Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Resumption of oil exports from the repaired port of Basra


yota691
 Share

Recommended Posts

 
 
13300.jpg
   

Economy News / Baghdad     
, trade sources confirmed on Thursday that Iraq plans to export 3.22 million barrels per day of crude oil from the port of Basra , south of the country during the month of May next. 
The commercial sources told "Reuters", " The monthly program confirms that Iraq plans to export about 3.22 million barrels per day of crude oil from the port of Basra in the south of the country next May," adding that "these quantities are the largest since February." 
She stressed that " expected to Basra light crude supplies rise slightly in May to 2.38 million barrels per day from 2.34 million barrels planned this April , " adding that "crude exports of Basra , heavy it is expected to reach 839 thousand barrels per day in May , up from 833 thousand barrels per day in April. "
It is noteworthy that Iraq agreed with OPEC to reduce oil production by 210 000 barrels per day until next June, and Oil Minister Jabbar Allaibi about the country's commitment to OPEC's agreement.

 

 
Views 16   Date Added 13/04/2017 - 15:44   Last Updated 13/04/2017 15:30 -   No. Content 7131
  • Upvote 5
Link to comment
Share on other sites

4 hours ago, Officiallytook said:

3.2 MIL times 60/65$ a barrel = a few tons of money a Day???...

But carrying TP in their pockets...smh...let's go Iraq cbi imf wb un

Brent more than likely won't get anywhere near 65 ppb in May. Its been hovering mid 50's to low 50's for awhile. The chance it gets to 60 is 25 to 35 percent at best. Last price and as of this posting according to NYMEX:CL was 52.99 from an open of 52.85 for the May contract.At the moment The June contract has a high of 53.80 from an open of 53.35 and last was not too much higher than the open but up at 53.39. Brent has been falling recently and is forecasted to drop not by much for next several months as we head into the summer months. Look for Brent to go up around Sept to November as we head back into winter.

Edited by Theseus
  • Upvote 4
  • Downvote 1
Link to comment
Share on other sites

On 4/13/2017 at 4:06 PM, Officiallytook said:

Appreciated Theseus, just the thought of 3.2 million times 30/40/50/60$$$ is amazing and why doesn't their currency value match this, :shrug: all I was saying boss. And again, thanks for bringing the real numbers sometimes it's hard to weed through to find the truth or know where to look 😀

Their currency doesn't match it because while Oil may be their main export, there are other things to consider in the formula besides oil. They have reserves from which they do draw upon and currently it is dwindling. There is said to be other exports that could be as, if not more, valuable as the oil. However, oil is in abundance and what the market demands; it is oil they sell. Other exports include minerals and gems to list a couple. Now offset their exports with imports. They have to buy things which reduces the gross value of their currency. When you look at the overall picture the currency will reflect all things bought and sold. This includes oil but is not limited to only oil.

  • Upvote 1
  • Downvote 1
Link to comment
Share on other sites

21 minutes ago, Theseus said:

Their currency doesn't match it because while Oil may be their main export, there are other things to consider in the formula besides oil. They have reserves from which they do draw upon and currently it is dwindling. There is said to be other exports that could be as, if not more, valuable as the oil. However, oil is in abundance and what the market demands; it is oil they sell. Other exports include minerals and gems to list a couple. Now offset their exports with imports. They have to buy things which reduces the gross value of their currency. When you look at the overall picture the currency will reflect all things bought and sold. This includes oil but is not limited to only oil.

"The currency reflecting all things bought and sold"...I'm understanding but this stood out, when they show the true rate of exchange, and it's fluctuation after will only be due to all things bought and sold? I'm wondering because if we are to wait til it raises in value after the reveal how would this occur. Would they revalue again and again? A few months apart? Or month apart? 

Link to comment
Share on other sites

It sounds like the 3.2 mmbo/day is from the south area only. Iraq in total is more like 4.8 mmbo/day. They are nit poor. It is anticipated that Brent pricex may rise to $60+/bbl in late 2017,  but may lose ground in 2018 as drilling in the Permian Basin is really picking up.

