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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.







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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






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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



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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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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Iraq extends Petrofac's contract for an additional 6 months

Post by claud39 on Fri May 29, 2020 9:10 am

Iraq extends Petrofac's contract for an additional 6 months


05/29/2020





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Economy News _ Baghdad

Iraq has extended a contract to the British company "Petrofac" to implement a project to expand the export of Iraqi crude oil in the south of the country for an additional 6 months, in coordination with the Basra Oil Company.

"The contract extension reflects Petrofac's successful record of 7 and a half years, for safe and effective delivery and the ability to maintain and improve export levels as a provider of operations and service maintenance," Petrofac said in a statement on its website.

The British company stated that "the facility, which is one of the largest export terminals in the Gulf and deals with about 50% of Iraqi crude oil exports, is located 60 km from the Fao Peninsula in southern Iraq."

The project consists of a centralized manifold platform and 4 single point anchors, which facilitate the export of oil pending crude tankers. Additionally, Petrofac is responsible for approximately 300 km of undersea pipelines.

In June last year, the general manager of Basra Petroleum Company, Ihsan Abdul Jabbar, said that Iraq temporarily prevented the British Petrofac Oilfield Services Company from submitting offers for new contracts, against the background of a British court investigation of bribery charges that the company had undertaken to obtain contracts in Iraqi oil fields.

"Petrofac" focuses on work in southern Iraq, and provides engineering services in the Majnoon and Rumaila oil fields, the gas treatment plant in Nasiriyah, and the Halfaya field. It also has activities in the Kurdistan region in northern Iraq.

Petrofac won a $ 400 million contract in Iraq in 2018.

The Serious Fraud Office in Britain is conducting an investigation into Petrovac after the company's international sales chief David Lufkin was convicted in February 2019 of 11 counts of bribery.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Russian companies enter the competition line for oil fields in southern Iraq

Post by claud39 on Fri May 29, 2020 9:13 am

 Russian companies enter the competition line for oil fields in southern Iraq


05/29/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21090







Economy News _ Baghdad

A report of the American "Oil Price" website on energy affairs revealed that Russia is seeking to enhance its oil influence in southern Iraq, in line with the "control" it possesses in the Kurdistan region, and with the level of "influence" that China has established in the south of the country.

With the Rosneft company, headed by Igor Sechin, very close to Russian President Vladimir Putin, effectively controlling the oil and gas sector in the Kurdistan region of Iraq, through the deal signed in November 2017, Russia is looking to benefit from This presence is in a similar strong position in the south of the country.

He added that these ambitions were suspended during the past months because Russia was trying to avoid the tension that occurred after the killing of Qassem Soleimani and the anti-American sentiments that followed in southern Iraq.

The report indicated that Russia has returned to its intentions in southern Iraq after the Russian ambassador in Baghdad, Maxim Maksimov, announced last week that Russian companies are ready to invest huge amounts of energy in the energy field in Iraq.

"As in the Russian way, this simple statement contradicts the other intentions of Moscow," which he likened to "the hornet's nest," and all aim to increase its presence significantly in southern Baghdad.

Reuters reported in April 2018 that the actions of "Rosneft" in the Kurdistan region illustrate how the Kremlin exploits Rosneft, and its chief executive, as an instrument of foreign policy around the world, from Erbil to Caracas and New Delhi.

The report stated that the Russian company was able to purchase oil export pipelines to Turkey from the Kurdistan government for $ 1.8 billion.

She added that the goal of the deal was not only commercial but also to enhance Russia's political influence in Iraq and the Middle East, according to sources in Rosneft, the oil industry, and the Kurdish and Iraqi governments.

The sources indicated, according to Reuters, that control of the pipelines gave Rosneft a pivotal role in the ongoing talks between the Kurdistan government and Baghdad aimed at resuming oil exports in full, which were disrupted by the referendum and Iraq's control of the fields.

The Russian company "Lukoil" operates the huge West Qurna-2 field, which produces about 400 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 2 Empty Lukoil: production cut in the West Qurna-2 project in Iraq, 70 thousand b / d

Post by claud39 on Wed Jun 03, 2020 9:58 am

Lukoil: production cut in the West Qurna-2 project in Iraq, 70 thousand b / d


03/06/2020



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Economy News - Baghdad

Russian oil company Lukoil announced, on Wednesday, that it will reduce production in the West Qurna-2 project in Iraq by 70,000 barrels per day.

Lukoil, the second largest Russian oil company, stated that it incurred a net loss of 46 billion rubles (668.99 million dollars) in the first quarter due to lower oil prices, the exchange rate for non-cash and losses related to the depreciation of assets.

A year ago, Lukoil achieved a net profit of 149.2 billion rubles.


The company said in a statement that revenue fell to 1.666 trillion rubles between January and March 2020 from 1.851 trillion rubles in the same period a year ago, while profits before interest, tax, depreciation and amortization decreased to 150.8 billion rubles from 298.1 billion rubles a year ago.





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

Post by claud39 on Sat Jun 06, 2020 9:21 am

 OPEC Plus meeting




06/06/2020



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- What is this important meeting in general?
 
The importance of this meeting lies in the following three matters :
 
1- Deepening the production cuts from what was previously agreed upon for the month of July, which would accelerate the rebalancing of the markets
 
2- The unprecedented focus on the commitment of all member states and the establishment of a monthly monitoring system for the production of member states. This means that the possibility of a monthly renewal of the agreement exists if there is a need for that .
 
3- Establishing a new system used for the first time in the history of OPEC, which is the future reduction in the production of countries that have not committed to quotas with the same amount of previous abuses. This means that countries that did not abide by their production quotas in May and June should reduce their production during the next three months by additional quantities to compensate for the increase they have made in these two months. This system has been historically defined in some world commodity organizations such as the tin and coffee organizations .
 
