yota691 Posted April 13, 2017 Report Share Posted April 13, 2017 Iraq plans to export 3.22 million barrels per day next month 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 5 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted April 13, 2017 Report Share Posted April 13, 2017 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 3 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 13, 2017 Report Share Posted April 13, 2017 (edited) 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 April 13, 2017 by Theseus 4 1 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted April 13, 2017 Report Share Posted April 13, 2017 Appreciated Theseus, just the thought of 3.2 million times 30/40/50/60$$$ is amazing and why doesn't their currency value match this, all I was saying boss. And again, thanks for bringing the real numbers sometimes it's hard to weed through to find the truth or know where to look 😀 1 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 15, 2017 Report Share Posted April 15, 2017 On 4/13/2017 at 4:06 PM, Officiallytook said: Appreciated Theseus, just the thought of 3.2 million times 30/40/50/60$$$ is amazing and why doesn't their currency value match this, 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. 1 1 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted April 15, 2017 Report Share Posted April 15, 2017 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? Quote Link to comment Share on other sites More sharing options...
USMCVET Posted April 15, 2017 Report Share Posted April 15, 2017 In what currency is the oil being sold? In what currency is the oil being purchased? 1 Quote Link to comment Share on other sites More sharing options...
USMCVET Posted April 15, 2017 Report Share Posted April 15, 2017 Oil is the reason I'm in this.... 1 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 15, 2017 Report Share Posted April 15, 2017 4 minutes ago, USMCVET said: Oil is the reason I'm in this.... And this is why I am in it: 4 1 Quote Link to comment Share on other sites More sharing options...
USMCVET Posted April 15, 2017 Report Share Posted April 15, 2017 u get it..got it. Quote Link to comment Share on other sites More sharing options...
Hearts Posted April 15, 2017 Report Share Posted April 15, 2017 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. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 16, 2017 Author Report Share Posted April 16, 2017 On 4/14/2017 at 9:09 PM, Theseus said: They have reserves from which they do draw upon and currently it is dwindling. I look for this article yesterday and didn't find it, but I just did, then this one came out today. Which states the opposite. Iraq reserves are growing HUGELY.... 4 Quote Link to comment Share on other sites More sharing options...
Hearts Posted April 16, 2017 Report Share Posted April 16, 2017 Their reserves are NOT dwindling. Their reserves are as Trump would say "HUGE". 4 Quote Link to comment Share on other sites More sharing options...
TexasMike1958 Posted April 16, 2017 Report Share Posted April 16, 2017 Interesting that the figure they use is 3.22..... 1 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 16, 2017 Report Share Posted April 16, 2017 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 1 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 16, 2017 Report Share Posted April 16, 2017 (edited) 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 April 16, 2017 by Theseus 1 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 16, 2017 Report Share Posted April 16, 2017 (edited) 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 April 16, 2017 by Theseus Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 16, 2017 Report Share Posted April 16, 2017 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? 1 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted April 16, 2017 Report Share Posted April 16, 2017 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 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 17, 2017 Author Report Share Posted April 17, 2017 Resumption of oil exports from the repaired port of Basra Release date: 2017/4/17 14:14 • 12 times read [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. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 17, 2017 Author Report Share Posted April 17, 2017 A giant oil tanker anchored on the No. 1 berth in the repaired port of Basra 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. 1 Quote Link to comment Share on other sites More sharing options...
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