  • Upvote 1
Link to comment
Share on other sites

From the CBI website on their Required Reserves (looks to be dwindling and not growing hugely)

KEY FINANCIAL INDICATORS FOR Apr. ,12, 2017 2014 2015 2016 2017
Jan. Feb. Mar. Apr. May. Jun Jul Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun Jul Aug. Sept. Oct. Nov. Dec. Jan. Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
   a - Required Reserves 3          9,931          9,762          9,924          9,910          9,884          9,731          9,408          9,591          9,840        10,174        10,418        10,576        10,512        10,812        10,098          9,758          9,979          9,869          9,862          9,824          9,530          9,587          9,451          9,390        9,314        9,343        8,613        8,623        8,684        8,615        8,503        8,400        8,545        8,744        8,858        8,708        8,572        8,556  
   b - Excess Current Account        29,907        21,148        26,656        24,491        23,444        20,745        23,827        17,178        19,057        18,180        17,770        17,317        15,294        13,889        16,534        15,598        15,239        13,521        12,490        13,445        14,747        14,184        14,748        13,978      12,784      12,758      13,559      13,465      13,209      13,262      13,650      11,775      11,870      11,950      11,564      12,698      11,924      11,295  
Source: CBI / Research & Statistics Dept. / Monetary & Financial statistics Division                                                                              
Note :3,  25% of the Reservable Deposits included the government Deposits Since May 2005, then became 75%of Reservable Gov. Deposits since July,2007.  So 25% of the Reservable Deposits included the government Deposits Since March 2009. The reserve requirement has dropped from 25 to 20 percent since April 2010. The reserve requirement has dropped from 20 to 15 percent since Sep. 2010                                                                                
  • Upvote 1
Link to comment
Share on other sites

Their Required Reserves have been in a decline since March 2015. I wasn't talking about oil reserves. When you run a deficit, the money must come from somewhere.  Looks to me a decline of almost 21 percent. That is a pretty significant decline there.

Edited by Theseus
  • Upvote 1
Link to comment
Share on other sites

In Iraq's own words in the 2016 Agreement 

"The public debt would peak at 85 percent of GDP in 2018, and gross official foreign exchange reserves would bottom out at $31.5 billion (5.1 months of imports of goods and services) in 2020." - page 7 last sentence of the first paragraph but before this, Iraq continually said 

 Preliminary estimates indicate that three indicative targets (IT) at end-March 2016 were met and two were missed (Table 1):

o The stock of gross reserves of the CBI exceeded the programmed floor by $7 billion

Meaning reserves dwindled and continue to dwindle due to deficits. 

6. The current account deficit widened to 6.4 percent of GDP in 2015, financed mainly by the use of $13 billion of official foreign exchange reserves, which fell to $53.4 billion (9.9 months of imports of goods and services) at end-2015.

It is expected the reserves to dwindle even more by 2021. When you run a deficit you are going to take from your reserves to cover the gap. Iraq has been doing just that. From 53 billion to 31 billion is not growing.

Edited by Theseus
Link to comment
Share on other sites

On 4/14/2017 at 9:34 PM, Officiallytook said:

"The currency reflecting all things bought and sold"...I'm understanding but this stood out, when they show the true rate of exchange, and it's fluctuation after will only be due to all things bought and sold? I'm wondering because if we are to wait til it raises in value after the reveal how would this occur. Would they revalue again and again? A few months apart? Or month apart? 

Really you don't know the answer to this, being a Senior Member and all?

  • Upvote 1
Link to comment
Share on other sites

9 hours ago, Theseus said:

Really you don't know the answer to this, being a Senior Member and all?

Yes I believe I know. But you know when you've studied so much for the final exam and when you show up you feel blank or that u just may write it down wrong lol or get the wrong answer...that's how I feel. Read so much about this feels all mixed up and I second guess sometimes .... my apologies

  • Upvote 1
Link to comment
Share on other sites

  • yota691 changed the title to Resumption of oil exports from the repaired port of Basra
Release date: 2017/4/17 14:14 • 12 times read
Resumption of oil exports from the repaired port of Basra
[Oan- follow - up] 
officials in the South Oil Company said on Sunday it was the completion of repair work in the dock charging port of Basra as a result of a collision damaged oil tanker by last month.
Crude exports from the port of Basra were not affected by the March 24 incident, when strong winds caused a giant crude tanker to deviate and collide with pavement number one. 
The two-million-tonne tanker has been anchored at the pier since early Monday morning and carries a shipment of light crude, the company's officials said. 
Iraq, OPEC's second-largest producer after Saudi Arabia, exports most of its crude from the southern Basra region, with port capacity estimated at 1.8 million bpd.
  • Upvote 1
Link to comment
Share on other sites

 
2 hours ago
Last updated
The time now is 03:02 PM
 
 
 
 
BASRA / Al-Ghad Press: The 
Director of Media of the General Company of Iraqi Ports, Anmar Al-Safi, on Monday, anchored a giant oil tanker on the pavement number one in the port of Basra oil after repair of damage suffered weeks ago. 
Al Safi told Al-Ghad Press that "the storyviken carrier docked successfully today on berth No. 1, which was previously damaged, although the wind speed was 25 knots." 
The berth No. 1 in the port of Basra oil, had been damaged earlier, after being hit by a giant oil tanker, but did not affect the process of export and loading in the port, according to officials.
  • Upvote 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.