- What is the effect of extending the agreement to reduce production by 9.7 million barrels per day for another month?
 
Its effect is that it will reduce the surplus in global oil stocks by about 40 to 60 million barrels, compared to the non-extension and commitment only to the April agreement, which contributes to moving towards achieving balance in the oil markets after it was the largest tremor in its history .
 
The historic OPEC agreement signed last April approved reducing production by 9.7 million barrels per day in May and June, and by 7.7 million barrels per day from July until the end of the year. The difference between what will be officially agreed today and the previous agreement is to deepen the reduction in July to be 9.7 million barrels per day instead of 7.7 million barrels per day. The difference is two million barrels per day over 31 days .
 
- Why was the submission date of the meeting?
 
Usually, the national companies in OPEC countries announce the prices and quantities available to their customers a period of time, usually about a month, so that everyone can plan the production, transportation and receipt operations. Saudi Aramco usually announces prices on the fifth of every month. The company has announced that it will delay announcing July prices, as it did last April on May prices, until OPEC + meetings end. That is why the meeting was held today instead of next weekend .
 
- What is required for the markets to achieve balance by the end of this year?
 
If OPEC + nations renew their agreement today every month until the end of October, then the balance in the markets will be achieved by the end of this year. The problem is that the rapid and large price hikes are not in favor of the countries currently producing for four reasons. The first is that oil producers in both the United States and Canada reopen the wells they closed due to low oil prices, the second is oil companies adjusting their oil investments upwards, and the third is the possibility that oil demand growth will be affected. Negatively, prices rise in this way. Fourth, high prices will reduce the commitment of some OPEC + member states. That is why it is best for OPEC + to focus on gradually balancing the oil markets so that prices rise somewhat slowly .
 
The bottom line
 
The agreement that will take place today will make OPEC + more flexible in dealing with market events on the one hand, and stronger due to the heavy focus on commitment to production quotas. This flexibility will be on both sides: reducing or increasing production, depending on the market situation. The issue of the growth of global oil demand is still obscure, so the new system allows dealing with any surprises quickly. The importance of this development to the OPEC + system is that it can easily cope with the return of Libyan oil and others to the market in the coming periods. Therefore, what will be agreed upon today is a pre-emptive blow to these developments as well .
 
* An international oil expert
Quoted from the site "energy "










http://economy-news.net/content.php?id=20609
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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty An OPEC delegate is likely to agree to OPEC + to extend work to reduce oil production by one month

Post by claud39 on Sat Jun 06, 2020 9:34 am

An OPEC delegate is likely to agree to OPEC + to extend work to reduce oil production by one month




06/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 20504




Economy News - Baghdad



An OPEC delegate said the organization and its allies, led by Russia, would "probably" agree to extend the work of reducing oil production by one month today, Saturday.

"Today's meeting will likely result in an extension of the agreement for one month only. This is the general direction within OPEC +," said the delegate, who asked not to be named.

The oil producing countries are scheduled to meet on Saturday to approve the extension of a record reduction in oil production and to urge countries that have not fully committed, such as Iraq and Nigeria, to better meet the existing borders.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Emirati demand shock Iraq in OPEC and Saudi Arabia is pressing

Post by claud39 on Sat Jun 06, 2020 9:51 am

Emirati demand shock Iraq in OPEC and Saudi Arabia is pressing


06/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21256





Economy News _ Baghdad



Oil sources said that the lack of commitment by Iraq to reduce its share may push towards the collapse of the OPEC agreement, in addition to extending the reduction, while the UAE demanded, in a shocking and expressive stance, that Iraq’s share of the cuts be increased to compensate for the quantity that was to be reduced in the past period, while Riyadh is putting great pressure on Baghdad to comply.

Three OPEC sources said that the extension of the cuts is subject to a higher level of compliance. She added that countries, according to Reuters, that produced more than their share in May and June, have to pledge to stick to the targets and agree to compensate for any surplus production that occurred earlier by cutting more July, August and September.

UAE Energy Minister Suhail Al Mazroui called for better compliance in a letter he sent to OPEC Plus and was seen by Reuters.

"As a representative of the United Arab Emirates, I find it disappointing and unacceptable that some big producers with capabilities like (Saudi Arabia) and Russia commit 100 percent or more while other big producers commit less than 50 percent," he wrote.

OPEC sources said that Iraq agreed to the additional pledge.

Iraq has one of the worst compliance rates in May, according to a Reuters OPEC production survey.
A source in OPEC Plus said, "The Saudis are putting strong pressure on Baghdad to comply ... Iraq has agreed to pledge to improve its full compliance with the cuts."

Another OPEC source said Baghdad blamed the weak commitment in May for technical reasons and a recent change in its government.

Sources said OPEC Plus The technical and ministerial OPEC Plus Committees meetings, and the two Trajaan market situation and usually that provide recommendations on production policy, scheduled to be currently held on 17 and 18 June ,

said two sources , OPEC Plus The conferences held video Saturday will begin talks between the members of the Oil Exporting Countries (OPEC) at 1200 GMT, followed by a meeting of the OPEC Plus group at 1400 GMT.

The news agency "Bloomberg" quoted people familiar with the matter as saying that Saudi Arabia and Russia, the largest oil producers in the alliance, lost their patience for what was described in the OPEC lineup led by the Saudis and Emiratis as "wrong behavior" practiced by Iraq.

The agency adds that while most countries reduce their agreed quotas in production restrictions, Baghdad is once again withdrawing from its obligations, rejecting the "impossible option".

And "Bloomberg" has indicated that Saudi Arabia and Russia have reached a preliminary agreement with Iraq that stipulates its commitment to its share of production cuts, in addition to compensation for the period of non-compliance.

Production cuts are expected to be extended until the end of July, at a time when the current reduction of about 9.7 million barrels per day by the twenty-three countries, which include OPEC and independent producers, led by Russia, has raised Brent crude above the level of $ 40.

