Hsueh noted that Iraqi output surged to a record high of 4.1 million barrels a day in June.
"In comparison to other OPEC members, this means that Iraqi excess production at 920 kb/d above its inferred Iran Agreement quotas is second only to Saudi Arabia at 1,670 kb/d above quota," Hsueh wrote.
Here's JPMorgan's forecast of Iraqi oil production:
JP Morgan
And via Deutsche Bank, this chart compares how much OPEC members have pumped above their inferred quotas, with Iraq's output surging in June, second only to Saudi Arabia's:
http://www.businessinsider.com/jp-morgan-says-iraq-oil-production-bigger-threat-than-iran-2015-7
REUTERS/Essam Al-SudaniIraqi workers near a pipeline as it ejects oil at Al Tuba oil field in Basra, southeast of Baghdad, on February 19.
There's a bigger threat to oil prices than Iran.
Iraq.
Last week, Iran struck a nuclear deal with several world powers that, among other things, will end an oil embargo and allow the country to increase production for export.
Analysts have begun to worry that the extra supply — estimated by Goldman Sachs at up to 400,000 barrels a day — could worsen the already flooded market.
In a note to clients on Friday, however, JPMorgan analysts said Iraq was a bigger, more immediate concern to the market.
The firm wrote (emphasis added):
Iran's agreement with the P5+1 solidifies the case of increased production in Q1. However, it is arguably additional supplies from Iraq that are pressuring world oil prices more than Iran at this juncture. Iraqi production has risen consistently over recent quarters, but surged ahead in 2Q2015 prompting us to conclude that Iraq will likely overtake Saudi Arabia as the biggest contributor to OPEC growth this year.
The full potential of Iranian oil exports is not expected within the next year, because the production infrastructure still needs to be brought back to life.
And so Iraq's surging production is a more immediate threat to oil prices, which last week fell for a third straight week.
On Monday morning, West Texas Intermediate crude futures were slightly lower, and fell to about $51 a barrel.
Writing to clients on Friday, Deutsche Bank's Michael Hsueh noted that Iraqi output surged to a record high of 4.1 million barrels a day in June.
"In comparison to other OPEC members, this means that Iraqi excess production at 920 kb/d above its inferred Iran Agreement quotas is second only to Saudi Arabia at 1,670 kb/d above quota," Hsueh wrote.
Here's JPMorgan's forecast of Iraqi oil production:
JP Morgan
And via Deutsche Bank, this chart compares how much OPEC members have pumped above their inferred quotas, with Iraq's output surging in June, second only to Saudi Arabia's:
http://www.businessinsider.com/jp-morgan-says-iraq-oil-production-bigger-threat-than-iran-2015-7
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sun May 05, 2024 11:37 am by kenlej
» Go Russia
Sun May 05, 2024 10:51 am by kenlej
» Textbook Tony
Mon Apr 29, 2024 4:13 pm by Mission1st
» The Rockefellers and the controllers are freaking out right about now
Fri Apr 26, 2024 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej