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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS

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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty 2.1 billion dollars, Iraq’s revenues during the month of May, from selling 99.5 million barrels

Post by claud39 on Wed Jun 24, 2020 10:24 am

 2.1 billion dollars, Iraq’s revenues during the month of May, from selling 99.5 million barrels


06/24/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 2499







Economy News - Baghdad:

Today, the Ministry of Oil announced that it has achieved 2.1 billion dollars in selling 99.5 million barrels during the month of May.

"The amount of exports of crude oil reached 99.5 million barrels, while revenues amounted to 2.12 billion dollars," the ministry said in a press release.

She emphasized that the total quantities of exported crude oil for the past month of oil fields in central and southern Iraq amounted to 96 million barrels, while the quantities exported from Kirkuk oil through the port of Ceyhan were 3.5 million barrels .

She explained that the average price per barrel was (21,450) dollars .






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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty SOMO: Chinese companies are the most buying Iraqi oil for May

Post by claud39 on Thu Jun 25, 2020 10:46 am

SOMO: Chinese companies are the most buying Iraqi oil for May




25/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 21644





Economy News _ Baghdad



The Iraqi Oil Marketing Company "SOMO" announced, Thursday, that the Chinese oil companies were the most buying Iraqi oil during last May.

"Sumo" stated in an official statistic published on its official website and seen by "The Economy News", that "Chinese companies were the most numerous among other international companies buying Iraqi oil and by 8 companies out of 32 companies that bought Iraqi oil during the month of May."

She added, "The Indian companies came in second place with 6 companies, followed by Russian companies with 3 companies and then Greek, Italian, American and Turkish companies with two companies for each of them." for each one of them".

She added, "It depends on selling Iraqi oil on the main criteria for contracting with the major international oil companies, independent and government integrated vertically." .







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty The Ministry of Oil: is committed to the OPEC + agreement and we will address the "failures" of licensing rounds

Post by claud39 on Sun Jun 28, 2020 10:56 am

The Ministry of Oil: is committed to the OPEC + agreement and we will address the "failures" of licensing rounds


28/06/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 21694




Economy News - Baghdad





Oil Minister Ihsan Abdul-Jabbar affirmed Iraq’s commitment to the OPEC + agreement to cut production, while revealing the ministry’s intention to address the “failures” of the licensing rounds. 

Abdul Jabbar said in a statement reported by the official "Al-Sabah" newspaper and seen by "Al-Iqtisad News", that "the ministry set three basic goals for oil policy and its development in the country, which included reducing the cost of producing a barrel of oil, investing oil fields with a low cost of a barrel of oil, and with a market value The high oil produced includes light oils in order to achieve the highest financial revenues for the country, and (the second goal) is to intensify the investment process in the field of gas investment, and is to accelerate the procedures for investing gas in Basra Gas Company, especially the Basra Gas Production Factor (NGL), the first and second stage, and accelerate In the procedures for completing gas collection projects in the Basra Oil Company, as well as amending the status of all gas investment projects, including (the Artawi Gas Project in Basra and the Nasiriyah, Akkaz and Mansuriya Gas Project).

He pointed out that "the third goal in oil policy is to reassess the liquidation capacities in Iraqi refineries and prepare them to reach the safe design capacities, as well as end investment licenses for incompetent companies, and go toward amending the refineries law in order to achieve the desired goals in dealing with real investors in the field of refineries."

The minister emphasized that "licensing rounds are not a bad experience, although they witnessed failures at a certain stage, but they contributed to developing the oil industry in the country and increasing the country's ability in production and export operations and training Iraqi cadres, and there are some observations that we are working to address."

He stressed that "the ministry has a vision to open the door to negotiation with companies and has begun studying some oil contracts, and the ministry is heading to conduct a review of oil fields with high production costs (and does the interest require staying on these contracts or going towards the amendment, or may these contracts be stopped or canceled with Companies), all of that is being discussed and studied to deal with service companies that work with Iraq to develop production in the oil fields, and there is an evaluation and re-review of some of these contracts, not all of them. "

And on the possibility of increasing the price of a barrel of oil sold to refineries to supplement the state treasury with additional resources, the minister stated that "the proposal is still under discussion and not necessarily going forward with this proposal and its implementation, and the ministry is working on studying the economic feasibility before taking any decision in this regard."

He continued that "the interest of Iraq to continue to cooperate with the Organization of Petroleum Exporting Countries (OPEC +), and work together to raise the market value of oil wealth", and added that "the ministry is committed to the timing of times that were agreed upon for the remaining months of this year by the OPEC agreement, and large quantities were reduced Of oil in the fields of the southern and central regions in implementation of these obligations. "

The minister added that "the dialogues are continuing with the region, and emphasizing the need for the region to adhere to the determinants and decisions of OPEC, and that the region's production of oil not exceed 370 thousand barrels per day."

He explained that "discussions are continuing with the aim of restoring the relationship between the center and the region, and that all oil fields in the country are subject to one oil policy, and wealth management within the federal policy, taking into account the rights of the region stipulated in the Iraqi constitution."

He revealed that "the Ministry of Oil is currently working on the implementation of two large projects, the first project is to extend the third marine export pipeline, in which the completion rates reached 85 percent, despite the obstacles that occurred with the executing company and that were overlooked by withdrawing work from the executing company by mutual consent. Basra Oil Company to refer the project to another company to complete work on the project and implement it according to the specified times and schedules. "

He added that "the second project is the implementation of the fourth and fifth marine pipeline with the creation of an additional loading platform with direct management by Basra Petroleum Company, and the consulting company is the Italian ENI, and is currently in the stage of completing the purchase of long-term materials, and the implementation of the project will be announced within months The next four, "noting that" the ministry has a clear plan to increase Iraq's export capabilities by completing the implementation of the marine export pipeline network. "

On the Corona crisis in the country, the Minister of Oil instructed the Basra oil companies, Iraqi refineries in the south and pits to provide urgent assistance to health authorities in each of the governorates of Basra and Dhi Qar, and to provide health and treatment supplies necessary to face the crisis of the outbreak of the Corona virus (Covid 19).

Abdel-Jabbar said: "He directed the opening and operation of the new Bab Al-Zubair oxygen plant, which was completed in a record period with the aim of providing hospitals, health centers and citizens in Basra, Maysan and Dhi Qar province with this necessary, vital and important material, especially for those infected with Coronavirus, in order to alleviate their suffering and expedite their treatment. ".

The minister pointed out that "the production capacity of this plant is (50 cubic meters per hour), that is, the rate of production (155 cylinders) with a capacity (8 cubic meters)," noting that "operating another oxygen production plant in Al-Barjasiyah, where the educational hospital in Basra and the Gaza Strip has been equipped The health center in Dhi Qar has a number of oxygen cylinders to cover its needs. "





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil announces the outcome of Iraq for the month of June

Post by claud39 on Wed Jul 01, 2020 10:15 am

 Oil announces the outcome of Iraq for the month of June




01/01/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 19022



The Economy News - Baghdad



The Ministry of Oil announced, on Wednesday, the export of 84.4 million barrels, with revenues amounting to 2.8 billion dollars, during the month of June.

The spokesman of the ministry, Assem Jihad, said in a statement seen by Al-Iqtisad News, that "the total quantities of crude oil exported for the month of June from the oil fields in central and southern Iraq amounted to (81) million and (7) thousand and (675) barrels, As for the fields of Kirkuk through the port of Ceyhan, the exported quantities amounted to (3) millions and (482) thousand and (519) barrels.

Jihad added that "the total daily rate of exports amounted to (2) million and (816) thousand barrels, as the daily rate of export from Basra ports was (2) million (700) thousand barrels, and from Ceyhan the daily rate was (116) thousand barrels." .

And that "the average price per barrel was (33,864) dollars."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Basra oil exports reduced by half in July

Post by claud39 on Wed Jul 01, 2020 10:16 am

Basra oil exports reduced by half in July




07/01/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 17259







The Economy News - Baghdad



Loading programs from a shipping agent stated that Iraq will reduce its oil exports from Basra Light and Heavy in July to 1.53 million barrels per day from 3.1 million barrels per day in June in compliance with OPEC + production cuts.

Basra Light crude exports will shrink to about 817 thousand barrels per day in July from 2.24 million barrels per day in June, while Basra heavy exports will drop to about 710 thousand barrels per day from 833 thousand barrels per day in June.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil announces the filling of Iraq's need for liquid gas

Post by claud39 on Mon Jul 06, 2020 9:25 am

Oil announces the filling of Iraq's need for liquid gas


06/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 21794




Economy News _ Baghdad



The General Company for Gas Mobilization and Services of the Ministry of Oil announced on Monday that its production will meet the local need of the country, which has rates of up to 4,500 tons, while confirmed the increase in the number of wheels that installed gas systems instead of gasoline to 11 thousand wheels in conjunction with the high number of outlets for preparing them .

The company’s director, Ali Abdul Karim Al-Mousawi, said in an interview with the official Al-Sabah newspaper, which was viewed by Al-Iqtisad News.

Al-Musawi added, “The company's production of gas cylinders reaches 380,000 cylinders distributed among citizens through outlets, squares and mobile vendors despite the measures to impose a health ban, as there is a noticeable cooperation by the security services and ministries supporting to deliver the product to citizens smoothly and easily.”