If OPEC Plus can "agree to a three-month extension to reduce current production, there is a real possibility that the market may shift from an acute oil glut this quarter to a supply deficit in the third quarter," Bloomberg quoted OPEC economist Howe Lee as saying. This would help Brent pay about $ 40 a barrel.

But a spokesman for the 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.

According to "Bloomberg" calculations, Baghdad made less than half of the cuts allocated to it last month, so a complete cut requires it to reduce production by another 24 percent, and thus exports 3.28 million barrels per day.

For a country that is still rebuilding its economy after decades of wars, sanctions, and the ISIS crisis, this is difficult, because resisting the temptation to sell crude during the current market recovery, which brought prices back to about $ 40 a barrel, may be impossible.

The OPEC Plus group of oil producers agreed to cut production by almost ten million barrels per day in May and June to support global crude prices. The group is discussing whether to continue cuts after June at the same pace.





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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 warns of the destruction of the Iraqi Drilling Company

Post by claud39 on Sat Jun 06, 2020 9:56 am

 Parliamentary energy warns of the destruction of the Iraqi Drilling Company


06/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21266







Economy News _ Baghdad



Member of the Parliamentary Oil and Energy Committee MP Adi Awad warned, on Saturday, of attempts to "destroy and bankrupt" the Iraqi Drilling Company, while addressing the government by saying "I hope you will not try our patience."

Awad said in a statement, "Economy News" received a copy of it, "We do not allow the center’s government and the Ministry of Oil to continue unfair dealing with the Iraqi Drilling Company by stopping its towers from working, in an attempt to destroy and bankrupt it," noting that "the Oil Ministry at the same time Do other business with (badly known) licensing tour companies. "

 
Awad warned, "The central government and the Ministry of Oil that we are the people of Basra, we can stop the licensing tour companies (notoriously) and stop the export of oil if dealing with this method continues with our struggling Iraqi companies."

 
He added that "the Iraqi Drilling Company, since the beginning of the demonstrations and the Corona pandemic, the cadres of this company did not stop working even for a moment, exposing themselves to danger, as most of their work in desert areas is under the highest temperatures in addition to the risk of exposure to many diseases due to the nature of the work and the materials used."

 
"I hope that the central government does not test our patience, as we may not be satisfied with stopping oil only and for every recent incident," he added.







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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty OPEC meets today to discuss the effect of reducing production with the participation of Iraq

Post by claud39 on Sat Jun 06, 2020 9:58 am

 OPEC meets today to discuss the effect of reducing production with the participation of Iraq


06/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21270







Economy News _ Baghdad



It is hoped that the Organization of Petroleum Exporting Countries will hold a meeting today, Saturday, to discuss the commitment of producers to the decisions of the organization and monitor the effects of the decision to reduce production in global markets.

A spokesman for the Ministry of Oil, Assem Jihad, said in a statement seen by "Al-Iqtisad News", that "the indicators of the agreement to reduce production for the past month were relatively positive, as the price of a barrel of oil rose to more than $ 40 after falling to less than $ 20 during the last period due to Corona pandemic, low fuel demand. ”

He added, "The agreement contributed to absorbing part of the oil surplus in the global markets," noting that "a meeting to be held by OPEC + 1 today through a television circle to discuss developments in the oil market and find solutions to restore stability and balance to the oil market."

On the most important themes that will be discussed in the upcoming (OPEC +) meeting via the television, Jihad clarified that “the reports of the Organization Research Center and the Ministerial Committee for Production Control will be reviewed and the effects of the decision to reduce production in global markets, and the subsequent steps that can be taken, and urge producers to fully comply To achieve the goals. ”





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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 crude is up $ 45

Post by claud39 on Sat Jun 06, 2020 10:00 am

Basra crude is up $ 45


06/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21272





Economy News _ Baghdad

Oil and Brent crude oil prices rose to $ 42 a barrel, while Iraqi Basra crude oil recorded $ 45.

My statement increased significantly after it was confirmed that the OPEC + countries will hold a meeting today, Saturday, to discuss the issue of extending the current production cuts of 9.7 million 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 2 Empty Parliamentary Economic: Iraq imports fuel products worth 4 billion dollars annually

Post by claud39 on Sat Jun 06, 2020 7:17 pm

Parliamentary Economic: Iraq imports fuel products worth 4 billion dollars annually




06/06/2020




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



The Economy News - Baghdad:

Member of the Parliamentary Economic Committee, Hamid Al-Mousawi, said that Iraq imports fuel products worth 4 billion dollars annually.

Mousawi added, that Iraq can achieve great profits by developing Iraqi refineries and establishing new refineries by refining oil and selling and exporting it to neighboring countries.

He stressed that the losses of Iraq due to the suspension of the Karbala refinery reached 12 billion dollars, and that there are political wills to disrupt the Iraqi industry.



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty OPEC delegate: Iraq informs the organization that it will cut production to meet its quota

Post by claud39 on Sat Jun 06, 2020 7:20 pm

OPEC delegate: Iraq informs the organization that it will cut production to meet its quota


06/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 8516





The Economy News - Baghdad:

An OPEC delegate said that Iraq informed the organization that it would begin an urgent plan to gradually reduce its production to fully comply with its share, after the organization demanded that Baghdad and other members abide by the agreement to reduce production .

 
The delegate told Reuters that Iraq’s plan would include reaching an agreement with oil companies to start significant reductions in the Iraqi fields operating there and reach an agreement with the Kurdistan Regional Government to contribute to the total reduction.



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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 sold its oil to Jordan negatively during the past three months

Post by claud39 on Sun Jun 07, 2020 9:24 am

 Iraq sold its oil to Jordan negatively during the past three months


06/07/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 940





The Economy News - Baghdad:

During the past three months, Iraq sold its oil negatively to Jordan because of the agreement signed between the two countries to sell Iraqi oil for less than $ 16 for Brent crude.

