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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 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 2 Empty Parliamentary Energy: Iraq is going through a major crisis that will not come out of it unless oil prices improve globally

Post by claud39 on Thu Apr 23, 2020 8:41 am

Parliamentary Energy: Iraq is going through a major crisis that will not come out of it unless oil prices improve globally




 04/23/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20376





Economy News _ Baghdad



The House of Representatives oil, energy and natural resources committee said Thursday that Iraq is going through a major crisis that cannot be overcome unless oil prices improve globally.

The committee member, Amjad Hashem Al-Aqabi, stressed that "the government must be serious about finding alternative sources of oil during the next stage."

Al-Oqabi added, “The Corona virus struck all countries and their economies, and this situation will continue until it is completely eradicated,” indicating that “this epidemic has negatively affected the global oil price collapse, which cannot be improved unless factories, factories and countries of the world are longer.” To her normal life. "

He stressed, "Iraq is going through a major crisis that cannot be overcome unless oil prices improve globally."

And that "the state must commit to searching for resources other than oil to rely on during the next stage to improve the Iraqi economic reality."






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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty The dollar gives up its gains in conjunction with the recovery in oil

Post by claud39 on Thu Apr 23, 2020 2:06 pm

The dollar gives up its gains in conjunction with the recovery in oil


04/23/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 12063





The Economy News - Baghdad 



The dollar gave up its gains and retreated against the currencies of oil producers, on Thursday, as a recovery in crude prices after an unprecedented collapse contributed to calming tense markets about a huge decline in global demand due to the Corona virus.

The euro stabilized against the dollar and the pound sterling ahead of a meeting of European Union officials about the bloc's response to the economic turmoil caused by the global pandemic Corona virus.
A union official said yesterday, Wednesday, that the bloc countries may take until the summer or perhaps longer to agree on the exact method of funding the rescue to help the economies recover in light of the continuing big differences.

Initially, the greenback ignored the recovery in oil prices because the gains were slight. But the dollar weakened as oil futures extended gains, reducing the appeal of the safe-haven in holding dollar funds.
Against the Norwegian krone, the greenback gave up its gains and fell 0.7 percent to 10.6894 as oil prices rose, retreating from the highest level in a month reached on Wednesday.

The dollar fell 0.8 percent to 75.38 Russian rubles on Thursday.


The US dollar fell against its Canadian counterpart to 1.4134 Canadian dollars, after falling 0.3 percent on Wednesday.

The US currency initially rose against the Mexican peso, but changed course and fell to 24.3850, retreating from the highest level in two weeks.

US West Texas Intermediate crude futures rose 10.16 percent to $ 15.18 a barrel on Thursday. On Monday, crude futures tumbled a month, the closest maturity to a historical low of more than minus $ 37 as oil oversupply and diminished capacity to store it pushed oil prices tumbling.

Brent crude also rose 11.83 percent to $ 22.78 a barrel, rising from its lowest levels since June 1999.
The dollar was little changed against the yen, as the two currencies remained in a limited range.

The dollar was trading in the latest trading at 107.78 yen.


The Australian dollar recovered from an early drop, rising 0.23 percent to $ 0.6339, with the US currency declining against the rest of the currencies associated with global commodity trade.
The New Zealand dollar rose 0.37 percent to 0.5979 USD.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Iraq is on the verge of difficult negotiations with oil companies

Post by claud39 on Sat Apr 25, 2020 9:11 am

Iraq is on the verge of difficult negotiations with oil companies




04/25/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20402





Economy News _ Baghdad



Iraq Oil Report, a site that tracks Iraqi oil news, stated that Iraq will face significant technical and financial complications when it begins to cut oil production in support of the OPEC agreement to withdraw nearly 10 million barrels per day from the market to counter the decline in crude oil prices.

According to the site, "Iraq will not be able to meet the agreement to reduce its share except through agreement with international companies that manage oil fields," expecting that "Iraq will face difficult negotiations with those companies, given the provisions of contracts that protect companies in such circumstances."

 
Iraq has committed to reduce its oil production by up to 23 percent starting next month, which will affect the current production, which averages about 4.5 million barrels per day.

 
And last month, Iraq sent a proposal to all international oil companies asking them to reduce oilfield development budgets by 30%, as the drop in oil prices affected government revenues, but he said that the proposed cuts would not affect crude oil production.

 
International companies operate in southern oil fields in Iraq under service contracts that give them a fixed price for the production barrels, and companies develop oil fields for costs paid by Baghdad.

 
Energy companies around the world cut spending after the benchmark Brent crude price fell more than half since the start of the year, while oil prices collapsed dramatically over the past week, reaching unprecedented levels.

 
And last month, Iraqi officials told Reuters that "the drop in oil prices forced the Oil Ministry to review its plans on how to pay the dues of international oil companies during the first six months of the year."

 
The Iraqi Ministry of Oil is still awaiting a response from the oil companies to this proposal.

 
A senior official in Basra Oil Company told Reuters, "Iraq has proposed that international oil companies reduce their expenditures by 30% provided that such cuts do not affect the levels of oil production in the country."



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Adnan Al-Janabi *: Corona - Oil - Iraq: Return to the strategy of maintaining the market

Post by claud39 on Sat Apr 25, 2020 9:44 am

Adnan Al-Janabi *: Corona - Oil - Iraq: Return to the strategy of maintaining the market


04/24/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Adnan-Janabi-1-1





  • Corona:



 

Corona swept the world, all the world. Five months later, the economic recession that swept the world did not come out of any country. China is still trying in every way to revive its economy on the one hand, and fill the gaps in the face of the return of the pandemic on the other hand. South Korea, Japan, Taiwan, and Singapore, which are strong countries with culture and systems that depend centralized in management, and the state's leadership of the economy are all still grappling with a health collapse, and the economic downfall has not yet begun.

Europe, and a number of the countries of the world that claim to have surpassed the pandemic, are all floundering in experiences of a gradual exit from a healthy closure - and a dream of a gradual breathing of the economy.

Corona is still in his head, and the world will take many more months to struggle between the devastation of death and the devastation of hunger, and starvation has yet to occur in India, Pakistan and Africa.