He explained, "The company is also continuing to implement its plan to convert gasoline systems in the wheels to gas, especially as the purity ratio in the gas material prepared for the wheels reaches 110 percent and at a price of 200 dinars per liter, while the improved purity of gasoline reaches 85 percent and at a price of 850 dinars Per liter, stressing that gas prices in Iraq are supported, as well as that the systems that are installed by the company come within the international specifications.

Al-Musawi warned that "the company has a large workshop to install gas systems in the course and it works according to international specifications with the testimony of specialists and seeks to build workshops at the same level in the provinces of Basra, Najaf, Nineveh, in addition to the city of Fallujah", explaining that "the number of wheels is currently 11 A thousand wheels. There is a plan to completely transform the 80,000 government wheels. ” 







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iran is developing a joint oil field with Iraq

Post by claud39 on Sat Jul 11, 2020 10:47 am

 Iran is developing a joint oil field with Iraq


11/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 21862




Economy News _ Baghdad



The Iranian National Oil Company signed with the company "Barsia" to develop the oil and gas industry, on Saturday, a contract to develop the "Yaran" field located in the southwest of the country and shared with Iraq.

The signing ceremony was attended by Oil Minister Begin Zangana and CEO of the National Oil Company "Masoud Karbasian".

The contract aims to develop the Yaran joint field with the Iraqi "Majnoon" field over a period of 10 years, with direct and indirect investments of $ 294 million, and the cost of building facilities at $ 236 million.

The agreement includes drilling 6 new wells in addition to a specific well and another for water injection, maintenance of 5 wells and equipping 27 wells with internal pumps (ESP) as well as the construction and modernization of ground installations and the conduct of laboratory studies and the design of the production increase mechanism (EOR).







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraqi oil exports to South Korea fell to 229 thousand barrels per day during last May

Post by claud39 on Sun Jul 12, 2020 10:34 am

Iraqi oil exports to South Korea fell to 229 thousand barrels per day during last May




12/07/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 4483





Economy News - Baghdad:




Iraq’s exports of oil to South Korea fell in May to 229,000 barrels per day due to the increase in the share of Saudi Arabia and Kuwait in the South Korean market.


A report, issued by Korean customs, which was viewed by Al-Iqtisad News, said that South Korea's revenues decreased from 3 million barrels per day during January to 2.5 million barrels per day.


He added that Saudi Arabia increased its exports to South Korea during the month of May by more than 900 thousand barrels, after it was about 750 thousand barrels during the month of April, indicating that Saudi Arabia's share in the South Korean oil market reached 30.13%.


He pointed out that Iraq’s oil exports amounted to more than 300 thousand barrels per day in January of this year, while it decreased during last May to 229 thousand barrels per day, explaining that Iraq’s share in the South Korean market reached 9.16%.


The report pointed out that Kuwait's share in the South Korean oil market reached 15.02%, as it was more than 300 thousand barrels per day at the beginning of this year, while during the month of May it reached more than 400 thousand barrels per day.


Saudi control of the South Korean oil market comes to establishing suitable refineries for its oil in Korea, while refining companies are given discounts in addition to loans to establish refineries. 






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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq resumes exporting oil to Jordan

Post by claud39 on Thu Jul 16, 2020 11:07 am

 Iraq resumes exporting oil to Jordan




16/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 14648





Economy News - Baghdad



Today, Thursday, the resumption of Iraqi oil supplies to Jordan begins after a pause in the fall in oil prices following the Corona pandemic, which has cast a shadow over the world’s economies.

The Ammon Agency quoted a source familiar with the Jordanian Ministry of Energy and Mineral Resources as saying, "Yesterday, the final agreements were signed between the Jordanian and Iraqi sides to resume the supply of oil."

The Iraqi oil tanker tanks were present to Jordan at the loading site, awaiting the start of pumping oil for transport to the Kingdom.

The Jordanian Minister of Energy and Mineral Resources, Hala Zawati, announced about 10 days ago, the resumption of oil supplies from Iraq, saying: "within two days."

She added that the Iraqi supply stopped during the last period due to the low oil prices, and it was agreed to postpone the import from Iraq.

Zouati indicated that Jordan imports 10 thousand barrels per day from Iraq, while it uses 150 thousand barrels per day, and the amount imported from Iraq constitutes only 7% of Jordan's use.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraqi drilling company completes drilling an oil well in Maysan

Post by claud39 on Sun Jul 19, 2020 10:34 am

Iraqi drilling company completes drilling an oil well in Maysan




19/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22024







Economy News _ Baghdad

The technical and engineering staff of the Iraqi Drilling Company completed the drilling of the oil well (Noor 18) in the Noor Oil Field for the benefit of the Maysan Oil Company.

The company media stated in a statement received by "Al-Iqtisad News" The drilling operations were carried out using the modern drilling rig IDC-49 with a horse power of 2000 HP with a depth of 3689 meters for the purpose of production from the supervisor's reservoir.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Clarification from the Oil Marketing Company on Iraqi oil exports

Post by claud39 on Thu Jul 23, 2020 12:58 pm

Clarification from the Oil Marketing Company on Iraqi oil exports




 23/07/2020




IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22096





Economy News _ Baghdad



On Thursday, the Oil Marketing Company issued a clarification on Iraqi oil exports, while calling for accuracy and taking information and details from its official sources.

The company said in a statement, "Economy News" received a copy of it, "referring to what was published on the energy site on the current July 21 titled (Iraqi oil exports in July above the OPEC target + within 20 days only), the Oil Marketing Company would like to clarify the opinion The year is the fact that the published news is inaccurate and unprofessional.

 
She added, "While the news confirmed that the rate of exports from the southern ports of Iraq recorded a rate of 2.7 million barrels per day, it had neglected the fact that this rate in itself was less than (100) thousand barrels per day than the rate of exports in the previous June. With the offer that this rate in itself is not final and does not reflect the commitment of Iraq, which will be shown by the results of July exports at the beginning of next August, which Iraq confirmed through the Federal Ministry of Oil that it will represent a full commitment to the agreement of OPEC countries and the countries joining with them to reduce production.

 
She continued that "the export rate mentioned in the energy website publication itself, and after collecting it at the region's exports from northern Iraq and the volume of local consumption, results in a commitment of approximately 100% in the production reduction agreement," calling on "news and media institutions to be accurate and take the information and details from its official official sources instead of Make mistakes that harm their credibility in this area. "





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil: more than 16 billion dinars, the total amount of money provided to support the health sector

Post by claud39 on Mon Jul 27, 2020 3:15 pm

Oil: more than 16 billion dinars, the total amount of money provided to support the health sector




26/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22130





Economy News _ Baghdad





Today, Sunday, Oil Minister Ihsan Abdul-Jabbar affirmed the ministry’s keenness to continue providing support to health institutions, noting that more than 16 billion Iraqi dinars are provided as financial support to health institutions in Baghdad and the provinces.

Abdul-Jabbar said in a statement, "Economy News" received a copy of it, "The total amounts spent to support the Ministry of Health and its supporters amounted to Iraqi dinars 3 billion, 342 million and 650 thousand dinars, (in addition to) 11 million and 150 thousand dollars."

He added, that these amounts "were provided as financial support to rehabilitate and establish hospitals and health centers and quarantine centers in Baghdad and the provinces, such as the rehabilitation of the Sports City hotels in Basra, the Baghdad International Fair and the People's Stadium, the provision of medical supplies, medicines, necessary treatments, and oxygen cylinders, and the rehabilitation of stone centers for people living with HIV in Baghdad and the provinces."

He continued, "The assistance also included carrying out fogging and prevention campaigns for the districts, public squares and residential neighborhoods, conducting information campaigns to raise awareness, to prevent the dangers of the Corona pandemic, to equip and manufacture sterilization materials, including alcohol, and to provide food baskets for vulnerable families and those with low incomes."

Abdul-Jabbar pointed out that "the ministry is working to provide the best and more contributions, financial aid and logistical support to the Ministry of Health, governorates and other entities, as well as harnessing technical capabilities to support the health sector in Baghdad and the provinces."







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty SOMO: Indian and Chinese companies are the most buying Iraqi oil for the month of June

Post by claud39 on Mon Jul 27, 2020 3:16 pm

SOMO: Indian and Chinese companies are the most buying Iraqi oil for the month of June




26/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22132







Economy News _ Baghdad



The Iraqi Oil Marketing Company (SOMO) announced on Sunday that the Indian and Chinese oil companies were the most buying Iraqi oil during the month of June.

Sumo said in a statistic published on its official website and viewed by "Al-Iqtisad News", that "the Indian and Chinese companies were the most numerous among the other international companies buying Iraqi oil and by 5 companies each out of 26 companies that bought Iraqi oil during the month of June."

Sumo added, "The American companies came in second place with 3 companies, followed by Turkish, Japanese, British and Greek companies, two companies each," noting that "the rest was distributed among Russian, Kuwaiti, Italian, South Korean and Spanish companies, with one company each."

Sumo indicated that she "depends in selling her Iraqi oil on the main criteria for contracting with the major international oil companies, independent and integrated government vertically", following that "the most prominent international companies that bought Iraqi oil are the American Oxon Mobil Company and the British BBC CNBC China and T My Turkish and South Korean Cocas. "













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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil announces total exports and revenues for half of 2020

Post by claud39 on Mon Jul 27, 2020 3:18 pm

Oil announces total exports and revenues for half of 2020


27/07/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22152





Economy News_ Baghdad



The Ministry of Oil announced, on Monday, that the total oil exports for the past six months of 2020 amounted to more than 593 million barrels, noting that 32 international companies bought Iraqi crude oil.

