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Iraq is seeking to produce 3.75 million barrels during the next June


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05/28/2015 (00:01 pm)   -   the number of readings: 79   -  number (3371)
 
 
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BAGHDAD / long-Presse 
 

Detection site "American Bloomberg" Economic News, Wednesday, that Iraq is planning to enhance the export capacity of crude oil to a record rate of up to 3.75 million barrels daily, and as he pointed to an escalation in strategic OPEC for sale at a lower price of crude for the US, expected to keep the rest of the member states of the Petroleum Exporting policy on the production ceiling unchanged.

The site said Bloomberg, in a report, and I followed (range Press), that "Iraq would use the strategy of OPEC to defend its share in the global oil market to a new high," noting that "based on the shipping program, Iraq is planning to enhance the export capacity of crude oil a month Next by 26% to a record rate of up to 3.75 million barrels per day. " She explained Bloomberg, that "the amount of extra oil from Iraq will be equal to up to 800 000 barrels per day, or in other words, more than the next oil's share of a member of OPEC Qatar," expected to "keep the rest of the member states of the Organization of Petroleum Exporting Countries OPEC production ceiling policy as it is without change during the next meeting of OPEC to be held in 5 next June. " 
confirmed the Morgan Stanley International Foundation for banking services, and according to what He said to him, "Bloomberg", that "any increase in Iraqi processing rates will mean inevitably that OPEC exceeded the ceiling defined by mass production at 30 million barrels Day. " 
The Ohrmouka American Bloomberg, Economic News, "occurrence of an escalation in strategic OPEC for sale at a minimum price of US crude price in the glut current market." 
The Iraqi oil minister, Adel Abdul-Mahdi revealed, on Sunday, (the 18th of January 2015), for the export of Iraq's four million barrels per day during December 2014 the past, in the "highest rate is received at all," attributing the credit for that to develop the loading docks in the southern ports, with increased supplies from the Kurdistan region's oil. 
The Iraqi Oil Ministry announced that during January 2015, for the export of 2.941 million barrels per day during the month of December 2014, and the achievement of resources amounted to about five billion and 161 million dollars.

 

 

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Iraq About to Flood Oil Market in New Front of OPEC Price War

 

If shipping schedules are correct, a tidal wave of oil is coming.

 

(Bloomberg) -- Iraq is taking OPEC's strategy to defend its share of the global oil market to a new level.

The nation plans to boost crude exports by about 26 percent to a record 3.75 million barrels a day next month, according to shipping programs, signaling an escalation of OPEC strategy to undercut U.S. shale drillers in the current market rout. The additional Iraqi oil is equal to about 800,000 barrels a day, or more than comes from OPEC member Qatar. The rest of the Organization of Petroleum Exporting Countries is expected to rubber stamp its policy to maintain output levels at a meeting on June 5.

While shipping schedules aren't a promise of future production, they are indicative of what may come. The following chart graphs planned tanker loadings (in red) against exports.

 
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As in previous months, Iraq might not hit its June target - export capacity is currently capped at 3.1 million barrels a day, Deputy Oil Minister Fayyad al-Nimaa said on May 18. Still, any extra Iraqi supplies inevitably mean OPEC strays even further above its collective output target of 30 million barrels a day, Morgan Stanley says. The following chart shows OPEC increasing output in recent months against its current target.

-1x-1.png

Defying the threat from Islamic State militants, Iraq has been ramping up exports from both the Shiite south - where companies like BP Plc and Royal Dutch Shell Plc operate - and the Kurdish region in the north, which last year reached a temporary compromise with the federal government on its right to sell crude independently.

http://www.bloomberg.com/news/articles/2015-05-26/iraq-about-to-flood-oil-market-in-new-front-of-opec-price-war

Edited by copper13
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