Corona may start to diminish at the end of this year and the beginning of 2021 after the science has reached some medications for the Covid 19 virus and one or more vaccines to vaccinate those receiving the vaccine. When can humanity manufacture more than seven billion vaccine packages? And when can countries return from the bottom of the economic crisis that will surpass the catastrophic crisis of 1919-1931, before which tens of millions are harvested due to the Spanish flu?

It is difficult to predict the timing of the disaster and the economic disaster it caused. But the strongest possibility is that it takes years. The pre-corona world will be not the post-corona world.

 


  • oil:



 

On Monday 20/4/2020, speculators of the Nimex Stock Exchange paid ($ 37.63) a barrel to anyone who accepts the receipt of their contracts in West Texas Intermediate Oil (WTI). That is, whoever bought these contracts for thirty dollars a barrel, for example, weeks ago, lost about (70) dollars a barrel to get rid of it.

For the first time in human history, goods are sold at a negative price. It happened that an owner or product was forced to give up the raw material it produces as a recession for free, or to throw it in the garbage or in the sea to dispose of it at the highest levels of depression. What happened to West Texas Oil on 20/4/2020?

 

This happened by matching three factors:

First: The demand for oil products decreased in different proportions, estimated at about a third in the United States due to the closure of the American economy, especially the world, to varying degrees.

Second: About two months ago, the oil tanks in the oil-piped refineries from the shale oil fields from Texas began to fill. Shale oil producers were heavily indebted and had liabilities to banks and financing exchanges estimated to be hundreds of billions of dollars before Corona. And when demand evaporated since Corona invaded America and the world, the American oil lobby tried to exploit the President of the United States of America, Donald Trump, to repeat success in facing the crisis caused by Saudi Arabia in 2014-2015, when oil prices returned after reducing production by OPEC + ) And return prices to more than $ 60 a barrel.

What happened on April 20/2020 that holders of Texas shale oil contracts have to fulfill their futures contracts within days. " Surprised " that all speculators Nymex tanks in refineries and in the ends of the tubes tanker (Cushing, Oklahoma) where the necessary capacities to absorb such quantities of oil are not available.

Third: What was reached in reducing production by (7.3) million barrels per day was not appropriate to match the demand for oil products in an uneven manner estimated at approximately (30) million barrels per day. The producers who export their oil from seaports like Saudi Arabia carry their oil on tankers and floating vessels, on April 20, 2020, amounted to (120) million barrels in floating "coffers". As for the oil that goes from the field to the piped, there is no choice but to stop production or sell the oil at a loss!

Selling at a negative price will not continue, but the continued decline in prices for West Texas Oil or Brent benchmark oil, which is expected to continue the surplus globally. Trump will open strategic reserve tanks. All ground and floating storage facilities will be filled. OPEC or its collaborators will not succeed in OPEC Plus (Russia and others), or any emergency drops in US shale oil or Canadian shale oil (part of it is piped to the United States), or even some OPEC countries; all these efforts for years will not succeed in absorbing Excess production and reduce storage!

Weakness of prices will continue, but will increase in depth and expansion as the means and quantities of storage increase during the period of the surplus, because the sources of adding supply to the market will extend the period of balance between supply and demand, and the return of health to prices.

The bottom line is that the period of prolonged corona's influence on global demand for oil products may or may not be shorter, but the period of oversupply (Glut) will be prolonged. Thus, the return of prices to levels above 40- $ 50- $ 60 a barrel will increase or may not ever happen. This is because the global demand for oil, even after the effect of Corona, and its effects and repercussions of the surplus storage discharge, may not recover to more than (100) million barrels per day, while the sources of production increase from all sides.

In the second half of the twentieth century, oil experts were preoccupied with the end of oil supply. Recently, concern began about the end of demand. And major variables, such as wars and pandemics, often lead to the acceleration of renewed phenomena, or the emergence of unexpected factors. Post Corona tends to be less predictable than after Corona. There are factors that may accelerate the decline in oil demand increasingly for many reasons:

First: Most of the demand for oil is to meet the transportation needs. Many expect a change in the mode of transportation or the quality of the fuel used. The use of electric cars is accelerating, the pattern of air transport and the movement patterns of raw and semi-manufactured materials change from divergent globalization to converging localization, which changes the volume of maritime transport and divergent land transport.

Second, the world is changing before Corona, and the pattern of remote communication, remote work, and robot production techniques and Artificial Intelligence-AI will accelerate.

Third: Conservation policies are expected to accelerate, after the world knew that reducing the use of fossil fuels proved its positive impact on the environment, and pollution receded in areas suffering from environmental disasters from Shanghai and New Delhi to Mexico City, Los Angeles and Tokyo. This is taking place at a time when the costs of renewable and clean energy are low, as well as signs of technologies that were not taken into account before Corona.

Fourth: Another demand for oil products is to produce petrochemical materials, especially plastics. Global pressure is increasing to limit the use of plastics and its effects on the environment, especially as a result of the non-degradation of plastics in nature.

Fifth: After Corona, not before. The tip of the iceberg!

The above variables justify the expectation that they will occur. But what we do not know today may surprise us with what is generated from the womb of wars, pandemics, and major fluctuations (Paradigm shifts), especially since Millennials may come with what we do not know about!

 


  • Iraq:



 

Since 1961, Iraq has fallen time and time again in the spiral of self-harm under the titles, nomenclature and circumstances that resulted in depriving Iraqi oil of occupying its position in the ever expanding global markets, despite the fact that the cost of production and its reserves qualify it to be at the forefront of the production undisputed.

After the issuance of Law No. (80) of 1961, which specified the scope of the Basra Petroleum Company's work to be no more than 2% of the concession granted to it, international oil monopoly companies considered it a dangerous precedent for their work in other regions. Accordingly, the oil concessions in Iraq (IPC / BPC) froze its production at the limits of (1.5) million barrels per day, while Saudi Arabia's production expanded to (9) million barrels per day during a decade, and (6) million barrels per day in Iran, as it expanded Oil production in different regions of the world.