The Oil Marketing Company (SOMO) of the Ministry published a statistic of the exported oil quantities and revenues during the past six months of the current year 2020, that "the total oil exports amounted to 593 million and 171 thousand and 326 barrels," noting that "the monthly export rate reached 98 million and 861 thousand barrels At the rate of 3 million and 189 thousand barrels per day. "

She added, "The revenues generated from its sales of crude oil amounted to 20 billion and 503 million dollars, at an average of 3 billion and 417 million and 194 thousand dollars per month," noting that "the average monthly selling price of crude oil reached 34 dollars and 366 cents."

Sumo pointed out that 32 international companies of various Asian, European and American nationalities bought Iraqi oil.

The world oil prices fell to below 14 dollars per barrel, which affected the budgets of oil producing countries, especially Iraq, as its budget depends 90% on oil exports.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Central Bureau of Statistics: lower oil and price production for the first quarter of 2020

Post by claud39 on Sat Aug 01, 2020 10:29 am

Central Bureau of Statistics: lower oil and price production for the first quarter of 2020
08/01/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22228



Economy News _ Baghdad



The Central Bureau of Statistics of the Ministry of Planning announced, on Saturday, the decline in oil and price production for the first quarter of 2020.

The agency said in a report prepared and reviewed by the "Economy News", that "crude oil production decreased by 1.1% for the first semester of 2020 compared to the first semester of 2019 and a decrease of 2.8% compared to the fourth of 2019."

He added, "The price of a barrel has also decreased for this season compared to the first and fourth quarters of 2019, as the ratio reached 24.1% - 23.6%, respectively."

He continued, "The contribution of oil to GDP at current prices for the first quarter of the year 2020 decreased by 27.20% compared to the fourth quarter of 2019, while non-oil activities decreased by 16.47% for the same period at current prices."

Iraq is one of the rentier countries, and it depends heavily on oil to finance its public budget, and with low oil prices, the public budget is greatly affected, as borrowing is used to fill the deficit.





https://economy-news.net/content.php?id=21230
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil plans to obtain a government decision to keep Iraq Ports Company away from oil ports

Post by claud39 on Sat Aug 01, 2020 10:32 am

Oil plans to obtain a government decision to keep Iraq Ports Company away from oil ports




01/08/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22232









Economy News - Basra:



The Ministry of Oil decided to approach the Council of Ministers to obtain approval that the Iraqi Ports Company should not interfere with oil ports and withdraw all work related to the anchorage and takeoff of oil tankers in Basra Governorate.

Dozens of Iraqi port employees demonstrated against this trend, accusing the Oil Ministry of keeping their company away from work in the oil ports.  

 Khaled Saad, the head of the Iraqi Bahraini Institution, described the corruption procedures for withdrawing oil ports from the Iraqi Ports Company, and said that there are corrupt contracts represented by the presence of a Kuwaiti company that the Oil Ministry wishes to contract with instead of the Oil Ports Company.

On the other hand, the Basra Oil Company said in a press release that our company is responsible for managing, producing and exporting oil exclusively through oil ports, and that the procedures that it undertakes or demands it come from its firm belief in working on professional management and technical specialization and supporting the national economy and not to serve interests Narrow.


She added that the Iraq Ports Company’s signing of contracts for joint operation with local contractors to manage the marine operations of the oil ports has resulted in very large losses in the profits and incentives of the company’s employees, and it was referred to and confirmed by the reports of the Financial Supervision Bureau, and our company has objected to these unfair contracts since 2018 and to the management Ports company to take corrective measures in order to protect their financial and legal rights.
 




https://economy-news.net/content.php?id=21234
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Sumo: Iraq is selling its oil at a price premium to Asia of $ 2.1 per barrel

Post by claud39 on Sat Aug 01, 2020 10:33 am

Sumo: Iraq is selling its oil at a price premium to Asia of $ 2.1 per barrel




01/08/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 1351







Economy News - Baghdad:



The Deputy Director General of SOMO, Ali Nizar, said that Iraq raised its oil to the Asian market by $ 2.1 during the current month.

Nizar added, that Iraq received a benefit after the application of the OPEC Plus agreement, which is to reduce the production of these countries whose oil levels are acidic and medium, which caused scarcity for these two types.

He stressed that 90% - 95% of Basra oil will be sold at a premium to the Asian market, adding that Iraq is committed to the OPEC Plus agreement and achieves a 100% full commitment.

And that at the beginning of the implementation of the agreement in May, Iraq was not fully committed but reached understandings with oil producing companies in the Iraqi fields.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty International energy is entering the Iraqi line ... reforms will contribute to more stable countries

Post by claud39 on Sat Aug 01, 2020 2:06 pm

[size=55][size=35]International energy is entering the Iraqi line ... reforms will contribute to more stable countries[/size][/size]




  • [ltr]July 27. 2020[/ltr]





[size=35]IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 47345
[/size]



[rtl]Sumer News: Baghdad .. The Executive Director of the International Energy Agency, Fateh Birol, said that Iraq can end the burning of gas that undermines its economy by billions of dollars annually, within six to twelve months, if there is political will.  [/rtl]




[rtl]Birol added in an interview with "The National", "If there is firm action, it can be at a speed ranging between six months and one year," stressing, "It cannot be completed completely, but we can make a lot of progress there."  [/rtl]




[rtl]He stressed "the need to put an end to the burning of gas that costs Iraq financially and environmentally," where the World Bank estimates that "about 16 billion cubic meters of gas from Iraqi fields were burned in 2015, which cost the economy billions of lost revenue", as estimated by a study conducted by Siemens in 2018 that "Iraq could save about 5.2 billion dollars over four years by reducing the flaring gas from its fields."  [/rtl]




[rtl]Birol continued, "We need to stop burning gas to generate electricity, and Iraq needs to diversify its economy from oil and develop its industry," noting that "gas can be used to revive the industrial sector, such as food, ceramics, or other types of sectors that create jobs and diversify the economy, This is not rocket science, and it has been proven that it can be done easily.  [/rtl]




[rtl]He continued, "ending the gas burning will be consistent with the World Bank's global initiative zero routine burning by 2030, which seeks to end the burning of about 140 billion cubic meters of natural gas annually worldwide, which contributes to climate change and leads to 300 million tons more." Of carbon dioxide released into the atmosphere.  [/rtl]




[rtl]In addition to the dysfunctional gas sector in Iraq, the country is also at risk due to its dependence on gas imports from neighboring Iran, which is more expensive than market prices and increases the financial crisis.  [/rtl]




[rtl]As Iran exports 1,200 to 1,500 megawatts of electricity daily to Iraq, in addition to 38 million cubic meters of natural gas, according to the Iran-Iraq Joint Chamber of Commerce. Also, in June, Iraq signed a two-year contract to continue importing, despite U.S. sanctions.  [/rtl]




[rtl]Ending the burning of gas in Iraq was the subject of discussion in a hypothetical meeting last week by the International Energy Agency with the Iraqi government as well as the chronic issue of electricity shortages, which plagued the country after seventeen years of Saddam Hussein's overthrow.  [/rtl]




[rtl]Birol said, "I started this meeting because I believe that Iraq is passing again at a very critical time in its economic and political history." He added, "Ali Allawi stressed the window of opportunity for Iraq is shrinking." [/rtl]

 

[rtl]"What we need here is for the government to take the decision, as many companies have shown their willingness to come to solve this problem as they have done in other countries," he stressed.[/rtl]







[rtl]http://sumer.news/ar/news/47275/%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D8%AA%D8%AF%D8%AE%D9%84-%D8%B9%D9%84%D9%89-%D8%AE%D8%B7-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D8%A7%D8%B5%D9%84%D8%A7%D8%AD%D8%A7%D8%AA-%D8%B3%D8%AA%D8%B3%D9%87%D9%85-%D9%81%D9%8A-%D8%A8%D9%84%D8%A7%D8%AF-%D8%A3%D9%83%D8%AB%D8%B1-%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1%D8%A7
[/rtl]
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq confirms its high commitment to OPEC decisions to cut production

Post by claud39 on Sun Aug 02, 2020 12:45 pm

Iraq confirms its high commitment to OPEC decisions to cut production




08/02/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22242





Economy News _ Baghdad



Iraqi Oil Marketing Company "SOMO" confirmed, on Sunday, that Iraq is committed to OPEC decisions on the reduction.

The director of the company, Alaa Al-Yasiri, said in a press interview seen by "Al-Iqtisad News", that "Iraq is committed to what was agreed upon with OPEC countries and the countries that come with it."

Al-Yasiri added that "the high commitment of Iraq that was recorded to last June and July and what the current Lap plan is is the best evidence that the Oil Ministry, despite the great challenges, is continuing to achieve the highest commitment to reduce production."

Al-Yasiri pointed out that "the commitment would restore balance in the oil market and put prices again at their fair values ​​for producers and consumers alike. This goal will gradually cast a positive shadow on the country's financial returns from the source of its main financial budget, which is oil."

A Reuters survey on July 31 indicated that Iraq’s oil production rose in July, despite Baghdad’s pledge to cut supplies in compliance with the OPEC + agreement to support prices.

It is noteworthy that OPEC + agreed to reduce production by 9.7 million barrels per day since May, equivalent to 10% of global supplies after the virus canceled a third of global demand.







