Search the Community

Iraq confirms its commitment to reduce oil production Tuesday 29 December 2020 46 Baghdad: Saad Al-Sammak Iraq reaffirmed its full commitment to OPEC Plus's limitations in reducing crude oil production, in accordance with the decisions of the organization and its allies to reduce the oversupply and control oil prices, which fell to a low level last May. The director general of the Basra Oil Company, Khaled Hamzah, confirmed to Al-Sabah, "The export rate has stabilized at two million 700 thousand standard barrels per day, through the Al-Faw oil port." Hamzah added, "Iraq committed itself to reducing crude oil production during the last period, in accordance with the quotas specified in the organization's program, stressing continuation at this level." He explained, "The Ministry of Oil has prepared plans to implement strategic projects to double the export capacity of oil ports, which currently amount to more than (4 million barrels per day), to accommodate the expected increases in production." Meanwhile, the Ministry of Oil revealed its plan to add a new floating platform to the previous platforms within the Japanese loan, as well as new pipeline projects and periodic maintenance operations. In a statement to the ministry, Deputy Minister of Oil, Karim Hattab, said: “We are working to provide an appropriate environment for workers who are keen to maintain oil exports.” This comes after Hattab's visit to the Basra oil port last Saturday. It is noteworthy that OPEC countries and countries from outside reached an agreement to reduce production, starting from the beginning of last May, by reducing about 9.7 million barrels per day, or the equivalent of about 10 percent of the total global production, after the price of a barrel fell to a level below $ 16 a barrel, affected On the repercussions of the Corona pandemic, and US oil prices fell below zero for the first time in history.

Link: https://oilprice.com/Energy/Crude-Oil/Is-OPECs-No2-Finally-Complying-With-Output-Cuts.html Article: Is OPEC’s No.2 Finally Complying With Output Cuts? By Tsvetana Paraskova - Jun 09, 2020, 10:00 AM CDT Join Our Community OPEC’s second-largest producer, Iraq, which also happens to be the least compliant member of OPEC+ since the group started managing supply to the market in 2017, may have finally started taking its obligations seriously. Iraq’s State Oil Marketing Organization (SOMO) has asked some of the Asian buyers of its Basrah crude grades if they could give up delivery of some already contracted cargoes for loading this month and next, sources familiar with the matter told Bloomberg News on Tuesday. The request for buyers to forgo some cargoes for those months suggests that this time, Iraq may be earnest in its attempt to play ball in the OPEC+ production cuts, after being the biggest cheater in all previous pacts. Iraq’s (as well as Nigeria’s) non-compliance with the record OPEC+ cuts in May nearly wrecked last week’s meeting of the pact, ahead of which the two leaders of the group, Saudi Arabia and Russia, had insisted that there would be an extension by one month to the current level of cuts only if laggards in compliance ensured over-compliance going forward to compensate for flouting their quotas so far. OPEC+ agreed on Saturday to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for lack of compliance by overachieving in the cuts in July, August, and September. Before the meeting, Iraqi Deputy Prime Minister and then-acting Oil Minister, Ali Allawi, vowed that his country would further reduce production as it remains committed to the OPEC+ pact. At the video news conference following the OPEC+ meeting, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, emphatically said on Monday that “We have no room whatsoever for lack of conformity.” Today, Iraq’s new Oil Minister, Ihsan Abdul Jabbar Ismaael, confirmed in a phone call with his Saudi counterpart Iraq’s “full commitment” to the cuts, OPEC said in a press release on Tuesday. Iraq confirms “its commitment to the voluntary oil production adjustments of June and July 2020, as well as the voluntary adjustments for the period following the end of July, despite the economic and financial challenges,” Ismaael told the Saudi energy minister. By Tsvetana Paraskova for Oilprice.com

