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!

Iraq to Boost Oil Export Capacity to Grab Bigger Share of Asian Market


Gunshow2425
 Share

Recommended Posts

Iraq to Boost Oil Export Capacity to Grab Bigger Share of Asian Market

by: energytribunePosted date: October 17, 2013 In: Global NewsMiddle East

From The Daily Star

By Meeyoung Cho, Jane Chung

Iraq is set to boost its oil export capacity significantly by the end of the first quarter next year, stepping up competition with top exporter Saudi Arabia to grab a bigger share of the growing Asian market.

Iraq is wooing Asian customers by offering easier payment terms to secure buyers as it ramps up oil output after years of war, but inadequate infrastructure and security issues this year have hampered the Middle Eastern nations’ efforts to maintain steady output and exports.

The country is planning to raise its total export capacity to 4 million barrels per day (bpd), deputy prime minister for energy Hussain Al-Shahristani said on Wednesday.

“In total, we will be having capacity of 4 million barrels (per day) next year,” he said on the sidelines of the World Energy Congress in South Korea. “By the end of the first quarter we should have them.”

Iraq’s current oil output is now back up to 3.3 million bpd of crude, and may touch 3.5 million bpd by year-end. The Middle Eastern nation is exporting 2.5 million bpd of its output, with 60 percent going to Asia, 20 percent to the American market and the rest to Europe, he said.

But Iraq may not use the country’s export capacity to its full potential and may instead work on upgrading some of the older export facilities, the minister said.

- See more at: http://www.energytribune.com/79490/iraq-to-boost-oil-export-capacity-to-grab-bigger-share-of-asian-market?#sthash.2RdpXocm.dpuf

Link to comment
Share on other sites


 

 

 

4cabff0a7ce7c7b8f7e8cfde10d6c075_S.jpg

 

Baghdad / Baghdadi news / .. According to the Reuters news agency on Thursday that Iraq plans to boost oil export capacity significantly by the end of the first quarter of next year, an elevator competition with Saudi Arabia, the largest oil exporter in the world, with the aim of acquiring a larger share in the Asian market.

 

The agency said in a report seen by / Baghdadi News / "Iraq is planning to strengthen the capacity of the export of oil dramatically by the end of the first quarter of next year, an elevator competition with Saudi Arabia, the largest oil exporter in the world, in order to acquire a larger share in the market of Asia's growing."

She added that "Iraq appeal to Asian customers by facilitating the payment terms, to attract buyers with the resurrection of increasing oil production after years of wars, but problems related to infrastructure and security hamper efforts to keep the regular levels of production and exports," ..

The Deputy Prime Minister for Energy Affairs Hussain al-Shahristani, announced on Wednesday, said Iraq aims to increase oil export capacity to four million barrels per day by the end of the first quarter of next year.

Shahristani said on the sidelines of the World Energy in South Korea, that Iraq is currently producing up to 3.3 million barrels per day of crude and perhaps touching 3.5 million barrels per day by the end of the year, and issued the country is now 2.5 million barrels per day of production, and moving 60% of those quantities to Asia, while moving 20% ​​of them to the U.S. market and the rest to Europe. Finished / 21.

 

  • Upvote 1
Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

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