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq: 100% obliged to comply with OPEC + agreement

Post by claud39 on Thu Aug 06, 2020 9:44 am

 Iraq: 100% obliged to comply with OPEC + agreement




06/08/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22314







Economy News _ Baghdad



The Minister of Oil, Ihsan Abdul Jabbar, announced on Thursday that Iraq will have to comply 100% with the OPEC + agreement in August and September.

Abdul-Jabbar said, "We will have 100% compliance this month and next," adding that "non-compliance by Iraq means non-compliance by others, and this means the collapse of oil prices, such as what happened in March and April with its impact on the Iraqi economy."

Jabbar added: "We did not comply during the previous months, as the level of compliance was low compared to some countries."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Jordan: 261 thousand barrels of oil imported from Iraq in July

Post by claud39 on Thu Aug 06, 2020 9:46 am

Jordan: 261 thousand barrels of oil imported from Iraq in July


06/08/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22324





Economy News _ Baghdad



Jordan's imports of Iraqi oil during the month of July reached 261 thousand barrels, at an average of 8400 barrels per day.

The Jordanian Minister of Energy and Mineral Resources, Hala Zawati, said that government measures to confront the challenges of the spread of the "Corona virus" imposed the unloading of Iraqi tanks in Jordanian tanks in the free zone between the two countries by exchanging the cargo, which was participated in the transfer of about 888 Jordanian tanks and Iraqi ones.

According to Minister Zawati, the total quantities of Iraqi crude oil supplied to the Kingdom from the thirty-first of August 2019 until the thirty-first of July 2020 amounted to 2.705 million barrels, at a daily rate of 8172 barrels, which were transported by 10286 Iraqi and Jordanian tanks from the site (Chinese / Baiji Station) to Refinery / Zarqa site.

Jordan imports Iraqi crude oil in implementation of the memorandum of understanding to supply crude oil signed between the government of Iraq and the government of Jordan on February 2, 2019.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq admits its failure to comply with the terms of the OPEC Plus agreement

Post by claud39 on Fri Aug 07, 2020 9:17 am

 Iraq admits its failure to comply with the terms of the OPEC Plus agreement




07/08/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 3467







Economy News - Baghdad:



The Minister of Oil, Ihsan Abdul-Jabbar, promised that Iraq would abide by the agreement to cut production between the OPEC countries by 100% starting this month. Acknowledging his lack of commitment during the past months.

A joint statement issued by the Iraqi ministries of oil and energy, which was reviewed by Al-Iqtisad News, said that a phone call took place between the Minister of Oil, Ihsan Abdel-Jabbar, and the Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdul Aziz, to discuss the latest developments in the oil markets, and the continuous recovery in the global demand for oil. And the progress made towards the implementation of the OPEC Plus agreement .

The statement added that the two ministers affirmed the commitment of the Republic of Iraq and the Kingdom of Saudi Arabia to the OPEC Plus agreement .

The statement quoted Oil Minister Ihsan Abdul Jabbar, confirming Iraq’s firm commitment to the OPEC Plus agreement, pointing out that Iraq will reach a commitment of the agreement by 100% with the beginning of this month .

During the past month, Iraq denied that it was not committed to reducing production, but the words of Iraqi Oil Minister Ihsan Abdul-Jabbar were not the same as what the Ministry of Oil denied about Iraq’s failure to comply with the agreement.

Abdul-Jabbar indicated that Iraq would add 400,000 barrels per day in its production in August and September to compensate for the excess production in May, June and July .

He explained, that this reduction is added to the reduction of 850 thousand barrels per day, which Iraq committed to, in the months of August and September, under the current OPEC Plus agreement .

He continued, that the total reduction in production in Iraq in the months of August and September will reach (1.25) two million two hundred and fifty thousand barrels per day for each month, and it will be possible to adjust the rates of reduction after the six secondary sources publish numbers of production that reach them .

For his part, he thanked the Saudi Energy Minister, Oil Minister Ihsan Abdul-Jabbar, for his efforts to strengthen Iraq's commitment to the OPEC Plus agreement .

The statement pointed out that the two ministers also confirmed that the efforts made by the countries participating in the OPEC Plus agreement towards adhering to the rates of production cuts, as well as additional rates of reduction in the framework of the compensation system, will enhance the stability of global oil markets, accelerate the achievement of their balance, and send positive signals to the markets .





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Russia is moving to resume its oil and gas business inside Iraq

Post by claud39 on Fri Aug 07, 2020 9:22 am

Russia is moving to resume its oil and gas business inside Iraq


07/08/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22348



Economy News _ Baghdad



The Russian ambassador to Iraq, Maxim Maksimov, stressed that Russian oil companies are working with effective steps towards resuming their work and entering the Iraqi oil and gas market.

Maxim Maksimov said that the Russian oil companies (Zarobijneft, Stroitranskaz, Tatneft, Susehnevgaz, Ariel Neftgaz Service) are working with effective steps towards resuming their work and entering the Iraqi oil and gas market.

He added that the company "Lukoil" is carrying out active geological exploration activities in the "Block-10" field, which is, according to preliminary estimates, one of the largest fields that have been explored in Iraq during the past twenty years.

He stressed that, despite the drop in oil prices and the invasion of the Corona Virus, companies such as (Gazprom - Neft), (Passionft) and (Rosneft) Russia continue to participate in the implementation of oil and gas production projects, and fulfill their contractual obligations.

He explained that Russian oil companies are also developing plans to develop partnership relations with a focus on long-term cooperation.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Former oil minister: Iraq will lose $ 21 billion due to its commitment to the OPEC Plus agreement

Post by claud39 on Sat Aug 08, 2020 10:37 am

Former oil minister: Iraq will lose $ 21 billion due to its commitment to the OPEC Plus agreement


08/08/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22362







Economy News - Baghdad:



Former Oil Minister Ibrahim Bahr al-Ulum said that Iraq would lose $ 21 billion due to its commitment to the OPEC Plus agreement for two years.

Al-Ulum added in an electronic seminar on "the impact of Iraq's obligations on OPEC Plus decisions on the Iraqi economy," followed by "Economy News", that Iraq will pay oil companies money for every barrel produced or not, and the Ministry of Oil will pay 750 million dollars for the cost of extracting oil that we did not produce. Because of OPEC Plus. "

He noted that reducing oil production will lead to a reduction in gas production associated with production, and will affect the production of gas supplied to gas stations and liquid gas that is used for cooking, which will lead to importing them from outside Iraq, and the Halfaya gas investment project and the expansion of Qurna gas and a number of other projects will also stop. .

And science showed that Iraq's production is supposed to reach 5 million barrels per day during the year 2022, and it is possible that we will lose 10 billion dollars during the next two years, due to our commitment to OPEC's decision, which will lead to the suspension of most of the projects in addition to disrupting the national effort to develop national fields because of this inability.

He noted that after the implementation of the OPEC Plus agreement, we will face a problem of returning the oil fields to their previous production, in addition to the difficulty of recovering the customers that we lost because of our commitment to OPEC Plus.

He stressed that Iraq's commitment to the OPEC Plus agreement curbed investment in its oil fields and this will lead to problems in the future, indicating that the previous government was supposed to work to exclude Iraq from OPEC Plus’s commitment through bilateral negotiations with influential countries in OPEC.

He explained that Iraq made a mistake twice, the first in the government of Haider al-Abadi and the second with the government of Adel Abdul Mahdi, because Iraq's shares for 26 years were invested by several OPEC countries, especially after the economic blockade on Iraq.







https://economy-news.net/content.php?id=21327
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Bahr Al-Ulum is suing the previous government for its acceptance of reducing oil production

Post by claud39 on Tue Aug 11, 2020 9:34 am

 Bahr Al-Ulum is suing the previous government for its acceptance of reducing oil production




08/10/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22362







Economy News - Baghdad



Former Oil Minister Ibrahim Bahr Al-Ulum announced, on Monday, that he had filed a lawsuit against the former Iraqi government, against the backdrop of its acceptance of reducing oil production.

Bahr Al-Ulum said in a tweet on Twitter, followed by Al-Iktissad News, that a lawsuit was filed in the name of the "Iraq Energy Academy" before the Administrative Court against the previous government, a "caretaker government" against the background of its acceptance of the obligations of the OPEC + agreement, and the judge to reduce oil production, which "hurt Great damage to Iraqi interests. "

On Friday (August 7, 2020), Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail pledged to reduce its oil production during August and September, to compensate for the increase in its production during the months of May, June and July.

A statement by the Ministry of Oil stated that a phone call took place between Oil Minister Ihsan Abdul-Jabbar Ismail and the Minister of Energy in the Kingdom of Saudi Arabia Abdulaziz bin Salman, and the discussion between the two ministers focused on the latest developments in the oil markets, the continuous recovery in global demand for oil, and the progress achieved towards The implementation of the OPEC Plus agreement.

On Saturday (August 1, 2020), the Iraqi Ministry of Oil announced oil export revenues for the month of July, which amounted to more than 3 billion and 487 million dollars.

The two ministers affirmed that the Kingdom of Saudi Arabia and the Republic of Iraq fully adhere to the OPEC Plus agreement, and with Minister Ihsan Abdul-Jabbar Ismail confirming Iraq's steadfast commitment to the OPEC Plus agreement, he added that Iraq will reach a commitment to the agreement, at a rate of up to 100 percent by the beginning of August.

He also confirmed that Iraq will add a reduction of 400 thousand barrels per day from its production in August and September to compensate for the extra production in the months of May, June and July, explaining that this reduction is added to the reduction of 850 thousand barrels per day, which Iraq committed to, in August And September, under the current OPEC Plus agreement.