The former Minister of Oil, Thamer Al-Ghadban, said, "Iraq signed a memorandum of understanding in 2006 to supply Jordan with Kirkuk crude oil transported by tanker according to a price equivalent to the price of Brent crude minus (18) dollars, provided that the Kingdom will bear the cost of transportation between Kirkuk and Zarqa. " .

He added, "As for the new memorandum signed between the two sides on February 2, 2019, it is a true copy of the previous memo, except that the price equation is two dollars better. Instead of the (18) dollars, (16 ) was agreed upon ."

On the other hand, the Iraqi economist, Manar Al-Obeidi, said on his page on the social networking site "Facebook", and it was viewed by "Al-Iqtisad News". Iraqi oil was sold in April to Jordan at a price of 2.5 dollars, while the cost of extracting oil is up to 12 dollars and reached The loss paid from the operational budget per barrel is $ 10.5 ",

He added 325 thousand barrels were exported, which means that an amount of 4 billion dinars will be paid from the Iraqi government’s operating expenses for the month of April, and  this number equals the salaries of more than 8,000 employees.

He explained in difficult circumstances such as these that countries should think more than once when they are in the process of selling and trying to raise imports to reduce the deficit. The government had to stop oil sales for April until oil rises or the agreement with Jordan is weakened or faith is weaker. Imposing conditions that contribute to increasing Iraqi GDP from During the payment of the necessity to buy other Iraqi products.





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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 discusses with the governor of Karbala efforts to complete the province’s refinery

Post by claud39 on Mon Jun 08, 2020 8:53 am

The oil minister discusses with the governor of Karbala efforts to complete the province’s refinery


06/08/2020



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





Economy News - Baghdad



On Monday, Oil Minister Ihsan Abdul-Jabbar Ismail discussed with the Governor of Karbala Nassif al-Khattabi, efforts to complete the province’s refinery.

The media office of the Governor of Karbala said in a statement seen by "Al-Iqtisad News" that "Oil Minister Ihsan Abdul-Jabbar Ismail held a meeting with the Governor of Karbala at the headquarters of the Karbala Oil Refinery Project."

The statement added, "The two parties discussed cooperation and coordination between the local government in the province and the Ministry of Oil, and a number of oil projects were discussed in the province, as well as efforts to complete the Karbala oil refinery and support the coalition of Korean companies implementing the 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 asks oil buyers from Asia to drop several shipments

Post by claud39 on Tue Jun 09, 2020 12:07 pm

Iraq asks oil buyers from Asia to drop several shipments


09/06/2020



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Economy News _ Baghdad



Iraq has asked some refineries in Asia to consider giving up rapid shipments of Basra crude, a possible indication that the country is trying to fulfill production cut commitments it made to OPEC at the end of the week.

The US "Bloomberg" agency, citing informed sources, said that "the Iraqi State Oil Company (SOMO) asked the importers, can they consider the possibility of not receiving some crude oil shipments under the contracts specified between June and July."

The agency added, that at least one importer did not want to abandon the supply, and that another would likely agree to meet the demand, and would at the same time search for immediate alternatives in the market.

This request was put forward after Iraq, along with some other countries, became the focus of attention in fulfilling the terms of the "OPEC +" agreement to reduce production.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Moody's: Iraq is the first to be severely exposed to the impact of oil prices

Post by claud39 on Wed Jun 10, 2020 9:25 am

 Moody's: Iraq is the first to be severely exposed to the impact of oil prices


10/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 1419





Economy News - Baghdad:

Moody's credit rating agency, in a report, said that Iraq ranks first among the oil producing countries in terms of its exposure to the impact of changes in the oil price estimate in 2020, at 6.8% of GDP.

She stressed that Kuwait, Iraq, Oman and the Republic of the Congo are the most vulnerable to a sharp drop in oil prices and to the direct impact of the change in oil price assumptions on financial and current account balances .

The agency said that credit risk is more intense on the Sultanate of Oman, Iraq, Angola and the Republic of the Congo due to limited financial space and increased liquidity pressures, which is reflected in our assessments .
"We now expect a greater financial shock to the financial and external budgets, as Iraq and Oman will see their financial deficit and the current account increase by an additional 5% of GDP this year and next, in the absence of additional political measures . "



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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 IRAQI PRESIDENT CALLS FOR MAINTAINING THE LEVEL OF OIL PRODUCTION

Post by claud39 on Fri Jun 12, 2020 3:14 pm

THE IRAQI PRESIDENT CALLS FOR MAINTAINING THE LEVEL OF OIL PRODUCTION







12/06/2020








IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 %D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%8A%D8%AF%D8%B9%D9%88-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D8%AD%D9%81%D8%A7%D8%B8-%D8%B9%D9%84%D9%89-%D9%85%D8%B3%D8%AA%D9%88%D9%89-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D9%86%D9%81%D8%B7










Iraqi President Barham Salih called on Thursday evening to maintain the level of scheduled crude oil production and overcome all obstacles, especially in light of the current conditions and the Corona crisis.




The Iraqi President stressed during his meeting with the Minister of Oil, Ihsan Abdul Jabbar Ismail, "The importance of working to develop the oil sector and keep pace with the global market and maintain the level of production scheduled."