After the nationalization of Iraqi oil in 1972, Iraq was able to increase its production between 1975 and 1979 to (4) million barrels per day. Iraq did not enjoy this achievement, as Iraq soon entered into a war with Iran, as its ports and fields were destroyed, and its production decreased to only one million barrels per day. After the end of the Iran-Iraq war, he entered Iraq under the international blockade, after his aggression against Kuwait.

After 2003, oil production infrastructures were vandalized and looted. The infrastructure was not seriously restored until the 2008 oil price crisis.

The committee that studied the possible solutions at the time recommended that Iraq cooperate with the international oil companies (IOC) and seriously rebuild the infrastructure and find a multiplicity of export ports. The licensing rounds were signed in 2009-2010, and the promise was that production would reach more than (12) million barrels per day in 2017.

Today, Iraq produces rates that are not much higher than it was in 1979 fifty years ago.

Iraq accepted production cuts in 2015, which, along with other factors, set its policy for expanding production.

Iraq could have increased production by half a million barrels per day per year, and to exceed Iraq’s production today (6.5) million barrels per day at least. While Iraq’s production froze at (4) million barrels per day, global production increased by nearly ten million barrels per day from about (90) million barrels per day to nearly (100) million barrels per day, half of which went to the United States, and Canada, Brazil, and Mexico increased their production significantly. And Iran, which has not complied with the decision to cut OPEC, increased its production before U.S. sanctions affected Iran's production.

I expressed my opinion at the time that the biggest loser of OPEC's decisions is Iraq. Iraq is the largest holder of reserves, with an estimated (300) billion barrels capable of production, and it has not developed its production over the past sixty years, as it wronged itself on the one hand, and circumstances darkened it on the other. And I said at the time that the age of oil may not exceed fifty years, and Iraq will not be able to benefit from its oil wealth unless it produces at a rate of approximately (20) million barrels per day. At the time, I said that Iraq was earning more from production than it was from increasing prices. And that it is in the interest of Iraq and its future generations to expand in the markets, and to displace high-cost producers such as shale oil in the United States, sandy oil in Canada, and many oils whose production cost exceeds (30) dollars per barrel.

Today, Iraq is committing the same previous mistake by freezing its production capacity for a period of five years, which benefited the United States and others who increased their production and expanded in the markets. Today’s problem is greater than the price problem of 2015, and it is the problem of shrinking markets. And the market contraction is expected to continue indefinitely, and there is no alternative for Iraq other than to follow the policy of expanding production at low prices and removing high-cost oil from the markets.

This policy, the expansion of markets and the displacement of high-cost oil, ensures that Iraq will continue for a longer period despite the shrinking demand for oil, and future generations benefit from exploiting a greater proportion of its oil reserves instead of losing this storage in the ground forever.

 

Iraq’s oil to serve future generations

 

Iraq is a rentier state, and its economic system may be one of the worst rentier countries. Adoption of the economy, annual budget and gross domestic product (GDP) are the worst, and use of oil in domestic manufacturing (refineries, petrochemicals, manufacturing industries) is the lowest among rentier countries.

Iraq should take advantage of the opportunity to collapse prices to reverse its oil and economic equation in favor of a development model that serves future generations. First, productive sectors, especially those that employ labor, such as agriculture, housing, and manufacturing, should be allowed to thrive on the basis of a market economy, and the state’s bureaucracy should be reduced and the shift from disguised unemployment in the country to productive employment in the private sector.

On the other hand, in order to sustain the life of Iraqi oil, Iraq should give way to petroleum industries, from refineries, petrochemicals, and other manufacturing.

If Iraq continues to pursue a policy of reducing production on the pretext of seeking to balance the market and improve prices, the loss of Iraq will be double, in which Iraq loses its present and future. Present because the markets will not balance, and the prices will not improve, but others, such as the high-cost producers, will succeed in taking advantage of the markets and benefiting from their few reserves.

Years of falling prices and falling demand will be difficult. But taking advantage of the opportunity and turning the disaster into a gain is the only successful way for countries with the largest reserves and the lowest costs, and Iraq is the greatest reserve and the lowest cost among the oil countries.

 

(*) Researcher and economic writer, former head of the Energy Committee in the Iraqi parliament.

Copyright reserved for the Iraqi Economist Network. Republishing is permitted provided the source is indicated. April 24, 2020

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http://iraqieconomists.net/ar/2020/04/24/%d8%b9%d8%af%d9%86%d8%a7%d9%86-%d8%a7%d9%84%d8%ac%d9%86%d8%a7%d8%a8%d9%8a-%d9%83%d9%88%d8%b1%d9%88%d9%86%d8%a7-%d9%86%d9%81%d8%b7-%d8%b9%d8%b1%d8%a7%d9%82-%d8%b9%d9%88%d8%af/
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Lukoil Russian oil faces difficulties in Iraq

Post by claud39 on Sun Apr 26, 2020 8:39 am

Lukoil Russian oil faces difficulties in Iraq




04/25/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20416







Economy News _ Baghdad

The company, which is the second largest oil production company in Russia, is facing difficulties in providing labor for its assets in Iraq due to the restrictions imposed to curb the outbreak of the Corona virus, the Interfax news agency reported, citing Waheed Ali Kabirov, CEO of Lukoil Oil Company, on Saturday.

Lukoil operates the West Qurna 2 oil field, 65 km northwest of Basra. It is one of the largest oil fields in the world and the company says that its oil reserves are around 14 billion barrels.

"In Iraq we are facing the problem of replacing shift workers, we are reaching agreements with employees to keep them on shifts that will last 60 days or more," the agency said, quoting statements made by Ali Kabirov to state television.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty The oil minister sets a date for improving crude prices

Post by claud39 on Sun Apr 26, 2020 8:40 am

 The oil minister sets a date for improving crude prices




04/26/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20430





Economy News _ Baghdad



Deputy Prime Minister and Minister of Oil Thamer Al-Ghadban denied, on Sunday, the existence of a decision to cut the salaries of employees, while he indicated that oil prices will improve next month after the implementation of the new OPEC + agreement.