The total reduction in Iraqi production in August and September will reach (1.25) million barrels per day for each month. The reduction rates will be adjusted after the six secondary sources publish the production figures that they reach.

And due to the Corona pandemic, the global oil price decreased due to the abundance of supply and lack of demand, which caused a crisis in countries whose economies depend on oil.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq draws up strategic plans for gas investment

Post by claud39 on Tue Aug 11, 2020 9:36 am

Iraq draws up strategic plans for gas investment


 08/11/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22426




Economy News _ Baghdad



The Oil, Gas and Natural Resources Committee in the House of Representatives revealed, on Tuesday, a plan to invest associated gas during the next stage, noting that Oil Minister Ihsan Abdul-Jabbar Fatih a number of international companies regarding this matter.

A member of the committee, Sadiq Al-Sulaiti, explained that "the committee had previously called on Prime Minister Mustafa Al-Kazemi to pay attention to the accompanying gas file, as Iraq cannot advance one step if it does not focus on this important file and stops the waste of this wealth," pointing out that "the Minister of Oil The current form of a committee is pending completion of the full study of associated gas investment.

Al-Sulaiti added, "The ministry has opened international companies and is waiting for their approval to invest gas, provided that their work will appear in a realistic way during the next six months."

He continued, "It was supposed to develop a sequential plan for several years to reach self-sufficiency in gas, because Iraq can invest this wealth that burns in its oil fields to cover the local need, in addition to its possession of free gas fields that can be invested directly."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Happy oil news for Iraq

Post by claud39 on Wed Aug 12, 2020 5:23 pm

[rtl]Happy oil news for Iraq[/rtl]





 12/8/2020




IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Story_img_5f33d1ad6e191



[rtl][
Iraq-Where ] OPEC announced, on Wednesday, that the daily oil basket price recorded an increase of 45.21 dollars per barrel.
[/rtl]
[rtl]The organization said in a statement. The price increased from the previous day, which amounted to $ 45.01, according to the accounts of the OPEC secretariat. ”

The reference basket of the Organization of Petroleum Exporting Countries (OPEC) consists of the following: Sahara Blend (Algeria), Gerasul (Angola), Orient (Ecuador), and Zafiro (Guinea) Equatoria), Rabi Lit (Gabon), Iran Iran), Basra Litt (Iraq), Kuwait Export (Kuwait), S Cedar (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Morban (United Arab Emirates) ) And Miri (Venezuela).
[/rtl]



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iran declares that it is not backward in producing oil from the fields shared with Iraq

Post by claud39 on Fri Aug 14, 2020 9:28 am

Iran declares that it is not backward in producing oil from the fields shared with Iraq




08/14/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22486









Economy News _ Baghdad



Assistant Production Affairs to the President of the National Iranian Oil Company, Farrak Ali Khani, announced, Friday, that Iran is not behind in the production of oil from the fields shared with Iraq.

Khani said in a statement to the Iranian "IRNA" agency, which was followed by Al-Iktissad News, that it is natural that any country "has a specific share based on the size of the joint fields of oil," proceeding to the assurance, "Accordingly, Iran is not lagging behind in the production of crude oil from the fields." Shared with Iraq. "

He added, "If there is a discrepancy in the production of the two parties, that is due to the area of ​​the joint oil fields in both countries."


Ali Khani said, "It is possible that Iraq will have greater production potential, but this has not led to Iran lagging behind in extracting its share of oil in the common fields."

The exploration operations conducted by Western companies in Iraq revealed that there are 12 fields on the Iraqi-Iranian border, most of them located inside Iraq and a small part in Iran, and contain more than 95 billion barrels of oil, which is the largest reserves discovered during the past two decades among OPEC countries.

Iraq shares five oil fields with Iran: Fakkeh, Majnoon, Abu Gharb, Bazarkan, and Khanna oil, while Iraq has other fields near the border with Iran, the most important of which are Al-Nur, Aban, and Baydar Gharb.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq reduces the selling price of Basra Light crude to Asia in September

Post by claud39 on Fri Aug 14, 2020 9:31 am

 Iraq reduces the selling price of Basra Light crude to Asia in September




08/14/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 8955







Economy News - Baghdad



The Iraqi Oil Marketing Company (SOMO) said, Friday, that Iraq reduced the official selling price of Basra Light crude in September to Asia by $ 0.60 to become $ 1.50 a barrel above the average prices offered for Oman / Dubai crude compared to the previous month.

And the official selling price of Basra Light crude was set in September to the North and South American markets at $ 0.85 a barrel above the Argus Index for high sulfur crude, down from the previous month, while the Kirkuk crude price for the United States fell to $ 1.50 a barrel above Argus.

As for Europe, the official selling price of Basra Light crude decreased by two dollars in September to $ 0.40 a barrel below the dated Brent price, while the official selling price of Kirkuk crude fell to plus $ 0.85 in September.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Reuters: OPEC + needs to offset a large excess supply in May-July

Post by claud39 on Sat Aug 22, 2020 10:25 am

 Reuters: OPEC + needs to offset a large excess supply in May-July




08/21/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 20328




Economy News - Baghdad



Sources from OPEC and an internal OPEC + report said that the oil-producing countries within the OPEC + group that pumped more than the target supply in the period from May to July will need to reduce production by more than one million barrels per day for a period of two months in order to compensate.

The group of producers includes members of the Organization of the Petroleum Exporting Countries and other oil powers, including Russia, who all pledged to implement unprecedented cuts of 9.7 million barrels per day in May to eliminate a massive supply glut after coronavirus-related lockdown measures shattered global fuel demand. As demand began to recover, the group trimmed the cuts to 7.7 million barrels per day in August.

Some countries, such as Iraq and Nigeria, have failed to meet these goals and are under pressure from other OPEC + members, including Saudi Arabia, the organization's largest producer, to reduce production to ensure that it is compensated by the end of September for the excess production since the cuts were agreed upon.

A source from OPEC said that the amount these countries need to reduce is equivalent to 1.15 million barrels per day for two months, or 2.31 million barrels per day for a month, according to the OPEC + report.

The source from OPEC said, "These compensatory cuts for August and September only, and they are in addition to the production cuts that the members are currently implementing."

The source added that the additional cuts, if distributed evenly, would mean that the actual reduction in supplies from the group would be about 8.5 million barrels per day in August and September.

"This means that you will witness a significant decrease in the supply in the market over these two months," the source said.

Sources from OPEC said that those countries in OPEC + that will compensate for their extra production will have until the end of next week to submit their updated production plans to August and September.

In April, the impact of the Coronavirus pandemic on air and land travel and other sectors of the global economy led to a drop in record oil prices to less than $ 16 a barrel. The OPEC + supply cut and some rebound in economic activity, with the easing of lockdown measures, pushed prices up to just under $ 44 on Friday. The continuing spread of the virus now threatens expectations for a recovery in oil demand.



Over production


An OPEC + source said that the excess production in May was about 1.3 million barrels per day, and in June and July, 0.5 million barrels per day.

The total excess production equates to 2.3 million barrels per day for one month, or 1.15 million barrels per day for two months.

That equates to a total of 70 million barrels, or enough to load 70 large Swissmax tankers.

The report shows that OPEC + expects a decline in oil demand in 2020 by 9.1 million barrels per day, an increase of 100,000 barrels per day from its previous forecast, provided that demand will increase by 7 million barrels per day in 2021.

But OPEC + also expects an alternative scenario in which a second wave of the virus outbreak, stronger and longer-lasting, hits Europe, the United States, India and China in the second half of the year.

In light of this scenario, the report showed that demand is expected to decline by 11.2 million barrels per day in 2020, with the commercial oil inventories of the Organization for Economic Cooperation and Development countries in the fourth quarter reaching 233 million barrels above the average of the last five years.

Stocks will reach 250 million barrels, above the last five-year average in 2021.

Commitment


The data shows that Iraq and Nigeria are the least committed members of OPEC. Even the UAE, which made additional voluntary cuts in June, overproduced by about 50,000 bpd between May and July.
For non-OPEC participants, Russia and Kazakhstan recorded excess production of 280,000 barrels per day and 190,000 barrels per day, respectively.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Bahr Al-Ulum: The OPEC + agreement will cost Iraq 50 billion dollars

Post by claud39 on Sun Aug 23, 2020 9:37 am

Bahr Al-Ulum: The OPEC + agreement will cost Iraq 50 billion dollars




08/23/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 8286



Economy News - Baghdad



Former Oil Minister Ibrahim Bahr Al-Ulum estimated Iraq's losses as a result of its agreement to reduce its oil exports for two years, according to the (OPEC Plus) conference by 50 billion dollars, expressing his hope that the current government and the Oil Ministry will intensify their diplomatic efforts to cancel this reduction.



Bahr Al-Ulum said in a statement reported by the official Al-Sabah newspaper and seen by Al-Iktissad News, that "OPEC countries benefited from the absence of Iraq from the oil scene for 30 years because of the war. During that period, Iraq was unable to reach the production levels set for it in The organization, which deprived it of quantities of up to 17 billion barrels of its available production capacity, was compensated by the main OPEC countries represented in Saudi Arabia and the Gulf countries, which invested this by expanding their production capacities and creating surplus energy to be used when needed and developing the oil and petrochemical industries. My economy is much better than Iraq. "

He added, "Iraq has been deprived of keeping pace with developments in those countries, and it is lagging in the field of oil production and the oil industry for decades, and the actual launch took place in 2016, as its production became covering its prescribed quota in OPEC, which prompted the countries of the organization to subject it again to the quota system at the conference." Algeria".