He pointed out the importance of "making efforts for an optimal investment in gas and improving the marketing policy adopted by the Ministry for crude oil to advance the economic reality in 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 Prof. Nabil Jaafar Al-Marsoumi *: Oil problems in Iraq

Post by claud39 on Sun Jun 14, 2020 10:34 am

Prof. Nabil Jaafar Al-Marsoumi *: Oil problems in Iraq


06/13/2020



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




There are many problems in the oil industry that are the main nerve of the Iraqi economy and the source of funding the main for the general budget, which should be faced and neutralized or overcome with a view to laying the solid foundation for the development of the oil industry on modern bases in order to be the starting point for the development of the rest of the economic sectors. We can refer to a number of these problems, as follows:

1. It is necessary for the Ministry of Oil to have a clear oil policy, a specific strategy, and a coherent and clear oil program with clear goals, objectives, and means that serve the national interest. In light of this program, the government is periodically monitored, evaluated, and held accountable according to quantitative indicators that are measurable, comparable, and verifiable, which we find absent in the Iraqi Ministry of Oil program included in the government program for the period 2018-2022, which clearly indicates the absence of a strategy to develop the oil sector.

[list=2]
[*]As for the second option, it is to exit from the OPEC organization, which is no longer effective as it was in the seventies of the last century, which today has become clinically dead and its role is to bear the burden of adapting supply to demand to provide rescue packages for high-cost oils such as rock and sand at the expense of OPEC's loss of its market shares for the benefit of other producers. . This option allows Iraq to set an oil strategy to achieve an increase in oil production to the level of 6 million barrels per day and obligate foreign companies to achieve this strategic goal by dividing it into achievable annual figures or targets and completing production and export infrastructure in order to increase oil exports and acquire more Of market shares because the next conflict in the oil market will focus on obtaining more oil shares in the global oil market.

[*]The problematic export of crude oil: Iraqi oil exports represent about 99% of the total Iraqi exports and therefore it is the primary source of income in the general budget, but those exports suffer from clear structural imbalances in that 97% of them flow through one corridor in the south through the Persian Gulf in When only 2.2% of Iraqi oil flows through the Turkish port of Ceyhan, the rest is exported to Jordan via tanks. The large concentration in Iraqi oil exports leads to a kind of inflexibility in export and is affected by the conditions prevailing in the hot Gulf region, as it is sometimes subject to stoppage due to weather conditions, hence the importance of diversifying the sources of Iraqi oil marketing, especially through the Turkish line, which has an export capacity. Million barrels a day. The second imbalance is the concentration of Iraqi oil exports in two countries, India and China, to which Iraq exports more than two million barrels per day, which constitute about 60% of Iraqi oil exports, and even though they are one of the major oil importers in the world, they import about 16 million barrels per day. To be affected by the conditions prevailing in them as well as there is a great Saudi competition for Iraqi oil exported to them, which succeeded in increasing Saudi exports to India by more than 200 thousand barrels per day last April, reaching 1.1 million barrels and doubled its exports to China to 2.2 million barrels due to the Saudi dumping policy The large discounts in prices are greater than those conducted by Iraq, while Iraq’s exports to India declined by 230,000 barrels per day. The increase in Saudi oil exports to India in April was approximately equal to the amount of decline in Iraqi sales to India.

[/list]

4. It is important for the Ministry of Oil to have a clear program for achieving self-sufficiency in oil derivatives by investing in new refineries or in developing refining capacities in existing refineries. And Iraq has to take into account the addition of an export-oriented refinery to add value to its crude oil and diversify its energy-related export offers, and any such refinery must process at least 300,000 barrels / day to take advantage of quantitative savings and that such a refiner has advanced technology capable of handling heavy crude on According to international standards and in line with the increase in global demand.

[list=5]
[*]Iraq is perhaps the only oil-exporting country in the world that neither has nor a single tanker specializing in the transportation of crude oil to global markets. All that the Iraqi Oil Tankers Company possesses is (4) small oil product tankers with a total tonnage of only 53,000 tons. It is equivalent to only 3.5% of that company’s energies in the 1970s, when its total capacity was 1.5 million tons. Therefore, Iraq today is exposed to significant financial losses in exchange for the cost of transporting Iraqi oil to foreign markets on foreign carriers, and therefore it is very important to seek Serious to build a new fleet of national oil tankers to achieve and maximize financial savings.

[*]The problem of manufacturing or importing gas: According to the latest statistics of the Ministry of Oil in the month of March 2020, Iraq’s production of natural gas accompanying the oil reached 2,674 Muqamat (one million cubic feet per day). Only 1217 suppressed dry gas and 6324 tons / day of liquid gas are produced, while Iraq imports about 14 million cubic meters of dry gas (490 suppressed) which is used in electricity production, which costs the country more than a billion dollars annually. Therefore, the oil policy in Iraq should aim to reduce the fuel from natural gas, invest and manufacture it to produce gas products to achieve self-sufficiency and export the surplus from it to abroad.

[*]: Solving the problem of corruption in the oil sector: It can be referred to through the following

[/list]

a. Oil smuggling: The process of smuggling oil is one of the biggest challenges facing the Iraqi economy in the current stage, which is carried out by organized networks, some of which are rooted in its work and widespread in circles dealing with oil trade and transportation. The smuggling of large quantities of Iraqi oil to neighboring countries increases, as it reached about 93,000 barrels per day, at a value of two billion dollars annually, as Basra Governorate witnesses smuggling more than 40,000 barrels of oil per day, and hundreds of tanks loaded with crude oil from Iraqi oil areas go to the border outlets Land and sea through the ports of Fao, Khor Al-Zubayr and Abu Flus; As crude oil is loaded onto ships that do not carry any official papers. Also, about 23 thousand barrels per day of oil are smuggled from Salah al-Din and Nineveh governorates from the Najma and Qayyara fields. About 30,000 barrels of Kirkuk fields are being smuggled, loaded with at least 150 oil tankers. The Chief of the Financial Supervision Bureau stated that “One of the things that has been monitored is the great disparity in the operations of oil and derivatives delivery, whether for internal use or for export, because of the worn out of the counters, adding that the pipeline extends to that other person’s pipeline. Or for oil derivatives over large distances and there are no guards covering them, and therefore there are points where the tube is punctured and oil or derivatives are drawn and transported through tanks. Another way in which oil smuggling is carried out is through a citizen leasing agricultural land or owning it through contracting with the Ministry of Agriculture without referring to the Ministry of Oil and it appears that they contain oil taboos ..