Al-Ghadban said in a televised interview with "Al-Iqtisad News", that "the employees’ salaries are insured for the month of April and there is no decision to reduce them, "noting that" Iraqi revenues fell 50% due to the collapse of oil prices. "

He added, "Iraq revenues fell 50% due to the collapse of oil prices," noting that "oil prices will improve next month after the implementation of the new OPEC + agreement."

He explained that "the Kurdistan region's oil is part of Iraqi oil and will be reduced during the next month," stressing that "the Kurdistan region's export of oil amounts to 454,000 per month per day."





http://economy-news.net/content.php?id=19966
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Sumo: $ 12 billion annually granted to mobile phone licenses companies

Post by claud39 on Sun Apr 26, 2020 8:43 am

Sumo: $ 12 billion annually granted to mobile phone licenses companies


4/26/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 1351










Economy News - Baghdad:




The Oil Marketing Company "SOMO" revealed, on Sunday, that the Ministry of Oil granted $ 12 billion annually to foreign oil companies operating inside Iraq as operating and investment costs.




The assistant director of SOMO Company, Ali Nizar, said in an interview viewed by Al-Iqtisad News, that "Iraq grants a monthly sum of one billion dollars to foreign oil companies operating inside Iraq as costs of investing and operating the oil fields."




He added that discussions are underway with foreign oil companies to reduce operating costs by 30 %.










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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Parliamentary energy calls for a review of the oil licensing rounds as the economic situation worsens

Post by claud39 on Thu Apr 30, 2020 12:55 pm

Parliamentary energy calls for a review of the oil licensing rounds as the economic situation worsens


04/30/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20546





Economy News _ Baghdad



On Thursday, a member of the Parliamentary Oil and Energy Committee, MP Jamal al-Muhammadawi, called for the necessity of reviewing the oil licensing rounds due to the worsening economic situation due to the outbreaks of the Coruna epidemic.

Al-Muhammaddawi said in a statement, "Economy News" received a copy of it, that "the emergence of the Corona pandemic and its repercussions on the economy and the effects of adherence to contracts concluded before they are obtained can be suggested one of two ways to adapt the condition of those contracts, for example, the licensing rounds of oil."

He added, "Either the principle of force majeure applies because the implementation of these tours is costly and seriously detrimental to one of the parties to the contract, which is the Iraqi state, which allows the obligations of the contract parties to be modified and mitigated to reduce the damage to Iraq from licensing round contracts."

He continued, "or the principle of force majeure that the contract is completely terminated and re-contracted according to the new circumstances is applied in a manner that takes into account the interest of the party affected by these contracts." It was clear and greatly exacerbated after the epidemic spread. ”

Al-Mahmoudawi called on the legislative and executive authorities to "take quick measures to adopt one of the two options mentioned to address the severe damage incurred by the national economy in the most important sector and the broadest one to finance public budget revenues and adapt licensing rounds to ensure the highest economic benefit for Iraq." 





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Oil: restarting Baiji and Karbala refineries eliminates import

Post by claud39 on Thu Apr 30, 2020 12:57 pm

Oil: restarting Baiji and Karbala refineries eliminates import


04/30/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 17864





The Economy News - Baghdad



The Undersecretary of the Ministry of Oil, Kareem Al-Hattab, confirmed on Thursday that restarting the Baiji and Karbala refineries eliminates the import of oil derivatives.

"The volume of consumption of oil derivatives in the summer is estimated at about 23 million liters of gasoline and the equivalent of gas oil," Al-Hattab said in a statement reported by the official news agency "Waaa" and viewed by "Al-Iqtisad News".

He explained that "the domestic production of gas oil amounted to 17 million liters, while the production of gasoline is about 13 million liters," noting that "the rest of the import will be compensated."

Al-Hattab stressed that "Baiji refinery, a giant refinery, produces approximately 10 million liters of gas oil, in addition to producing 8 to 10 million liters of gasoline." Its production capacity is estimated at more than 200 thousand barrels. "

He added, "The rehabilitation of the Baiji and Karbala refineries, which it is hoped will take place during the year 2021, will compensate for the import of oil derivatives."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Foreign oil companies operating in Iraq refuse to reduce production to implement the OPEC + agreement

Post by claud39 on Fri May 01, 2020 9:40 am

 Foreign oil companies operating in Iraq refuse to reduce production to implement the OPEC + agreement




01/05/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 966



Economy News - Baghdad:



Reuters said that foreign companies operating in Iraq have so far refused to reduce calls to reduce production to implement the OPEC + agreement, which amounts to more than one million barrels per day.

Today, Friday, the implementation of the OPEC + agreement agreed upon by the oil countries in OPEC + and the countries agreed to reduce 23 % of their production.

According to Reuters, which quoted sources in the Iraqi oil sector, Iraq will face difficulties to reduce oil production by a record rate of one million barrels per day, or 23 percent, as of May within the framework of OPEC agreement with Russia and other producers, and that Baghdad has not yet reached an agreement with companies Global oil on places of cuts .

Major oil companies such as BP, Exxon Mobil and Eni are producing the lion's share of Iraqi production and have so far rejected calls for reductions, prompting Iraqi officials to review options such as asking companies to advance maintenance of fields .

"Talks with foreign companies are still ongoing and we are seeking to reach an agreement to reduce production without any financial burden on Iraq, " said a senior official at the Basra Oil Company, who is participating in the negotiations .

The senior official said the talks focused on the amount of crude that each company had to cut and the schedule .





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Iraq begins reducing oil production by 23 percent

Post by claud39 on Fri May 01, 2020 9:42 am

Iraq begins reducing oil production by 23 percent


01/05/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20568



Economy News _ Baghdad



Iraq began, on Friday, to reduce the rate of oil production by 23 percent in compliance with the decisions of the Organization "OPEC +".

The official Al-Sabah newspaper quoted an official source in the Basra Oil Company , saying, "The measures to reduce production in the oil fields began at a rate of 23 percent, as part of Iraq's commitment to OPEC + decisions."

She added, "The current Basra Oil Company production touches 3 million standard barrels per day."