He praised the role of "the former Oil Minister Jabbar Al-Luaibi, who managed the negotiations at the time and succeeded in making the reduction by only 200 thousand barrels, which were deducted from the oil produced by the national effort and not from the oil produced through licensing rounds."

Bahr Al-Ulum pointed out that "the recent reduction of (OPEC Plus) was unfair for Iraq, as it caused billions of dollars in material losses over two years, which is the period determined for the reduction, and that commitment to it will make Iraq’s position in front of the licensing rounds companies very weak, given that the companies have them. 

Plans to increase production and Iraq will be like forcing them to reduce production from the fields working to invest them, and this may require negotiations, especially since companies, according to contracts, have specific production capacity, if they produce or not produce, they take profits for every barrel, which leads to the establishment of the Iraqi government Paying $ 30 million a month to companies. "

The former Minister of Oil stated that "oil production, if reduced by a rate of one million barrels per day, will negatively affect the production of associated gas that is invested as liquid gas or dry gas, as the latter is transferred to operating electrical stations, which will contribute to the possibility of increasing the volume of its import, despite the demand to stop this." Imports. "

He pointed out that "the reduction and when it was accepted by the previous Iraqi government, it sentenced to death the oil investments in Iraq for a period of two years, and therefore it would not allow him to be an effective and strong member of the organization with production and export capacity."

Bahr Al-Ulum stressed the need for the Iraqi oil sector to follow two paths: the first is the licensing rounds, and the second is the national effort, which the opportunity is supposed to be available for its development and advancement, and on this basis the idea of ​​establishing the national oil company came to take this aspect and develop it, and in conclusion, according to this Preliminary data, the loss of Iraq is not less than fifty billion dollars over the next two years, as a result of the full commitment to reduce OPEC. "

Bahr Al-Ulum revealed that the Saudi Energy Minister, head of the OPEC Oil Reduction Control Committee, called the current oil minister, and warned him that last month Iraq did not abide by the second reduction and there was a shortfall of 450,000 barrels, and therefore it must be reduced this month and be added to the reduction. 

The decision amounting to 850 thousand barrels, then Iraq must commit to 850 thousand barrels per day, in addition to 450 thousand barrels, meaning that it must reduce one million and 300 thousand barrels this month, which means that Iraq will lose one billion and 400 million dollars, "at a time when it is Desperately needed any additional amount to provide the salaries, "as Bahr Al-Ulum puts it.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq is ranked 29th cheapest country in the world at gasoline prices

Post by claud39 on Sun Aug 23, 2020 9:42 am

Iraq is ranked 29th cheapest country in the world at gasoline prices




08/23/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22672







Economy News _ Baghdad





Iraq ranked 29th among the countries in the world with the cheapest fuel "gasoline" prices, according to global petrol prices.

In a report for August 2020, the site said that Iraq’s ranking came out of 164 countries listed in the table, where the price of gasoline in it reached 63 cents per liter, while it ranked 10 in the Arab world, after Sudan, Kuwait, Qatar, Algeria, Saudi Arabia, the United Arab Emirates, Oman, Bahrain and Egypt.

The report pointed out that "Venezuela ranked first in the world at the lowest price in the world for gasoline, at a price of 2 cents per liter, followed by Iran at 7 cents, and then Sudan came third at 14 cents."

And that "the most expensive country in the world for gasoline prices was Hong Kong at a price of 2.22 per liter, preceded by the Netherlands at 1.85 dollars, and preceded by Norway at 1.79 dollars."

The report pointed out that the average global price of gasoline for the month of August amounted to $ 1.00 a liter, indicating that gasoline prices in rich countries are high compared to poor countries. As for the oil producing and exporting countries, the prices are much lower than them. 

The report pointed out that "the difference in gasoline prices in different countries is due to government subsidies for gasoline and the size of taxes. All countries in the world buy oil at the same prices, but then they impose different taxes, which leads to different retail prices for gasoline."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq exports to America 197,000 barrels of oil per day, after it was zero

Post by claud39 on Thu Aug 27, 2020 9:30 am

Iraq exports to America 197,000 barrels of oil per day, after it was zero




27/08/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22756



Economy News _ Baghdad



The US Energy Information Administration announced, on Thursday, that Iraq had exported 197,000 barrels per day to America last week, after it was zero during the previous week.

The Information Administration reported, "The weekly data of US oil imports change rapidly and significantly from week to week," indicating that "US oil imports rose during the past week by 185 thousand barrels per day, to 5.916 million barrels per day."

She added that "most of the increase came during the past week from three countries, namely Iraq, Nigeria and Ecuador." 392 thousand barrels per day. "

She pointed out that "some countries decreased oil revenues from them, including Saudi Arabia, by 114 thousand barrels per day to reach 319 thousand barrels per day, and from Mexico by 72 thousand barrels to reach 577 thousand barrels per day."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil: We provide oil derivatives to support national factories

Post by claud39 on Fri Aug 28, 2020 1:25 pm

Oil: We provide oil derivatives to support national factories




08/28/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 4405





Economy News - Baghdad

On Friday, the Ministry of Oil confirmed that it is serious about supporting the national industry by providing derivatives to support factories.

Assistant General Director of the Oil Products Distribution Company, Hussein Talib, said in a statement reported by the official news agency "INA" and reviewed by "Al-Eqtisad News", that "the company is in the process of equipping the national factories with products of black oil and gas oil," indicating that "the company will provide black oil by 50%." Of the operational capacity of these plants, due to the scarcity of the product, and its more uses than the Ministry of Electricity.

He pointed out that "there are stocks of petroleum products in all warehouses, and there is no shortage of these products, especially gasoline and gas oil."

The Ministry of Industry and Minerals had announced earlier that it had set up a plan to develop the local industry to meet the needs of the local market in order to achieve self-sufficiency and move to export.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Minister of Oil: The Nibras project provides more than 30,000 job opportunities

Post by claud39 on Tue Sep 01, 2020 9:23 am

Minister of Oil: The Nibras project provides more than 30,000 job opportunities




09/01/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 21694



Economy News - Baghdad



Oil Minister Ihsan Abdul-Jabbar announced the proceeding with the implementation of the Nebras project for the petrochemical industries, which is expected to provide more than 30 thousand job opportunities.

In a statement seen by Al-Iktissad News, Abdul-Jabbar affirmed that the government and the ministry were keen to move forward in implementing the Nebras project, which is one of the important strategic projects in the petrochemical industries sector.

The minister indicated that "the project will put Iraq on the threshold of a promising new phase that will enhance its position in this industry at the global level."

He explained that "the ministry has intensified in recent days its meetings with the concerned authorities, including the Ministry of Industry, the second government partner in the project, by (25%) in addition to the Ministry of Oil with a share or percentage (25%) as well, and (49%) for Shell International, and it was agreed upon. To expedite the required procedures, overcome all difficulties, and complete the contractual and legal procedures with the concerned parties before the end of this year. "

Abdul-Jabbar indicated that the ministry is ready to cover the project’s needs of the gas feeding the project, "ethane gas" over the years of operation, whether for the project or for operating electric power generating units.

He also pointed out that the planned production capacity of the Nebras project of (polyethylene) amounts to (one million and 800 thousand) tons per year, which is the material that is witnessing steady growth in the global markets, which brings significant financial revenues to the state treasury, in addition to saving more than (30) A thousand jobs.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil announces Iraq's oil revenue for the month of August

Post by claud39 on Tue Sep 01, 2020 9:25 am

 Oil announces Iraq's oil revenue for the month of August


09/01/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 4431



Economy News - Baghdad



The Ministry of Oil announced, on Tuesday, the total exports and revenues achieved for the month of August.

The ministry said in a statement seen by "Al-Eqtisad News", that the amount of exports of crude oil "reached (80) million (494) thousand and (536) barrels (eighty million four hundred and ninety-four thousand five hundred and thirty-six barrels)."

Revenues amounted to "(3) billion and (517) million and (45) thousand dollars (three billion five hundred and seventeen million and forty-five thousand dollars)," according to the statement.

The spokesman for the ministry, Asim Jihad, was quoted as saying that "the total quantities of crude oil exported for the month of August last from the oil fields in central and southern Iraq amounted to (77) million and (505) thousand and (136) barrels, either from the Kirkuk fields through Ceyhan Port, the exported quantities reached (2) million and (989) thousand and (400) barrels.

Jihad indicated that the total daily rate of exports amounted to (2) million and (597) thousand barrels, whereas the daily rate of export from Basra ports was (2) million and (500) thousand barrels, and from Ceyhan the daily rate was (97) thousand barrels. .

He pointed out that "the average price per barrel amounted to (43,693) dollars."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq seeks an exemption from the "OPEC" agreement during the first quarter of 2020

Post by claud39 on Wed Sep 02, 2020 9:31 am

Iraq seeks an exemption from the "OPEC" agreement during the first quarter of 2020



02/09/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%B3%D8%B9%D9%89-%D9%84%D9%84%D8%AD%D8%B5%D9%88%D9%84-%D8%B9%D9%84%D9%89-%D8%A5%D8%B9%D9%81%D8%A7%D8%A1-%D9%85%D9%86-%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D8%A3%D9%88%D8%A8%D9%83-%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A3%D9%88%D9%84-2020



The Iraqi News Agency, quoting local media, reported that Iraqi Oil Minister Ihsan Abdul-Jabbar said that the country is seeking an exemption from the OPEC agreement to reduce oil exports during the first quarter of 2021, according to "Reuters".