Published: May 19, 2017 6:12 a.m. ET AFP/Getty Images Saudi Arabia's minister of energy Khalid A Al-Falih in Vienna, on June 2, 2016. By SARASJOLIN MARKETS REPORTER BIMANMUKHERJI Oil futures moved sharply higher on Friday, as investors showed some optimism about what will come out of next week’s meeting of the Organization of the Petroleum Exporting Countries. Up for final discussion by the cartel is whether to extend the current six-month production-cut deal beyond the mid-2017 expiration, and if so, for how long and whether the reductions should be increased. It is widely expected an extension will occur, and energy officials from Saudi Arabia and Russia this week signaled they back a nine-month extension. That helped give oil a start-of-week gain that’s been built on since, putting crude on pace to modestly top the 3.5% jump logged last week. After settling Thursday at three-week highs, light, sweet crude futures for delivery in June CLM7, +1.64% jumped 59 cents, or 1.2%, to $49.93 a barrel. The contract briefly topped $50 a barrel for the first time since April, according to FactSet data. July Brent crude LCON7, +1.77% on London’s ICE Futures exchange also gained 59 cents, or 1.2%, to $53.10 a barrel. Li Li, energy research director at ICIS China, attributed Friday’s advance to pre-meeting optimism, but said she doesn’t “expect prices to jump hugely from the current trading range.” The presidential election in Iran was also grabbing oil trader’s attention on Friday. Commerzbank analysts said the result could have “major consequences for the oil market” if conservative cleric Ebrahim Raisi wins the vote. Raisi and reform-oriented incumbent Hassan Rouhani are leading the polls. Read: Iranians head to the polls in high-stakes presidential election Raisi has expressed criticism of the nuclear agreed in 2015 that paved the way for the U.S.-led sanctions to be lifted and allow Iran to sell oil on the international energy markets. If Raisi wins “the agreement in its current form would risk being overturned. New sanctions would then very likely be imposed by the US and the West, which could reduce the oil supply from Iran even in the short term,” the Commerzbank analysts said. “An election victory for Raisi would therefore drive oil prices up noticeably,” they added. Read: The overlooked upside for oil in Iran’s election Later on Friday, oil prices would also be steered by the latest weekly U.S. rig-count data from Baker Hughes. That report has shown 17-straight weeks of growth in active oil-drilling rigs. But government figures on Wednesday showed the first week-to-week drop in domestic oil production since February, a development which also helped lift crude prices this week and get light, sweet crude back toward $50. To some, the past two weeks’ price rebound was to be expected after April’s slide. That drop “was a case of sentiment over substance,” said BMI Research. It sees more price gains to come the next several months, but they “are more likely to be incremental rather than exponential.” As for oil products, Nymex June gasoline futures RBM7, +1.72% rose 1% to $1.62 a gallon, while ICE gasoil gained 1% to $469.75 per metric ton. Natural gas futures NGM17, +2.36% advanced 0.8% to $3.21 per million British thermal units.

OPEC deal important for oil market stability: Iraqi PM By Mohammed Rwanduzy 2 hours ago Iraqi Prime Minister Adil Abdul-Mahdi addresses reporters during his weekly press conference in Baghdad on July 2, 2019. Photo: Iraqi PMO video ERBIL, Kurdistan Region — Iraq’s premier praised the OPEC deal to on Tuesday staying oil production cuts for nine more months because it is important for market stability as Baghdad is so heavily dependent on oil revenue. “This is important for market stability. This topic, for us, the Kingdom and all the producers and exporters of oil is important because budgets depend on oil market stability,” Iraqi PM Adil Abdul-Mahdi told reporters in his weekly press conference on Tuesday. Members some non-members of the Organization of Oil Producing Countries (OPEC) met in Vienna this week. Following a prior agreement on Monday between Saudi Arabia and Russia, the cartel agreed to extend production cuts of 1.2 million barrels per day (bpd) for nine more months until March 2020 in a bid to push global prices higher. The agreement was based on the Saudi desires to “face market developments and preserve the measures undertaken”, the PM Abdul-Mahdi revealed, adding that he had a phone call with Saudi King Salman prior to the deal. According to Iraqi Ministry of Oil statistics for the month of June, Iraq’s oil revenue fell from $7.38 billion in May to $6.4 billion in June as its exports fell by 6 percent, from 111 million barrels in May to 105 million barrels in June. Iraq exports around 3.5 million barrels per month — the second highest crude oil producer in OPEC. Iraq has agreements, especially a mega deal with the US giant ExxonMobil, to develop its southern oilfields to increase its production capacity. However, due to a missile that hit the main headquarters of the company in Basra, some foreign staff were evacuated in June. The attack against ExxonMobil came amid soaring US-Iran tensions; Iraq could be negatively impacted if the hostilities breakout between Iran and the US. However, it also raised questions about Iraq’s ability to provide a secure atmosphere in which foreign companies could invest in the decades-deprived oil sector. It has been reported that Iraq could act as Iran’s “ATM” to provide a loophole for US sanctions. Abdul-Mahdi, in his typical understated manner downplayed the incidents against energy and other companies working in Iraq, claiming they do not exceed those in “other countries.” “The security measures are crystal clear. Yes there have been threats, but no real security violation has taken place to any of our oil and non-oil installations. We undertake all measures,” he said. Some ExxonMobil employees have returned, the PM claimed, without elaborating. Separately, the PM also touched on connecting Iraq’s electricity grid to Arab and regional electricity grids — namely Jordan, Syria, Saudi Arabia, Turkey and Egypt. “We haven’t concluded this matter. It is still in the discussion stage. There is both a technical and a financial aspect to it. This is not something that [doesn’t entail] certain financial burdens, extending networks, and costs for these units,” the PM said, though adding the discussions are “serious.” “We, as Iraq, have to be connected to [electricity] grids just like the countries of the world,” he emphasized. Iraq does import electricity from Iran, but there needs to be greater interconnection with other regional countries, the PM posited. Iraq’s electricity grid is aging and strained by an increasing population, reconstruction and development. Usage also peaks in the summer months as temperatures in the south soar over 50 Celsius. The hours of government-produced electricity varies greatly across Iraq and the Kurdistan Region by geography. Link: http://www.rudaw.net/english/middleeast/iraq/030720191