The Minister of Oil, Thamer Al-Ghadban, had confirmed, last Saturday, that Iraq will earn in 2020 half of what it was earning in 2019.







http://economy-news.net/content.php?id=20077
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Al-Ghadban affirms that Iraq is keen to hold a celebration of the 60th anniversary of the founding of OPEC on time

Post by claud39 on Sat May 02, 2020 10:42 am

Al-Ghadban affirms that Iraq is keen to hold a celebration of the 60th anniversary of the founding of OPEC on time


 05/01/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20572



The Economy News - Baghdad



On Friday, Oil Minister Thamer Al-Ghadban assured that advanced levels were achieved in the work stages of the project for the reconstruction and rehabilitation of the People's Hall, which is hoped to be embraced for the celebration of the 60th anniversary of the founding of the Organization of Petroleum Exporting Countries "OPEC" and the meetings of the organization in the month of September.

Al-Ghadban said during his visit to the work site in statements followed by Al-Eqtisad News, that "the Oil Projects Company, the engineering arm of the Ministry of Oil, started before the end of last February the implementation of the project to reconstruct and rehabilitate the People's Hall in Baghdad, with the support, support and financing of other oil formations," noting To "the importance of holding the ceremony in the People's Hall, which witnessed the declaration of founding and the emergence of the Organization of Petroleum Exporting Countries" OPEC "on the fourteenth of September 1960 after the meeting of five countries (Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela)."

"The Ministry is keen to preserve the identity of this historical cultural site through the approval of engineering designs and basic plans for the building, as well as the construction materials used and the nature and quality of furniture and accessories in the process of reconstruction and rehabilitation, and in accordance with the basic form and architectural style of the hall, in order to preserve us the main features of this The edifice, which witnessed many cultural and political events and events during the past decades. "

Al-Ghadban added, "The People's Hall is considered one of the cultural and historical sites that have been neglected for a long time, and it was almost extinct surrounded by rubble and so on. We were briefed on its miserable situation during our visit to it last year, accompanied by OPEC Secretary-General Mohamed Barkindo."

Al-Ghadban pointed out that "the approval of the Council of Ministers through the Ministerial Council for Energy on the reconstruction of the hall has been obtained, after which OPEC was approached to host the celebration that organizes the sixtieth anniversary of its establishment in Iraq and in the hall that witnessed the founding announcement, and it was agreed unanimously to hold this global event," explaining "The ceremonial program includes, in addition to holding the regular meetings of the organization, a platform full of cultural and heritage activities for Iraqi creativity, which will be prepared and implemented by the way through the preparatory committee. Therefore, the Ministry of Oil has taken upon itself to bear the costs of the project and carry out reconstruction work, In coordination with the Ministry of Culture, being the authority responsible for the hall. "

Al-Ghadhban praised the efforts of the employees of the Oil Projects Company and its supporters from the Ministry of Oil formations for their keenness and dedication to continue the work of rehabilitation despite the challenges and difficulties, and the decision to impose a curfew to prevent the spread of the Corona virus pandemic.

The minister added that "there are two committees that supervise the establishment of OPEC, one in Iraq at the Ministry of Oil and the second in OPEC and Iraq represented there, and cooperation continues between the two committees to make the event that the member states of the organization and other countries concerned with oil affairs in addition to relevant international and regional organizations attend. Former oil ministers, oil and economic experts. "



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Reuters: Iraq has not told oil buyers to cut exports

Post by claud39 on Wed May 06, 2020 10:23 am

Reuters: Iraq has not told oil buyers to cut exports


06/05/2020
IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20656



Economy News _ Baghdad



Commercial sources and the sector said that Iraq has not yet notified regular buyers of oil of it to reduce its exports, indicating that it is facing difficulties in fully implementing the OPEC agreement with Russia and other producers on a record supply cut, according to "Reuters".

A source in the Ministry of Oil said that Iraq, the second largest producer in OPEC, directed its largest company, Basra Oil, to cut production from May, as part of efforts to reduce production by one million barrels per day or one percent of global supplies.

But a spokesman for Basra Petroleum Company said that the company had not yet agreed on a business plan with the rest of the oil companies such as BP, Exxon, Eni and Lukoil, which operates the largest fields in the country.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Experts: oil demand will not recover in 2020

Post by claud39 on Fri May 08, 2020 9:16 am

Experts: oil demand will not recover in 2020




08/05/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20684



Economy News _ Baghdad



Experts believe that global oil demand is recovering at a very slow pace, and growth is likely to resume not before the beginning of the year 2021, that is, demand until the end of this year will remain low.

Experts at the Boston Consulting Group said that the countries of the "OPEC +" group may have this year to increase the reductions from what was stipulated in the agreement, which was concluded on April 12, due to weak demand for crude in 2020.

They added, that the countries of the "OPEC +" group, with the exception of Iraq, have not witnessed a decline in demand at such a level, so the experts of the group believe that the oil producing countries will be forced to reduce spending in their budgets, according to TASS news agency.

Experts say, "Prices will not recover in 2020 enough to affect budget revenues."

Vladimir Rogov, director of Boston Consulting Group, expects that global oil stocks will continue to affect demand for 3 years. He said: “The oil market is affected not only by the Corona pandemic, but also by other factors such as the oil price war between Russia and Saudi Arabia, and by global stocks, which will continue to affect Request for another three years. ”

He pointed out that it is now necessary to accept the price of a barrel of oil at the level of $ 30, noting that this will affect many investment projects in the oil sector.

These expectations contrast with the expectations of Egyptian businessman Naguib Sawiris, who said during an interview with CNBC a few days ago, that oil prices will rise to $ 100 a barrel within a year and a half.

Oil markets are under pressure due to falling demand and the full global crude stocks are almost completely full in light of the Corona pandemic.

To support the oil markets, the OPEC + countries agreed on April 12th to make production cuts to support the tumbling markets.

The group will reduce production in the months of May and June by about 10 million barrels per day, with cuts to be cut in the second half of 2020 until the end of April 2022.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Oil and Commodities Prices: Yesterday's story returns today

Post by claud39 on Mon May 11, 2020 6:42 am

Oil and Commodities Prices: Yesterday's story returns today


11/05/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20398





Prices are the same as they were 160 years ago, and it is useless to try to find a long-term pattern.