But he added that Iraq would abide by the reduction during the next three months.






https://uabonline.org/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82-%d9%8a%d8%b3%d8%b9%d9%89-%d9%84%d9%84%d8%ad%d8%b5%d9%88%d9%84-%d8%b9%d9%84%d9%89-%d8%a5%d8%b9%d9%81%d8%a7%d8%a1-%d9%85%d9%86-%d8%a7%d8%aa%d9%81%d8%a7%d9%82/
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraqi moves towards exemptions from OPEC reduction

Post by claud39 on Wed Sep 02, 2020 9:42 am

 Iraqi moves towards exemptions from OPEC reduction




09/02/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 8286







Economy News - Baghdad



The Ministry of Oil revealed efforts to open a dialogue with OPEC countries to exempt Baghdad from reducing export quantities.

Oil Minister Ihsan Abdul-Jabbar said, in a statement reported by the official Al-Sabah newspaper and seen by Al-Iqtisad News, that "the ministry has started receiving commercial and technical offers for the construction of a pipeline to export crude oil (Basra - Aqaba) with a capacity of one million barrels."

And he expected that "the first quarter of next year will witness the transfer of the project completely, so that it can be started immediately after."

Abdul-Jabbar added, "The pipeline will extend for a distance of 1700 kilometers. The implementation will take place on the Iraqi side at the expense of the ministry. On the Jordanian side, it will be in the form of investments," noting that "the success of the project will accelerate the rehabilitation of the Turkish Cihan line." 

The minister revealed that there are "efforts to exempt Iraq from the agreement to reduce export quantities in OPEC, as all the ministers of the organization from among the major producers have been approached in three successive meetings to exempt him during the first quarter of 2021 to request assistance," pointing to the ministry, "It will commit to the reduction during the next three months." .

And he stressed, "The Kurdistan region will continue exporting operations without referring to the federal government."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Industry and oil: We are determined to proceed with the implementation of the third largest project in the region

Post by claud39 on Wed Sep 02, 2020 9:44 am

Industry and oil: We are determined to proceed with the implementation of the third largest project in the region




09/02/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22838




Economy News _ Baghdad



On Wednesday, Minister of Industry Manhal Al-Khabbaz confirmed the keenness of the ministries of industry and oil to implement this Al-Nibras project for petrochemical industries, which is one of the third largest project in the region and North Africa and will put Iraq on the threshold of a new phase, promising to strengthen its position in this industry at the global level.

Al-Baker said in a statement that Al-Eqtisad News received a copy of, that “the percentage of the Ministry of Industry in participating in the project is (25.5%) in addition to the Ministry of Oil (25.5%) as well, and (49%) for Shell International, as it has already held several Meetings between the two ministries, the last of which was on Thursday 28/8/2020, in the presence of the Minister of Industry and Minerals, the Minister of Oil and technical cadres in the two ministries, to discuss the obstacles to the project and the reasons for its delay for long years. Begin the contractual and legal procedures with the parties concerned before the end of this year.

For his part, Oil Minister Ihsan Abdul-Jabbar expressed, "The Ministry of Oil is ready to cover the project’s needs of the gas feeding the project and throughout the years of operation, whether for the project or to operate the electric power generating units."

Abdul-Jabbar added, “The planned production capacity of the project of (polyethylene) amounts to (one million and 800 thousand) tons per year, which is the material that is experiencing growth and increasing demand in the global markets, which will achieve large financial revenues for the state treasury in the future and be part of the Iraqi national income. “.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil: Associated gas production reached 2,361 Mqm / d in July

Post by claud39 on Sat Sep 05, 2020 10:37 am

Oil: Associated gas production reached 2,361 Mqm / d in July




09/05/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22886




Economy News _ Baghdad



The Ministry of Oil announced, on Saturday, that the associated gas production during the month of July reached 2,361 mqm - million standard cubic feet - per day.

The ministry said in a statistic published on its official website and seen by "Al-Iktissad News", that "the associated gas production by oil companies throughout Iraq for the month of July reached 2,361 Muqmq per day," indicating that "the burned amount reached 1,161 muqmq per day."

She added that "the production of the North and Central Oil Company of associated gas amounted to 311 Muqmq per day and burned from it reached 87 Muqmq per day, while the associated gas production from Basra and Dhi Qar and Maysan oil reached 2050 Muqmq per day and burned 1074 Muqmq per day."

The ministry indicated that "Iraq's production of dry gas reached 1072 Muqmq daily, while the production of liquid gas reached 5282 tons per day."

Initial estimates by the Ministry of Oil indicate that Iraq possesses reserves estimated at 132 trillion cubic feet of gas, as about 70% of Iraqi gas is associated with the extraction of oil for processing, and Iraq is ranked eleventh among the countries in the world rich in natural gas after Russia, Iran and Qatar. And Saudi Arabia, the Emirates, America, Nigeria, Venezuela and Algeria.







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty America reveals the amount of oil imported from Iraq during the month of August

Post by claud39 on Sun Sep 06, 2020 9:49 am

America reveals the amount of oil imported from Iraq during the month of August




09/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22900





Economy News _ Baghdad



The US Energy Information Administration announced today, Sunday, that Iraq's exports to America amounted to 767 thousand barrels during the month of August.

The administration said during a schedule seen by "Al-Iqtisad News", that Iraq ranked fifth after Canada, Mexico, Saudi Arabia and Ecuador, and ranked second in the Arab world.

And she added, "Iraq exported 355 thousand barrels of crude oil to America during the first week of August, while no oil was exported in the second week, and the quantities in the third week reached 197 thousand barrels," noting that "the fourth week witnessed the export of a quantity 215 thousand barrels. ”







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Efforts to raise the production of oil refining products in the south from 210 to more than 300 thousand barrels per day

Post by claud39 on Sun Sep 06, 2020 9:50 am

Efforts to raise the production of oil refining products in the south from 210 to more than 300 thousand barrels per day




06/09/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22902





Economy News _ Baghdad



An official in the oil refining sector revealed, on Sunday, that the rate of crude oil refining in the Basra refinery is fixed at 210 thousand barrels per day, while there are efforts to deliver it to more than 300 thousand barrels per day.

Husam Wali, General Manager of the Southern Refineries Company in Basra Governorate, said in a press statement followed by Al-Iqtisad News that the three refining units in the refinery export 70,000 barrels per unit on a daily basis, equivalent to 210,000 barrels per day in total from oil derivatives.

And that "the fourth unit will be brought into service with a capacity of 100 thousand barrels on a daily basis by the end of this year, to increase the level of refining to more than 300 thousand barrels of various oil products."







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty America announces the import of nearly 8 million barrels of Iraqi oil

Post by claud39 on Tue Sep 08, 2020 9:31 am

 America announces the import of nearly 8 million barrels of Iraqi oil




09/08/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22936









Economy News _ Baghdad



The US Energy Information Administration revealed, on Tuesday, that America imported 7 million 785 thousand barrels of Iraqi crude oil until September.

The administration said in a table seen by "Al-Eqtisad News", that "America imported 7 million 785 thousand barrels from Iraq until September of this year 2020," indicating that "these quantities decreased from the same months of 2019 in which America imported the amount of 11 634 million barrels of Iraqi crude oil.

She added that "imports of crude oil from Iraq decreased during July and August of this year 2020, reaching 551 thousand and 676 thousand, respectively, compared to the months of January and February, where imports amounted to one million and 375 thousand barrels and one million and 444 thousand barrels, respectively."

It is noteworthy that Iraq sets its prices to Asia on the light of the reference to Dubai and Oman crude, while its prices are set to Europe in light of the Brent mixture, and its prices for America are set in light of the reference to Texas crude.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq and Jordan extend the oil agreement to November

Post by claud39 on Tue Sep 08, 2020 9:33 am

Iraq and Jordan extend the oil agreement to November




09/08/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 4431









Economy News - Baghdad



The Jordanian Ministry of Energy said that Iraq has extended the oil agreement with Jordan to November, which includes importing 10,000 barrels per day.

Iraq and Jordan agreed to sell oil at a price less than $ 16 from the monthly average for Brent crude,   in addition to granting Jordanian products a tax exemption from customs.

Jordan depends on Iraqi oil for 7% as it imports from several countries such as Kuwait and Saudi Arabia.
The director of the Oil and Gas Department at the Jordanian Ministry of Energy and Mineral Resources, Hassan Al-Hiyari, said, "The imports, which amount to about 10 thousand barrels per day, will return to the current month of September," noting that "shipments stopped throughout the month of August due to the epidemic ."

"The Jordanian and Iraqi authorities have agreed to extend the oil supply agreement until November, and will soon discuss its renewal for an additional year after that," Al-Hayari added .





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Oil Minister: We will review the contracts for licenses of small wells

Post by claud39 on Thu Sep 10, 2020 7:21 pm

Oil Minister: We will review the contracts for licenses of small wells


09/10/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22978





Economy News _ Baghdad



The Ministry of Oil confirmed the continuation of development plans for the exploration and production sectors despite the Corona pandemic, and the commitment to the agreement to reduce oil exports (OPEC Plus), revealing attempts to reconsider some of the licensing rounds for small fields with high production costs.

Meanwhile, the Ministry announced that the year 2022 will witness the entry of the first unit from Karbala Refinery with a capacity of 70,000 barrels per day, and the refining capacity of Al-Samoud Refineries (Baiji) will reach 280,000 barrels per day within a period of up to 30 months from now. 