Good morning all! Today has some huge potential for us! The Vienna OPEC meeting is under way as of a couple hours ago (6AM Chicago time). The meeting, including non-OPEC admissions, is set to be done by about 2PM (Chicago time) today. We are still waiting on word about anything specific to Iraq at this time, but that was to be expected. Like I mentioned in the VIP section yesterday, I expect to have a grasp on "what's up" with the situation by later today or this weekend at the latest, but nonetheless I'm being advised to close VIP, ASAP. My advisors wanted it closed YESTERDAY, but I gave my word that I would hold till today... so it's still open for a few new members. I'm sitting here with my thumb on the pulse right now, and this is very important to understand as someone (you) who may be sitting on the fence about VIP right now: I'm locking it down no later than 5PM CST today. The reason is simple - if I'm 5 minutes late in closing the doors, we could have a massive influx of new members, and then I'm forced to accomodate a much bigger group... I'm not going to put myself in a position like that. This is no different than why the CBI is going to put a mandatory "Cash In" period on the old (current) notes. They have to mitigate their business just like I do. If you want in, click this link and do it immediately: http://dinarvets.com/forums/index.php?/store/category/1-vip-membership-packages/ Maybe we have breaking news today or tomorrow, maybe not... but if NOT, I will still have a lot of work to do and we can't afford to be distracted with "last minute speculators". Just like the CBI. I'll still try to get a few updates out here, but for the immediate future, all weekly scheduled chats are paused. I'll do what I can, but no promises other than a simple "RV Announcement" email and of course texts to those who paid for it, and then my focus is 100% on VIP members. As of right now, the discount code is still valid: goRVmay25 gets you a 25% discount in the VIP store here: [LINK] VIPs, I'll be updating [THIS THREAD] pretty often for the next couple days unless circumstances force (privilege) me with the opportunity to create new threads. New threads that will be focusing on the long awaited Post-RV infos, of course! That's it for this morning - I'm back to work, my phone is ringing off the hook and it's not even 7AM here! Don't quit your job yet. But as a courtesy, you may want to study up: https://www.thebalance.com/how-to-write-a-resignation-letter-2063073 #justsayin #goRV #bringiton!