Predicting commodity prices is not a profitable game. Many economists have suggested a lot of irony since 1999, when the idea was circulated that in a "oil-stricken" world, the price of a barrel of that substance would be less than $ 5. This was before the price of oil rose from $ 10 to the peak of nearly $ 150 over a decade after that date. But last April, the world’s markets were once again flooded and the price of oil fell to unprecedented depths.

 On April 20, the price of a barrel of West Texas Intermediate oil for delivery in May became a negative price, which means that sellers must pay buyers an amount to buy a barrel of oil. On April 27, oil for June delivery also fell by more than a quarter, although it remained above zero, by just over $ 12 a barrel.

 The dispute between Russia and Saudi Arabia, and the decline in oil demand due to closures due to the spread of Corona virus, left the markets flooded with excess production. Once again, as in 1999, analysts are asking whether the world has to get used to permanently low prices not just for oil but for other commodities as well.

Economists can be classified into two broad categories about their view of the long-term trend of commodity prices. In the late 1940's, two economists on development issues, Mr. Raul Prebisch and Mr. Hans Singer, assumed that the prices of raw materials would decrease compared to the prices of manufactured goods over time.

They argue that this will happen because, as global incomes rise, demand for complex goods will rise faster than demand for basic commodities such as oil or food. When people get richer, for example, they buy cars with more luxurious specifications, rather than those that use more iron ore.

This interpretation inspired the arguments that capitalism will inevitably widen the gap between rich and poor countries. Places where different commodities are manufactured will become richer compared to those that produce raw materials. The decline in commodity prices after World War II, and then again in the 1980s and 1990s, seemed to give credence to this theory.

But with the commodity market booming in the first decade of the 21st century, increased demand by fast-growing emerging market economies such as China has pushed up commodity prices. Criticism of Prebeach and Singer theory escalated. Other economists have indicated that they have ignored the role of technological change in lowering prices or increasing the quality of manufactured goods. 

Today's computer could cost as much as a device that was produced 20 years ago. But the amount of information that can be processed and the data that can be stored has increased hundreds of times, if not thousands of times. Today's ordinary smartphone is much more powerful than a PC sold in 1995, but it only costs a quarter of the price even in terms of face value. In any case, it is not always true that rich countries manufacture more than poor countries, due to the increase in industrial production operations in poor countries by multinationals in recent decades.

Here comes the important question: What do the followers and critics of Prebeach and Singer investigate for the collapse of oil prices? Neither of them can take this as evidence. In the history of oil prices, we see that it is much easier to look at short-term fluctuations after dramatic events than it would be if we were to define a long-term trend. Indeed, if we look at a graph of oil prices in dollars adjusted for inflation over the past 160 years or so, the most striking feature is the absence of any clear pattern or trend. Although we will find clear price increases in the 1860s due to the American Civil War, in the 1970s due to the oil shock, and again during the commodity price boom in the first decade of the twenty-first century, the price of a barrel of crude oil today is in real terms It ranges around the same level it was between the 1870s and 1970s.

A similar pattern lack is the commodity price index published by the British Economist, which is perhaps the oldest commodity price index in the world and is updated regularly. The index, which has recorded prices since the mid-nineteenth century, includes a wide range of commodities, such as food and industrial raw materials, but excludes energy prices. The index, of course, witnessed impressive rises and falls. But last week, the index stabilized in real terms at the same level as it was at the beginning of January 1860, when the first regular reading was recorded.



* Professor of Economics at the University of Kansas, USA.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Iraq is losing the battle of oil shares with Saudi Arabia

Post by claud39 on Mon May 11, 2020 8:52 am

Iraq is losing the battle of oil shares with Saudi Arabia




05/10/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20726





Economy News _ Baghdad



Iraq lost the battle of market shares with Saudi Arabia over the Asian market, as Iraqi oil exports to India declined to second place after it was ranked first since 2017, and the gap between Iraqi and Saudi oil exported to China increased from 167 thousand barrels per day during last February. To 810 thousand barrels per day during the past month in favor of Saudi Arabia. 

Saudi Arabia launched a price war on Iraqi oil destined for the Asian market, as it reduced its prices by about 7.5 dollars per barrel, while Iraq reduced its price by 6.55 dollars per barrel, and Iraqi oil exported to India was ranked first in the month of last March by exporting 1.071 million barrels Daily, followed by Saudi Arabia with 731 thousand barrels per day, and then the Emirates with 634 thousand barrels per day, but after the start of the price war launched by Saudi Arabia on the first of last month, Iraq’s exports to India became 797 thousand barrels per day, while Saudi Arabia was 1067 million barrels.  

As for the Chinese market, Saudi Arabia increased its exports by more than 100% to become 2.207 million barrels last month, after last March it was 1.065 million barrels, while Iraq increased its exports by 549 thousand barrels daily, as in March it was 848 thousand barrels daily while last month it rose to 1397 Thousand barrels. 

Iraq and Saudi Arabia sell their oil to East Asia by adopting Dubai crude or the Sultanate of Oman, as Iraqi and Saudi oil are not listed on the stock exchange, and Iraq succeeded during the past years by acquiring the Asian market as it exports nearly 60% of its oil to China, India and South Korea. 

Deputy President of the Iraqi Oil Marketing Company "SOMO" Ali Nizar said that India announced the closure of the ports due to the Corona pandemic, and thus reflected on its oil imports, as the Indian companies told us that they are unable to load Iraqi oil, indicating that Indian companies import 12% of the oil Iraqi. 

On the other hand, the oil expert, Nabil Al-Marsoumi, said that "Saudi Arabia is the price leader in OPEC and in light of its pricing for light Arab crude, the price trends for raw materials in Iraq, Kuwait and Iran are determined, which affects more than 12 million barrels of crude destined for Asia, and this is due to its capabilities Massive productivity, "noting that" Saudi Arabia succeeded through dumping policy and price discounts to acquire an important part of Iraq 's oil share in the Indian market. " 

SOMO was not able to reduce its prices to less than Saudi Arabia due to the internal financial crisis that the country is experiencing due to the unilateral economy, which requires more money to cover the government's operating expenses, because Iraq’s revenues fell from 6 billion dollars from the beginning of this year to 1.4 billion dollars. 