The annual report in the first chapter of the Financial Supervision Bureau in 2019 indicates that most measurement systems in consumer sites for crude oil from the strategic line fall within the responsibility of the Basra Oil Company do not meet the determinant of national regularity, as well as that most meters and calibration devices for consumers are expired.

 

B. Oil contracts: After the collapse of the economic structures, including the infrastructure of the Iraqi oil sector, the American Occupation Authority granted the Halliburton Energy Company, the largest energy services company in the world, the largest percentage of contracts (60%) without tenders. In 2004, the Gulf Division, an alliance of companies between the American Parsons and the Iraqis, was granted an unlimited delivery contract with an unlimited quantity with bonuses for an extra cost of $ 800 million in order to ensure the continued operation of the infrastructure of the oil sector in Iraq. The work was not done well and much like Corruption.

British investigators have revealed bribes of at least $ 25 million to win oil deals in Iraq

Two former Una Oil executives were charged with conspiring to offer bribes to secure contracts to supply three floating marine systems between 2005 and 2011. The Integrity Commission in Iraq has revealed corruption in a contract between the state oil company Basra and two international companies to buy three arms for download. The contract between these parties provides for the purchase of loading arms with a total value of $ 126 million, while their real price does not exceed $ 40 million.

A report by the British Fraud Investigation Office revealed that investigations are still ongoing in cases related to the British Petrofac Petroleum Services Company, where it directed the former head of the sales department David Lukin, charges related to providing bribes and corrupt offers to obtain oil contracts in Iraq amounting to 730 million dollars, the company paid About $ 2.2 million to two agents to obtain a contract worth $ 329.7 million from engineering, supply and construction contracts in the first phase of the Badra oil field project in Iraq in February of 2012. The company paid $ 4 million in bribes to obtain extensions of a contract related to operation and maintenance in Al-Fao plant project for the years 2013, 2014 and 2015 with a value of approximately $ 400 million for Petrofac. It has received several contracts in Iraq, including: A contract worth $ 370 million from Basra Oil Company to expand the treatment facility in the Majnoon oil field. Another contract, worth $ 160 million, from the Basra Oil Company for the project to expand Iraqi crude oil exports. In July 2017, Petrofac announced that it had obtained an extension of a contract with a total value in excess of $ 100 million for the management of construction, engineering, commissioning and start-up services for two international oil companies in Iraq. the giant .

The contract signed between the Ministry of Oil and the Arab Maritime Company in 2018 caused a waste of $ 17 million by supplying the company with subsidized fuel oil. The contract includes the rental of tankers and the use of platform 13 in Khor Al-Zubayr, and the contract grants concessions and a monopoly to transporting products and oil trade to a foreign company at the expense of Iraqi companies. Some oil companies are taking advantage of secondary contracts to obtain more money and by illegal means, for example, the Chinese companies, Targaina and Sinoc, who invest in the licensing fields in Maysan Oil Company, sold part of their scheduled monthly share of gas oil, which is set at the official price of (400 dinars / liter) to the secondary companies Contracted with it instead of processing it by the Oil Products Distribution Company under a fundamental contract and at a commercial price of 750 dinars / liter. The value of the damage in 2014 and 2015 was about 13.536 billion dinars.

[list=8]
[*]The problem of the relationship between the center and the region: The issue of the oil and gas sector is very important for both the federal government and the region in terms of political stability, national unity, economic development and enhancing transparency. As the dispute over the interpretation of the articles of the constitution regarding the management of the oil and gas sector led to a lack of unification of the oil and gas policy between the two sides, and consequently to weak coordination between them, and this contributed to the damages in the contractual, productive and marketing aspects. Also, the lack of knowledge of the federal government to produce oil in the Kurdistan region has led to a lack of clarity and accuracy of the amount of oil produced in Iraq with OPEC or international institutions. Often these numbers are less than the actual production or export of Iraq. This policy has weakened the position of Iraq in OPEC and harms its interests in addition to bearing any quantities of reduction in oil production determined by the OPEC agreements. The lack of a unified marketing policy between the federal government and the region reduces the importance of the region's oil and its value in global markets and the flow of large quantities of it to the European market may have a negative impact on the value of Iraqi oil in that market. It is possible to solve this problem through the official recognition of the Iraqi government, the contracts it signed with Kurdistan with foreign companies amounting to 57 contracts in exchange for the Iraqi government to bear the debts resulting from these contracts, provided that the region hand over the management of its oil sector and that SOMO takes over the region’s oil exports as it exports oil From other governorates, as well as the need to hand over the region to all its other revenues in return for obtaining the share allocated to it in the budget.

[/list]

(*) Professor of Economics at the University of Basra

 

Copyright reserved for the Iraqi Economist Network. Republishing is permitted provided that the source is indicated. June 14, 2020

To download a PDF file, click on the following link




http://iraqieconomists.net/ar/author/nabiljaafar/





http://iraqieconomists.net/ar/2020/06/13/%d8%a3-%d8%af-%d9%86%d8%a8%d9%8a%d9%84-%d8%ac%d8%b9%d9%81%d8%b1-%d8%a7%d9%84%d9%85%d8%b1%d8%b3%d9%88%d9%85%d9%8a-%d8%a7%d9%84%d8%a5%d8%b4%d9%83%d8%a7%d9%84%d9%8a%d8%a7%d8%aa-%d8%a7%d9%84%d9%86/
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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 Minister: We will export an average of 2.8 million barrels in June