Good Morning Dinar enthusiasts! I have a feeling... that today is going to be a VERY busy day for me. Well, it may not be so much a "feeling" as it is a very strict "to-do" list that my staff gave me at 5AM this morning And I can not tell you how happy this makes me!!!! I can't remember the last time I was this excited about having SO much to get done in one day! If you're just catching up on the latest Dinar news, here's the deal: OPEC is set to meet tomorrow (Thursday 25th of May). Today's preliminary meetings went extremely well, and all my sources are telling me that the process should be a very amicable one tomorrow, when they make it official. This is NOT like an Iraqi Parliament meeting... we're not expecting this to drag out till the "next session". This should be solid TOMORROW. And what we are hoping for, fingers crossed, is that Iraq is quietly granted an exemption to the oil output deal for a limited time. This is going to be an incredibly opportune time for them to pop their HCL into place either immediately, possibly the same day or the 26th, or it will prompt them into taking the actions that will show us the HCL immediately following Ramadan. Either way, we're hoping for an exemption on Iraq. The exemption should be good for the duration of the deal all of the OPEC participating countries have already informally agreed to (6, possibly 9) months, which is an ideal time frame for Iraq to pass the HCL and change the rate on the dinar. This is a PERFECT situation for us! I have more to say, but I'm saving that for the VIP section. Out here in public, I'll just summarize... if Iraq is granted ANY kind of exempt status from the limiting of oil production (that Russia and Saudi Arabia and others already agreed to take part in), this is red carpet and golden ropes time! Here's a short reminder - the 25th is coming QUICK, and so is the end of your opportunity to lock in a great discount on VIP! Not only that, there is a good chance that this is your LAST chance to get in my VIP group. In hopes of a May 25 celebration, this is a 25% discount. We're talking $100 off your PLATINUM upgrade, or a 5 month VIP membership for less than $60 - that's 2 extra months for only $5 per month! I've adjusted the settings so the discount can be applied to more than one product, and also for renewals, so if you want to get yourself a Platinum upgrade and a gift of 5 months for a friend, you'll get the discount on the ENTIRE order. Code is goRVmay25, use it at this link: http://dinarvets.com/forums/index.php?/store/category/1-vip-membership-packages/ Why do you want to be VIP? Well, you could ask ANY of our current VIPs what they think about the information and VALUE in our private section, and you'll be overwhelmed with the positive responses! But I'll break it down in a couple lines: 1. Guaranteed - yes, GUARANTEED - more money in your pocket by being part of our VIP group after the rate is raised. And that guarantee is backed by a 100% MONEY BACK PROMISE. No fine print, no catch! 2. Access to literally thousands of dollars worth of information that you can use immediately to start preparing for not only a dinar RV, but also much more in your business and personal life. 3. Read and take part in our high-level conversations, where you'll be hearing directly from myself and many other incredible successful and extremely intelligent people. 4. Perhaps most importantly, access to a plethora of interesting and very profitable ventures Post-RV, where the goal is to maximize your returns and limit losses to taxes and other dangers. I could go on and on about this stuff, but that's what's in the VIP section. Just look back up to #1 if you're not convinced yet! I'll just add one thing... you might wonder "Why does ADAM want me in the VIP section?" The answer is quite simple. By creating this VIP group, and growing it into the largest, most sophisticated, well educated, and prepared group of dinar investors on the planet, I've been able to leverage amazing opportunities for us that I could not do on my own. We have strength in numbers, and that is something I want you to be a part of. To break it down even further... it's good for me, my family, and I love helping people. The opportunity that I have, to help you and others, is a great thing. It motivates and inspires me every day... but lately, the inspiration and motivation has only grown thanks to the amazing direction this situation is travelling. I'll also explain why the doors are closing, and why you won't be able to join after the RV: First, I value customer service. I know how much my services will cost, and I know how many VIPs I can support. I will not dilute the quality of the service by allowing an infinite number of clients into my group. Second, if you're not willing to support this site and my work before the RV... you don't get to benefit from the opportunities after the RV. Join us in VIP if you're not there already. You won't regret it. Here's the weekly Q's, and I'll have more to say in the VIP section later. GOOOO RRRRRVVVVV!!!! That is incorrect. I don't have time to go into a full lecture on it right now, but hopefully we'll just get to watch the markets in real time (soon) rather than me explaining it. Good question! Strategically, I don't think Abadi would be wise to make that claim, despite the fact that he certainly could make that claim... I'll defer to a famous expert that you have probably heard of: “Be extremely subtle even to the point of formlessness. Be extremely mysterious even to the point of soundlessness. Thereby you can be the director of the opponent's fate.” ― Sun Tzu, The Art of War At this time, I am prepared for that and the likelihood of it happening is HIGH. This is a possibility, but we won't know what terms or options we have until we see how stable the currency (and the entire region) is once the rate is changed. We have several contingency plans and arrangements in the VIP section that will allow us to take advantage of this kind of opportunity and also many others, but it all depends on many factors that will be revealed as the situation develops. One thing you do NOT want to do is delay getting in my VIP group... I love doing these weekly chats and updates, but as of about 15 minutes ago my "public" time became very limited, and after the RV is announced that time will be non-existent. That's it for now! Like I mentioned, this might be your last chance to join my exclusive VIP group, and with a discount to boot. Ignore this opportunity at your own peril! Code is goRVmay25 for that discount, and the link is: http://dinarvets.com/forums/index.php?/store/category/1-vip-membership-packages/ - Adam