On the other hand, said the Indian Professor Girishish Pant, whose research focuses on energy issues and economic relations between India and the Gulf, that Iraq and Saudi Arabia are seeking to maintain their exports to India despite the Corona virus, indicating that Iraq and Saudi Arabia now need to motivate India to choose One to maintain its share in the Indian market and to this end, Saudi Aramco has sought to implement projects in India over the past years, such as a deal to build a refinery and a 44 billion petrochemical project.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty IRAQ LOST $ 11 BILLION IN 4 MONTHS AS A RESULT OF LOW OIL PRICES

Post by claud39 on Tue May 12, 2020 9:32 am

IRAQ LOST $ 11 BILLION IN 4 MONTHS AS A RESULT OF LOW OIL PRICES




12/05/2020






IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%AE%D8%B3%D8%B1-11-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-4-%D8%A3%D8%B4%D9%87%D8%B1-%D8%AC%D8%B1%D8%A7%D8%A1-%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7



Official statistics revealed that Iraq lost nearly $ 11 billion as a result of lower oil prices during the first four months of this year, compared to last year.


Statistics, published by the Oil Marketing Company (SOMO), according to Iraqi media reported on Monday, showed that Iraq sold during the first four months of this year nearly 409 million and 96 thousand and 972 barrels of crude oil, at an average price of nearly 38 dollars, while total revenues amounted to 15 billion and 391 million and 201 thousand dollars, according to Agence France-Presse.

Statistics showed that Iraq sold during the first four months of last year, quantities of oil amounting to 423 million and 284 thousand and 489 barrels, at an average price of $ 62, and revenues of 26 billion and 275 million and 283 thousand dollars.

Oil prices decreased significantly after the outbreak of the Corona virus, as a result of the almost complete cessation of economic life in the world, which reduced the demand for oil and prices collapsed in general, especially in the month of April (April) last.






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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Basra oil reveals the size of the reduction in its fields according to the OPEC agreement

Post by claud39 on Wed May 13, 2020 9:50 am

Basra oil reveals the size of the reduction in its fields according to the OPEC agreement




13/05/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 18992







Economy News - Baghdad



Basra Oil Company revealed on Wednesday the size of the reduction in its oil fields in accordance with the recent OPEC + agreement.

The assistant general manager of Basra Petroleum Company Khaled Hamza Abbas said in a statement reported by the official news agency "Waa" and viewed by "Al-Iqtisad News", "There is a significant decline in the percentage of sales of crude oil produced by the Basra Petroleum Company in its fields, as the fixed amount of oil produced In one day (three million and four hundred barrels per day). 

He added, "The conditions of the curfew in Basra Governorate, due to the outbreak of the Corona virus, did not affect the production of crude oil, as there were alternates in the company in order to continue the work in the oil fields and thus the production continued in the same amount."

He pointed out that "the recent agreement of OPEC has imposed on the company a certain rate of reduction," noting that "the rate of reduction of the fields of Basra Petroleum Company due to the agreement amounts to 650 thousand barrels per day."

He explained, "The size of the reduction is distributed to the West Qurna / 2 field by 70 thousand barrels per day, West Qurna / 1 by 50 thousand barrels per day, while the national effort fields, including the Nahran Omar, Artawi and Lahis fields by 350 thousand barrels per day, while the remaining amount is distributed Between the fields of Zubair and Rumaila. "

He stressed that "the OPEC agreement changed the course of production in the fields of the Basra Oil Company, which affected the rate of production and export and financial imports."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Oil: reduced quantities of gas burned for the month of March

Post by claud39 on Sat May 16, 2020 9:25 am

Oil: reduced quantities of gas burned for the month of March


16/05/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20786



Economy News _ Baghdad



The Ministry of Oil announced a decrease in the quantities of gas burned last March, indicating that dry gas production reached 1217 mqqm daily.

The ministry said in a statistic published on its official website and viewed by "Al-Iqtisad News", that "the gas production accompanying by oil companies in all of Iraq for the month of March amounted to 2764 maksam per day", indicating that "the gas burned decreased by 1460 maksim per day compared to 1594 makmat Today in January. "

The ministry added that "the production of the accompanying North and Central Oil Company amounted to 335 suppressed per day, and the burnt amount amounted to 123 suppressed per day," explaining that "the production of Basra oil, Dhi Qar oil and Maysan oil reached 2429 suppressed per day, and burned 1337 supplements per day."

The ministry pointed out that "dry gas production reached 1217 mqqm daily, while liquid gas production reached 6324 tons per day."

According to preliminary estimates of the Ministry of Oil that Iraq has an estimated reserve of 132 trillion cubic feet of gas, as about 70% of Iraqi gas is gas associated with the extraction of oil for processing, and Iraq is ranked eleventh among the countries rich in natural gas after Russia, Iran and Qatar Saudi Arabia, the United Arab 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 2 Empty Oil continues to recover from the corona's consequences with renewed hopes for a return to balance between supply and demand

Post by claud39 on Sun May 17, 2020 9:51 am

Oil continues to recover from the corona's consequences with renewed hopes for a return to balance between supply and demand




05/17/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20812



Economy News _ Baghdad



Oil markets recovered well last week, whose raw materials witnessed gains and recovered from severe losses, with renewed hopes for a return to balance between supply and demand in a market with excess supply and declining demand due to the Corona pandemic.

Over the course of trading last week, US light crude prices rose about 20% to record 3 consecutive weekly increases at $ 30 a barrel, the highest level for crude since mid-March.

Oil prices gained momentum from some countries towards easing the movement restrictions imposed by the authorities to curb the spread of the pandemic, which raised hopes about recovering demand for jet fuel, one of the main engines of the global oil markets.

Brent benchmark crude had a share of the gains last week, but at a lower pace than its US counterpart, with crude prices rising about 5% around $ 32.5 a barrel.

One of the main factors in supporting oil markets last week was the voluntary reduction measures taken by many oil producing countries such as Saudi Arabia, the UAE and Kuwait. 