The Minister of Oil, Eng. Ihsan Abdul-Jabbar, said in an interview with Al-Sabah newspaper, which was seen by Al-Iqtisad News, that Iraq is continuing its exploration plans and developing production capabilities despite the Corona pandemic and commitment to the agreement to reduce oil exports (OPEC Plus), because this matter strengthens the country's position in Energy market.

He indicated that the ministry has continuous contracts with licensing companies that cannot be stopped because this has commercial and economic consequences for Iraq, praising the role of most of the licensing round companies that were cooperating in the current stage and endured delaying the payment of their financial dues because they understood the market data and the Iraqi economic situation, and dealt with the Ministry of Oil With high discipline and great cooperation.

He added that the ministry is currently discussing the issue of reviewing licensing round contracts for small fields with high production costs, and there are discussions on this issue, as there are small fields with high production costs, and the relevant departments in the Ministry of Oil are trying to reconsider their contracts. 

The Minister of Oil pointed out that the ministry seeks to witness the mid-year 2022 the entry of the first unit from the Karbala refinery, with a capacity of 70 thousand barrels per day, which it faced many obstacles that led to the delay in working on it, such as the Corona pandemic and demonstrations in the area of ​​the project, and that the second unit of it is planned It has the right to enter service at the beginning of the year 2023.

He indicated that the ministry’s plan also provides for the rehabilitation of all Al-Samoud refineries and reaching their refining capacity to quantities ranging between 280 and 300 thousand barrels per day, and for a period of up to 30 months from now, stressing the importance of speeding up plans to increase production in the refinery Qayyarah, which will witness the addition of a new production unit with a capacity of (70) thousand barrels per day. 

It is worth noting that the production capacity of the northern refineries within the Al-Samoud refineries complex (Baiji) is currently estimated at (75) thousand barrels per day, and it is hoped that it will reach (120) thousand barrels per day by the end of this year, despite the health challenges represented by the (Covid-19) pandemic. Which restricted the movement of work and workers due to health restrictions, but did not affect the progress of work rates in the projects.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty OPEC is looking to hold a meeting in Baghdad

Post by claud39 on Thu Sep 10, 2020 7:25 pm

OPEC is looking to hold a meeting in Baghdad




09/10/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 22992





Economy News _ Baghdad



A source in the "OPEC" organization revealed, on Thursday, that the countries of the organization could hold a direct meeting (face to face) in Baghdad early next December, on the occasion of the sixtieth anniversary of the founding of the organization.

The source stated to the Russian "TASS" agency and seen by "Al-Economy News", that the meeting could be held in the capital, Baghdad, if the epidemiological situation in the world improved, and the restrictions imposed on border crossings were lifted.

The proposal to hold the meeting in Baghdad on December 4 was presented by Iraqi Oil Minister Ihssan Abdul-Jabbar in his letter to OPEC Secretary General Muhammad Barkindo.

The organization countries were supposed to hold the meeting in Baghdad this September, but it was decided to postpone it due to the Corona crisis.

The Iraqi Oil Minister said in his message, "Preparations for the meeting required several months to be organized, but due to the epidemic and restrictions, the scheduled meeting was postponed in September, so we suggest holding the meeting on December 4 in Baghdad."

The source indicated that the decision to hold the meeting will be taken after the improvement of the epidemiological situation in the world.

The "OPEC" organization includes eleven countries that depend heavily on their oil exports to achieve their income.

The organization was established in Baghdad in 1960, and at that time it included Saudi Arabia, Iran, Iraq, Kuwait and Venezuela, and the headquarters of the organization was located in Vienna.







https://economy-news.net/content.php?id=21809
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq reduces the selling price of Basra Light crude to all regions in October

Post by claud39 on Mon Sep 14, 2020 9:52 am

Iraq reduces the selling price of Basra Light crude to all regions in October


09/14/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 3467



Economy News - Baghdad



Iraq reduced the official selling price of Basra Light crude for the month of October for shipments to Asia, the United States and Europe.

The Iraqi Oil Marketing Company "SOMO" set the official selling price for Basra Light crude to Asia at 30 cents a barrel above the average Oman / Dubai offered prices, down from the $ 1.5 per barrel premium in September.

It also lowered the prices for the United States, as it set the price of Basra Light crude at 40 cents a barrel above the Argus index for high sulfur crudes and lowered the official selling price for Europe as well, and set it at a discount of $ 0.70 a barrel for the dated Brent price.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 Empty Iraq burns 10 times what it imports of natural gas

Post by claud39 on Mon Sep 14, 2020 9:54 am

Iraq burns 10 times what it imports of natural gas


09/14/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 3 23036





Economy News _ Baghdad



In the latest report issued by the World Bank published last July, Iraq ranked second in the world for the fourth year in a row among the countries that burned natural gas, so what are the reasons that prevent Baghdad from stopping this great bleeding in its capacity? Are there any plans for benefiting from it?

Iraq came second after Russia, followed by the United States, and then Iran, as World Bank data indicate that in 2016 Iraq burned a total of 17.73 billion cubic meters of gas, then this increased in 2019 to 17.91 billion cubic meters burned in the air.
Not only that, but the amount of gas that Iraq burns daily - according to data from the International Energy Agency - is sufficient to supply at least 3 million homes with electrical energy, which the Iraqis have been suffering from for years.

Several reasons for

the multiple reasons why Iraq for the burning of natural gas, according to a spokesman for the Iraqi Oil Ministry , Assem Jihad, the gas sector is very complex and needs to be modern , the cost of technology is very high.

Jihad pointed out that natural gas in Iraq is divided into two types: the first is the gas associated with oil, which constitutes the largest part of the gas wealth in the country, and the second is free natural gas, which is represented by the crutch field in Anbar Governorate (west) and the Seiba field in Basra (south) and Mansouriya. In Diyala (east).

Jihad attributed the high rate of gas flaring in Iraq to that the increase in oil production is directly proportional to the increase in associated gas burning, and the other reason is that the wars that the country witnessed during the past four decades led to the destruction of the associated gas investment facilities that had begun to build in the seventies. the last century.

Regarding the investment of this burning gas, Jihad confirms to Al-Jazeera Net that Iraq began some time ago to invest associated gas through the Dutch Shell company that extracts oil in 4 fields in Basra, with a production rate ranging between 900 million to one billion standard cubic feet per day, and an investment plan that will arrive at Projects are completed to two thousand million standard cubic meters per day.

Jihad also confirms that Iraq - through its contracts with American, Chinese and other companies - aspires to invest all associated gas by 2025.

For his part, economist Basem Jamil Antoine attributed the burning of associated natural gas to inaction, neglect and corruption, and confirmed in an interview with Al-Jazeera Net that Iraq is burning 50% of the associated gas without any benefit from it.

Heavy losses

While Iraq pays large sums in importing natural gas from Iran, it burns 10 times the quantities it imports from Iran, according to the Washington Institute for Near East Policy, with a waste of up to $ 2.5 billion annually.

The professor of economics at the Iraqi University, Abdul Rahman Al-Mashhadani, confirmed that Iraq is burning natural gas valued at $ 18 million per day, and pointed out that Iraq's gas reserves qualify it to be the fourth in the world.

In an interview with Al-Jazeera Net, Al-Mashhadani indicated that Iraq imports from Iran an estimated more than 850,000 cubic meters per day, while it burns more than 30 million cubic meters per day, not counting the burning of free gas.

Antoine points out that Iraq imports Iranian gas to generate 3,500 megawatts, at very exorbitant amounts amounting to $ 4.5 billion annually, if the cost of direct Iranian exports of electricity were taken into account, and that this large amount could have been invested in building an advanced gas industry sufficient for the country's needs without relying on Import.

Representative of the Parliamentary Oil and Energy Committee, Sadiq Al-Sulaiti, confirmed that Iraq loses more amounts through burning gas than estimated by the Washington Institute, noting that its losses amount to $ 5 billion annually, as well as wasting nearly two billion dollars in purchasing liquid fuel for power stations. Electricity generation due to the lack of gas in the country.


The gas import file As for the representative of the Parliamentary Energy and Oil Committee, Zaitoon Al-Dulaimi, she believes that the oil licensing rounds for foreign companies since 2008 included the exploitation of gas associated with oil, but the successive governments did not do what they had to do with those companies, and thus the burning of gas continued.

The deputy commented - in an interview with Al-Jazeera Net - by saying that "Iraq has not adopted a real energy policy since 2003, especially since previous parliamentary sessions have not all succeeded in approving the laws of oil, gas and oil refineries."

As for Iraq's import of Iranian gas, she confirmed that Iraq buys Iranian gas at 4 times the price offered by other countries, referring to corruption in the Iranian gas import file, stressing that Iraq is bound by the issue of importing gas.

Gas and electricity

The amount of electrical production in Iraq ranges between 18.5 and 19 thousand megawatts, according to the spokesman for the Ministry of Electricity, Ahmed Al-Abadi, while the actual need reaches 28 thousand megawatts.

Al-Abadi pointed out that 85% of the country's power plants depend on gas and associated derivatives, and that Iraq imports from Iran to operate some of its stations an estimated 40 million cubic feet of gas per day and 1,200 megawatts as direct electricity, through the power networks between the two countries, and the financial losses that Iraq incurred by burning gas about 290 thousand dollars (at the minimum) per hour.

 
Source: Al Jazeera Net







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