Happy Friday everyone! If you hadn't noticed, I'm watching this OPEC situation like a HAWK... this is getting serious! We all view the word "soon" with a bit of disdain, but it's starting to taste a little better every day. This rolled across my desk bright and early this morning: But the real reason for this post is to clarify the next OPEC meeting date. I was mistaken earlier this week, the meeting is not on the 27th... it's on the 25th. Ramadan starts on the 26th. Could the 25th or 26th be our day? It's possible, if Iraq is given a clear exemption from the OPEC oil production deal (the same deal that Russia and Saudi Arabia have already agreed to). It's not time to celebrate YET, but I'll tell you this much... I'm being advised to close the doors on VIP no later than mid-day May 25th. THAT is not something that happens often! Especially not this far in advance. Before that happens, I want you to have a chance to get in - so in hopes of a MASSIVELY AWESOME MAY 25th, I'll give you a 25% discount coupon to sweeten the deal for you. Use code "goRVmay25" in the store. This is only good for VIP upgrades, not the text service. Also, it's only good for the 5 month or Lifetime options - you have to be willing to stick with me for at least that long to get this discount. (the code goes in the "coupon" box on the checkout page http://dinarvets.com/forums/index.php?/store/category/1-vip-membership-packages/ ) And I'll be in touch with you VIPs over the weekend on some other items. GO RVVVVV!!!!!!

Article by Tom DiChristopher CNBCDecember 28, 2016 The U.S. dollar (STOXX: .DXY) has been on a tear that threatens to derail the oil price rally and OPEC's effort to balance an oversupplied crude market, the editor of The Schork Report warned on Wednesday. Dollar strength is being driven by forecasts for stronger economic growth and inflation in the United States than in other developed nations. Oil prices have so far risen along with the dollar following an agreement among producing nations to cut output. But a stronger greenback typically weighs on crude futures because the commodity is priced in the currency. When the dollar rises, crude becomes more expensive to holders of other currencies. "If we do see continued strength in the dollar that will have a double whammy on oil prices," Stephen Schork told CNBC's "Squawk Box." First and foremost, prolonged dollar strength will inevitably crimp demand for crude oil, he explained. Lower demand will make it harder for the OPEC's output cuts to reduce huge stockpiles of crude that built up around the world following a boom in oil production. That boom flooded the world with more oil than could be consumed and cratered crude prices. Low prices boosted demand for crude throughout 2016 in emerging markets, and particularly in China, the world's second biggest oil consumer, said Matt Smith, head of commodities research at ClipperData. Higher prices threaten to substantially curb China's opportunistic buying , he told "Squawk Box" on Tuesday. A stronger dollar will also tempt OPEC members and other producing countries to exceed the oil output limits they set in recent weeks, Schork said. "From a seller standpoint — from an OPEC standpoint — your propensity to cheat and increase production to take advantage of dollar-denominated sales will increase," he said. The OPEC cuts are scheduled to take effect next week. Schork said the market is making some broad-based assumptions about the effort. One of those assumptions is that investors will see something they have never seen before: 100-percent compliance by OPEC members to production cuts. The producer group has a history of cheating on quotas. Even if investors see a high degree of compliance, OPEC production will be higher than it was last year, Schork said. "But if OPEC reverts to being OPEC — that is to say 60 to 70 percent compliance — then OPEC is still going to be producing 700,000 to 800,000 barrels of oil ... more this January than last January," he said. http://finance.yahoo.com/news/oil-faces-dollar-double-whammy-161319457.html / Dinar4Dinner

Saudi Arabia cut its oil price to compete for shares with Iraq and Iran Baghdad/Obelisk: Saudi Aramco has reduced significantly the official selling price for oil to Asian customers in November in the clearest indication so far that the largest oil exporter in the world trying to compete for market share. The step came amid calls from some OPEC action to support prices at a time when global crude price fell standard Brent to its lowest level in two years. But lower prices indicates that Saudi Arabia will probably its policy has long been based on providing the market with sufficient supplies at the time competing with countries like Iraq and Iran to be the largest supplier to the fast-growing economies such as China. Brent contracts changed the standard direction following the announcement of the price to turn to land at the end of the transaction. And Brent when leveling 51 cents to 94.16 dollars a barrel, the lowest settlement since when yonioz 2012 after earlier rising to $ 96.23 a barrel. A dealer said Brent declined strongly. Will relinquish most of gain today because of this. " Another dealer said the fourth consecutive monthly reduction in prices shows that Saudi Arabia might try to start a "price war" with competitors of the producers. The regional rival Iran oil faces budget deficit because of falling prices and Western sanctions. Aramco said it lowered the price of its rough Arab light for Asian buyers in November by one dollar compared with October to be lower by $ 1.05 a barrel on average Oman and Dubai Khami. And the State-owned company lowered the official selling price of Arabian Light crude shipments to North West Europe by 40 cents in November compared with October to less than the $ 3.95 a barrel to Brent's weighted average. The price of light sweet crude shipments to the United States at 2.05 dollars a barrel above the Argus index for high-sulphur crude in November by 40 cents per barrel compared with October. Dealers currently awaits OPEC meeting in November in Vienna to see if the Organization could cope with abundant supplies of oil shale boom in North America and recovery in production of Libya which pushed oil prices below $ 95 a barrel for the first time since the year 2012. http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Falmasalah.com%2Far%2FNewsDetails.aspx%3FNewsID%3D39113