Post by claud39 on Tue Jun 16, 2020 12:36 pm

Oil Minister: We will export an average of 2.8 million barrels in June


 15/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21444





[ltr]Economy News _ Baghdad[/ltr]
[ltr]Oil Minister Ihsan Abdul Jabbar Ismail said Iraq will export an average of 2.8 million barrels per day of oil in June.
Ismail said it is in Iraq's interest to abide by the OPEC agreement to cut
production.
He also said his ministry has asked the Kurdistan Region to export a maximum of 370,000 barrels per day (bpd) starting in June to help Iraq comply with OPEC's
quota.
[/ltr]





[ltr]http://economy-news.net/content.php?id=20718
[/ltr]
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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 cancel all license rounds and receive crazy from the world's largest company

Post by claud39 on Tue Jun 16, 2020 12:37 pm

Iraq plans to cancel all license rounds and receive crazy from the world's largest company


15/06/2020



IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21448


[ltr]Economy News _ Baghdad[/ltr]


[ltr]Oil Minister Ihsan Abdul Jabbar on Monday revealed his plans to cancel licensing rounds and operate oil fields by international companies, noting that Iraq has succeeded in receiving and operating the world's largest oil field, Shell.[/ltr]
[ltr]"Last month, Iraq made two billion dollars from the sale of oil, 500 million dollars, the share of foreign companies," Abdul Jabbar said in a televised interview with Economy News.[/ltr]
[ltr]"He plans to cancel these licenses and not review them, as some demand that Iraq be able to manage the oil fields, as happened in the fields of Majnoon, which is the largest in the world of Shell international company, and succeeded in running the business with Iraqi cadres and 100 percent success," he said.[/ltr]
[ltr]"The cost of producing one barrel of oil in Iraq in the West Qurna and Majnoon fields is only four dollars from drilling the well and transporting oil until it reaches the tanker," he said.[/ltr]
[ltr]"Reducing the cost of extractive work is a solidarity responsibility, and most of it is the responsibility of the oil ministry, which has reduced by relying on up to 90 percent of Iraq's resources to operate oil wells," abdul Jabbar said.[/ltr]






[ltr]http://economy-news.net/content.php?id=20720
[/ltr]
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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 cuts July exports to Asia from Basra crude in compliance with OPEC cut

Post by claud39 on Tue Jun 16, 2020 12:39 pm

Reuters: Iraq cuts July exports to Asia from Basra crude in compliance with OPEC cut


16/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21474





[ltr]Economy News _ Baghdad[/ltr]




[ltr]Seven informed sources said on Tuesday that the Iraqi Oil Marketing Company (SOMO) made deep reductions in the supply of Basra crude bound for Asia in July in light of the producer's commitment to the OPEC+ agreement to reduce supplies[/ltr]
[ltr]The reduction in Iraq's supply follows a similar cut from Saudi Arabia, the world's largest oil exporter.[/ltr]
[ltr]Both producers are members of the Organization of Petroleum Exporting Countries (OPEC), which earlier this month agreed with allies including Russia, as part of the OPEC+Group, to extend unprecedented production cuts of 9.7 million barrels per day for a third month until the end of July.[/ltr]
[ltr]Iraq, delayed in achieving its goal, has already taken action to further reduce production and exports since June.[/ltr]
[ltr]For July, Basra crude supply for Asia was reduced between 30 and 100 percent of contracted volumes, the sources said, adding that the degree of reduction varied from buyer to buyer.[/ltr]
[ltr]"Some didn't get a custom," a source said.
The reductions for two Indian buyers amounted to about 36 percent and 75 percent of the monthly contracted sizes, the sources said.
[/ltr]

[ltr]They added that the total volume of Basra crude offers for July is expected to be between 15 and 20 percent on average.[/ltr]
[ltr]Iraq plans to export 2.8 million barrels per day of Basra crude from its southern ports in June, iraq's newly appointed oil minister said Monday.[/ltr]
[ltr]Somo could not be reached for comment outside official working hours.[/ltr]
[ltr]The reduction in crude supplies from OPEC+ countries has pushed the prices of high-sulfur Middle East and Russian crudes up in Asia, prompting buyers to try to save oil from other regions, traders say.[/ltr]






[ltr]http://economy-news.net/content.php?id=20734
[/ltr]
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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 discusses market developments after the OPEC + agreement

Post by claud39 on Thu Jun 18, 2020 5:16 pm

 The oil minister discusses market developments after the OPEC + agreement


18/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21508





Economy News _ Baghdad

Oil Minister Ihsan Abdul-Jabbar and Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Muhammad Barikindo stressed the role of Iraq in stabilizing oil markets, while a spokesman for the Ministry of Oil indicated that the percentage of completion of rehabilitation of the People's Hall in Baghdad, which is hosting the Opel celebration, reached (85%).

The Oil Ministry said in a statement, "Economy News" received a copy of it, that "Oil Minister Ihsan Abdul Jabbar held a meeting today with the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Muhammad Barikindo via the television."
 
The Oil Minister stressed "the importance of the cooperation of all parties of the producers to achieve the goals of the agreement to reduce oil production, in order to restore balance and stability to the global oil markets."
 
He added that "the meeting discussed a number of issues of common concern, in addition to the challenges facing the oil market due to Corona Virus (Covid 19) and developments in the oil market after the (OPEC +) agreement and expectations that indicate high demand and increasing prices, and the importance of cooperation of all producers for Achieving common goals in achieving more stability and balance for the oil market. "
 
OPEC Secretary-General Mohamed Barikndo stressed in the meeting "the importance of the role that Iraq plays in stabilizing global energy markets," praising the "policy adopted by the Iraqi government and the Ministry of Oil."
 
He considered that "Iraq is one of the cornerstones of the global energy market."
 
