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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.
Secretary Pompeo's remarks at the Int'l Institute for Strategic Studies Manama Dialogue - 10:45 AM
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Central Bank Governor: The committed issuers are the ones who can trust the country's economy
The governor of the Central Bank stressed that "the committed exporters who return their currencies to the country are the people of confidence in the country's economy, and we must pave the way for them by facilitating laws and regulations."
Today, Saturday, Central Bank Governor Abdel Nasser Hemmati, at the "Exporters' Appreciation in the Field of Foreign Exchange Return", which was attended by 50 exporters, thanked the exporters who did not allow to cut off the country's economic cycle and said, "Of the total of 108 exporters, nearly From 23 billion euros (about 26 billion dollars) to the country's economic cycle in about two and a half years, which is an important number. " The currency returned to the country by 50 exporters, which amounted to nearly 100% of the hard currency revenues generated by their exports during the period from 1997 to the end of May 1999 and present at today's meeting, is equivalent to 22 billion dollars.
The head of the Council of Money and Appropriations stated that the enemy's goal was the collapse of the country, adding that we are in a difficult situation and our dear people are under the most severe pressures and economic problems. But the enemy was not able to achieve its main goal, which is the collapse of the regime and the country, and certainly you the exporters did not allow them to achieve their goals under the conditions of economic war.
Hemati thanked the exporters who presented their views in this meeting, saying that the Central Bank welcomes the opinions of committed exporters like you, and I will raise these issues in the government and present them to the President of the Republic.
The governor of the Central Bank said that all other exporters like you who abide by their pledges and return their currency to the country do not need to make a commitment. Therefore, it is necessary to be grateful to you for facilitating the rules and regulations, and in such a case, the country's economy must support the exporters who have been fulfilling their obligations for several Years.
Hemmati stressed that the proposed prices in the foreign exchange market are not real, saying: “I still believe that despite the embargo pressures imposed on the country, or the difficulties associated with oil exports, the return of foreign exchange from export revenues and the decline in government revenues, these prices are not It should be noted that in such circumstances, the biggest loss is for fixed income categories that form the main body of our country, and
he said, “We are determined to control the exchange rate because it is in the country's interest to enhance the value of the national currency, and on this basis we work to adjust the price. Exchange ".
Humati, exporters, hard currency
By Adam Montana
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
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