Greetings, The Price of Oil and Gasto head downward by 2020? Iraq, Iran Plot Oil Revolution, Challenge Saudi Posted on 29 January 2014 Iraq and Iran, which together hold more oil reserves than Saudi Arabia, are planning to challenge Saudi Arabia's grip on OPEC and its status as the "swing producer" in the cartel, according to a report from The Telegraph. With Iraq poised to triple its capacity to 9 million bpd by 2020, the result could be a dramatic fall in oil prices. Hussain al-Shahristani, Deputy Prime Minister for Energy, said: "We feel the world needs to be assured of fuel for economic growth ... It's very difficult to predict actual world (oil) demand by 2020 because the world economy is unpredictable ... Iran has been in touch with us; they want to share our contracts model and experience."

Here is an article that demonstrates what lost oil production costs are, and how disruption of oil production can affect a country and it's government's budget. Interesting ... Libya lost $7 billion to oil strikes, must find new buyers 12/07/2013 TRIPOLI (Reuters) - Libya has lost more than $7 billion and faces new competition from Algeria and Nigeria in oil markets due to strikes at oilfields and ports drying up exports, Oil Minister Abdelbari al-Arusi said on Saturday. A mix of militias, tribesmen and civil servants have seized most oil ports and fields to demand more political power or higher pay, throttling Libya's oil export lifeline. The OPEC producer is facing turmoil as Prime Minister Ali Zeidan's government struggles to control dozens of former militias which helped oust Muammar Gaddafi two years ago but which have refused to give up their arms. Arusi said Libya had lost 9 billion Libyan dinars ($7.29 billion) in oil revenues after output had fallen to 250,000 barrels a day from 1.4 million bpd in July. He did not say how much Libya is exporting, but his deputy told Reuters last week that up to 50 percent of output was being used to keep the 120,000 bpd Zawiya refinery running. "We are facing a big problem because oil from Algeria and oil from Nigeria has entered the Mediterranean (market)," Arusi told al-Naba television station. "We have started looking for new markets in east Asia to offset the loss." He said he hoped export ports would start work soon but did not repeat comments from Wednesday that terminals might reopen on Tuesday. Arusi said the government was having trouble drafting a 2014 budget due to the drop in production from 1.4 million bpd in July to 250,000 bpd now. "We have a problem now. How are we supposed to prepare the budget?" he asked, adding that initial planning had assumed output of around 1.3 million bpd. He said only the El-Feel field, offshore operations and fields belonging to state-owned Sirte Oil Co in central Libya were still producing oil. Arusi said the abrupt halt in production had also damaged pipelines and other oil facilities, while some oil staff were in bad shape psychologically due to the strikes. "We are talking here about many cases, not just one" he said. OUTAGES He said the electricity supply would improve within hours after members of the Amazigh, or Berber, minority had ended a blockade of a gas pipeline feeding a power plant in western Libya which they had staged to demand more political rights. However, outages again hit central parts of the capital Tripoli on Saturday. Zeidan has failed to end strikes disrupting oil and gas supplies which started in earnest in the summer. One difficulty is that protesters are not a unified group, but range from a regional autonomy movement in the east, civil servants seeking pay, and minorities like the Berbers who want their language recognised. Those demands are hard to meet for a prime minister weakened by political infighting. Western powers worry the North African country will slide into instability with militias calling the shots in the streets while the government struggles to keep the budget running to pay civil servants and ease social tensions. ($1 = 1.2342 Libyan dinars) (Reporting by Ulf Laessing and Feras Bosalum; Editing by Alistair Lyon) Source: http://finance.yahoo.com/news/libya-lost-7-billion-oil-190354912.html