So, oil markets are catching their breath after a violent downturn since the beginning of the year against the backdrop of the pandemic, but the gains made by the oil markets remain hostage to the progress made in eliminating the Corona pandemic.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Oil denies stopping work on the Ahdab field

Post by claud39 on Mon May 18, 2020 9:35 am

Oil denies stopping work on the Ahdab field




18/05/2020


IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20838


Economy News _ Baghdad

On Monday, the Ministry of Oil denied reports that it intends to stop work in the Ahdab oil field in Wasit Governorate.

The ministry said in a statement, "Economy News" received a copy of it, that it denies "what was reported by Bloomberg News Agency regarding its intention to stop work in the Al-Ahdab field in Wasit Province," stating that "the information transmitted by the agency is inaccurate and bare about health."

The ministry pointed out that "the demonstrations near the field are not related to the oil sector and work in the field or production operations, but rather are demonstrations that are related to the administration of the province exclusively, and those responsible for the demonstrations have previously announced this."


The ministry called, "The media, especially Bloomberg, to be careful in conveying information and extracting it from its official sources."

The American newspaper "Bloomberg" reported, earlier today, Monday, that Iraq was planning to stop the Ahdab oil field.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Al-Kazemi's International Energy Director: Iraq is financially constrained and we will double support in two areas

Post by claud39 on Tue May 19, 2020 9:11 pm

Al-Kazemi's International Energy Director: Iraq is financially constrained and we will double support in two areas


05/19/2020



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Economy News _ Baghdad

The Executive Director of the International Energy Agency, Fateh Birol, confirmed on Tuesday that the agency will increase its support for Iraq, the second largest oil producer in OPEC, while facing expected delays in the completion of vital projects due to the drop in oil prices.

Birol said in a statement after he made a phone call with Prime Minister Mustafa Al-Kazemi, and was informed by "Al-Iqtisad News", "The Prime Minister and I agreed that the International Energy Agency will double its support for Iraq on various energy issues, especially in the field of electricity and gas."

He added: "Among the most important issues facing financially constrained Iraq now is the need to review the frameworks of its investment programs, to ensure that vital infrastructure projects are not subjected to disruption due to lack of funding."





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Iraq plans to raise gas production to 3.4 billion standard feet within 3 years

Post by claud39 on Wed May 20, 2020 9:34 am

Iraq plans to raise gas production to 3.4 billion standard feet within 3 years




20/05/2020



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Economy News _ Baghdad



Undersecretary of the Ministry of Oil Hamid Al-Zobaie confirmed on Wednesday that the ministry has plans to invest in the gas sector in cooperation with international companies to bring gas production to about 3.4 billion standard feet during the next three years. 

Al-Zobaie said in press statements pursued by "Al-Eqtisad News", "We have a plan currently under implementation of three axes to invest gas, as it requires in the first stage to isolate gas from oil with rapid investments and deliver it to the consumption sites of electric power stations and industrial sites, and the ministry succeeded at this stage With an increase in gas investment from 700 million standard feet to 1500 million standard feet. "

He added that the second axis of the plan requires the rehabilitation of a number of assembly stations that are concerned with raising the productivity of liquid gas and condensate to reach self-sufficiency through the rehabilitation of production stations, so that Iraq will be a source of them, as the rate of exports currently to global markets is about two thousand tons per day of liquefied gas .

He explained that the third axis of the plan includes investing gas associated with crude oil in the fields through the establishment of gas processing units, and this plan requires the construction of complexes in fields where there are no facilities and complexes for processing, where the Ministry of Oil began a contract to invest Nasiriyah gas with a capacity of 200 million standard feet And start investing gas in the Nasiriyah field with a capacity of 200 million standard feet, the Halfaya field in Maysan Governorate with a capacity of 300 million standard feet, the Artawi field in Basra Governorate with a capacity of 400 million standard feet, the West Qurna II field project, and a number of small fields with a production of 300 million feet Record.

He pointed out that the Ministry of Oil seeks to revive work in the production of free gas from the crutch and Mansuriyah fields in the provinces of Anbar and Diyala, which was contracted with foreign companies, and work to restore the activity of these companies to work after stopping due to the security conditions in the provinces of Anbar and Diyala, and that these projects It will gradually enter into force for a period not exceeding three years, which helps Iraq to invest 3409 million standard feet of gas, associated and free.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty SAUDI ARABIA OVERCOMES IRAQ AS INDIA'S LARGEST OIL SUPPLIER

Post by claud39 on Thu May 21, 2020 8:43 am

SAUDI ARABIA OVERCOMES IRAQ AS INDIA'S LARGEST OIL SUPPLIER





21/05/2020






IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%AA%D8%AE%D8%B7%D9%89-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%83%D8%A3%D9%83%D8%A8%D8%B1-%D9%85%D9%88%D8%B1%D8%AF-%D9%86%D9%81%D8%B7-%D9%84%D9%84%D9%87%D9%86%D8%AF








Data from sources showed that Saudi Arabia replaced Iraq as the largest supplier of crude oil to India in April, as falling prices attracted refiners, the third largest economy in Asia.




Refiners in India, the world's third largest importer of crude, requested more quantities from Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) in April.




India's total imports last month were 4.63 million barrels per day, an increase of 5% from March, but a decrease of 4.1% from April 2019, according to the data.




Indian refiners cut crude processing activities last month as demand fell to its lowest level since 2007 due to isolation measures across the country to contain the outbreak of the Coronavirus. The UAE ranked third among the suppliers.













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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Reuters: Iraq is selling one million barrels of oil to a Taiwanese buyer

Post by claud39 on Fri May 22, 2020 9:00 am

Reuters: Iraq is selling one million barrels of oil to a Taiwanese buyer


22/05/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20948





Economy News _ Baghdad

Trade sources reported on Friday that the Iraqi Oil Marketing Company (SOMO) sold one million barrels of Basra Light Crude for download in June at a premium of about $ 4.50 a barrel above the official selling price to a Taiwan buyer through an immediate bid awarded on Thursday.

The sources told Reuters, "The shipment was offered for download from June 28 to 30."

Prior to this, traders said Philip 66 sold 1 million barrels of Basra Light crude for download in June at a premium of about $ 4.70 a barrel above the official selling price in the spot market.





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