For his part, the spokesman for the ministry, Assem Jihad, said that "the meeting also discussed discussing the initial preparations for the (OPEC) celebration on the occasion of the 60th anniversary of its founding in Baghdad. The importance of the big role that Iraq plays in the global energy markets. "
 
Jihad pointed out, "Achieving a completion rate of (85%) to rehabilitate the People's Hall hosting this celebration, which is being implemented by the Oil Projects Company, a formation of the Ministry of Oil."



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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty Learn about the largest oil exporters in 2019

Post by claud39 on Thu Jun 18, 2020 5:18 pm

Learn about the largest oil exporters in 2019


18/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21520





Economy News _ Baghdad

Iraq ranked third among the most oil-exporting countries in 2019, with four million barrels per day, while Angola ranked last.

According to the Saudi newspaper, Al-Iqtisadiah, Iraq ranked third in terms of the most oil-exporting countries by four million barrels per day, while Saudi Arabia came first and exports amounted to 7.04 million barrels per day, followed by Russia second and exports reached 5.3 million barrels per day.

Then came Canada and the fourth ranked with exports amounting to 3.3 million barrels per day and then the fifth ranked the United States came with exports amounting to 3 clothes barrels per day, and the UAE ranked sixth with an amount of 2.6 million barrels per day, and then ranked seventh came Kuwait with two million barrels per day.

The newspaper added that the eighth place was occupied by Nigeria by about 1.9 million barrels per day, Kazakhstan by 1.4 million barrels per day, and Brazil by 1.3 million barrels per day, while Norway ranked 11th with exports of 1.23 million barrels per day, then Mexico with 1.2 million barrels per day. Finally, Angola, 1.1 million 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 2 Empty Reuters: OPEC + presses Iraq and Kazakhstan to improve commitment to reduce oil

Post by claud39 on Thu Jun 18, 2020 5:20 pm

 Reuters: OPEC + presses Iraq and Kazakhstan to improve commitment to reduce oil


18/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21530







Economy News _ Baghdad

A draft statement from the Ministerial Committee of OPEC +, seen by Reuters, said that the committee did not recommend extending the unprecedented oil production cuts to August, while urging countries like Iraq and Kazakhstan to improve their commitment to their production quotas.

This may be the first step towards easing oil supply cuts from its current record level of 9.7 million barrels per day to 7.7 million barrels per day.

The Joint Ministerial Monitoring Committee is advising OPEC + and will meet again on July 15, when it will recommend the next level of cuts.





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IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 Empty High oil prices, with OPEC + sticking to its position on cutting supplies

Post by claud39 on Fri Jun 19, 2020 9:52 am

 High oil prices, with OPEC + sticking to its position on cutting supplies


06/19/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21540





Economy News _ Baghdad



Oil prices rose more than 1 percent on Friday, consolidating gains in the previous session, after OPEC producers and allies vowed to fulfill pledges to cut supplies and two major oil dealers said demand was recovering well.

By 0639 GMT, Brent crude futures rose 61 cents, or 1.5 percent, to $ 42.12 a barrel, the highest level in more than a week. US West Texas Intermediate crude futures rose 60 cents, or 1.5 percent, to $ 39.44 a barrel. The benchmarks rose about 2 percent on Thursday, and were headed for a weekly gain of around 9 percent.

The market received support from plans for Iraq and Kazakhstan to offset excess production in May for their pledges to cut supplies. The promises came during a meeting of a committee that monitors compliance and includes members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as the OPEC + group.

"Prices are showing solidity at these levels, as oil markets ignore the concerns about other categories of assets at the moment," said Jeffrey Haley, market analyst at Oanda.

He added, "This indicates that prices receive support from the buyers present, which is welcome, as it means that the current demand around the world is recovering, with the implications for economic growth."

ANZ Bank said comments from international oil trading companies Vitol and Trafigura on the recovery of oil demand in June, reported by Bloomberg, were also providing support to the market.







http://economy-news.net/content.php?id=20768
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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 and Kazakhstan pledge to comply better with reducing their oil production

Post by claud39 on Sat Jun 20, 2020 11:08 am

Reuters: Iraq and Kazakhstan pledge to comply better with reducing their oil production


20/06/2020





IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS - Page 2 21544









Economy News _ Baghdad



Sources told Reuters, that early rises in the trading session for oil came after Iraq and Kazakhstan pledged during a meeting of the "OPEC +" organization to better comply with the reduction of its oil production.

This means that restrictions imposed by the organization and its allies may deepen in July.
 
Oil prices had risen in the session on Friday, but fell sharply from its early rise due to fears of a continuing outbreak of the Corona virus, which may hinder the recovery of the United States economy.
 
Crude oil indices fell to other assets, retreating from session highs after the Boston Fed Chairman, Eric Rosengren, said that "more financial and monetary support to the American economy is likely to be needed."
 
Rosengren reiterated in his statements that he believed that "unemployment rates in the United States are likely to be at a two-digit level at the end of 2020, and warned against reopening the economy very quickly after the end of closures aimed at containing the virus."
 
Concerns rose as Apple announced its intention to close down company stores as the virus spread further.
 
“It scared everyone in North and South Carolina,” said John Keldov, partner at the Energy Hedge Fund, AGENE, in New York.
 
Brent crude rose 68 cents per barrel to settle at 42.19 USD. While American crude achieved an increase of 91 cents, stable at $ 39.75 a barrel.
 
US crude rose 8.7 percent this week, while Brent rose 9 percent.
 
In a further indication of the market's recovery, Brent fell on Thursday, as the cost of oil for immediate delivery was higher than the subsequent need, for the first time since March.
 
Usually high oil for immediate delivery indicates tightening of supplies and encourages stock withdrawal.
 
US crude stocks hit another record this week, but fuel stocks fell.
 
In an early indicator of future production, the numbers of US oil and gas platforms fell to a record number for the seventh consecutive week, dropping by 13 to 266 this week, according to data from energy services company Baker Hughes.





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