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yota691

Oil Minister: Total production will reach 4 million barrels

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12/21/2014 16:11

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BAGHDAD / obelisk said Iraqi Oil Minister Adel Abdul Mahdi Sunday that his country's total oil production will reach four million barrels per day after Baghdad reached agreement on exports with the KRG authorities .

He was speaking in a speech to the OAPEC conference, which opened Sunday in Abu Dhabi .

The Baghdad government has reached a tentative agreement with the Kurdistan Regional Government in the second from December to end a dispute over oil exports and payments budget of the semi-autonomous region .

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Much abliged Yota,

4 million barrels per day is a huge amount of income based on 50 dollars per barrel. I wonder how long they can keep the exchange rate at its current rate? Not much longer, they need more buying power and to create a middle class that can move money and be able to shop at the nice new malls built in Baghdad. IMO.

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Much abliged Yota,

4 million barrels per day is a huge amount of income based on 50 dollars per barrel. I wonder how long they can keep the exchange rate at its current rate? Not much longer, they need more buying power and to create a middle class that can move money and be able to shop at the nice new malls built in Baghdad. IMO.

 

I like the way that you think!

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Thanks Yota...The HCL we've waited on forever, is now related too as fact without rebuttal in an open OAPEC conference. This's another lead IMHO that,....''Follows the Money''...A conference in Abu Dhabi in front of OAPEC representatives is a very good opportunity to disclose this type of information publicly. This would free the countries main oil and gas resource as well as distribute the wealth of this resource to the citizens of Iraq. Then add Abadi making stronger ties with Kuwait today and delaying a nearly 5 billion dollar debt for a year....Then throw in ''Wiljor's'' concept and the employment from building those malls to running and supplying them...People with money will spend it and maybe develop a little here and there along the way...It's a good day in the neighborhood.... 

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22/12/2014 (00:01 pm)   -   the number of readings: 80   -  Issue (3243)
 
 
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Baghdad / term 
 

Oil Minister Adel Abdul-Mahdi said, on Sunday, said that his country's total oil production will reach four million barrels per day after Baghdad reached agreement on exports with the KRG authorities. He was speaking in a speech to the conference, which OAPEC work began on Sunday in Abu Dhabi. The Baghdad government has reached a tentative agreement with the Kurdistan Regional Government in the second from December to end a dispute over oil exports and payments budget of the semi-autonomous region. To the expectation of the President of the Iraqi Oil Marketing Company (SOMO) on Sunday that exceed the average oil exports in December from the port of Basra 2.6 million barrels per day. 
This came in statements the company's president, Falah al-Amiri told Reuters on the sidelines of the OAPEC meeting in Abu Dhabi. Often fluctuate exports from Iraq's Basra-main export to Iraq's oil-port due to weather or technical problems. According to sources navigation has reached the volume of exports in early November, 2.4 million barrels per day.

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First Published: 2014-12-23

 

Iraq's oil exports climb to record levels after going down prices

 

High flows south to 2.8 million barrels per day in a part of December, which is extremely large amounts compared to what was familiar.

 

Middle East Online

 

London - Alex Lawler

 

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OPEC already suffering from high production

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Sources from the oil sector and data Shipping said that Iraq's oil exports rise in December / December heading towards record levels, with increased production of the country's second-largest producer in OPEC, despite oil prices trading near their lowest levels in five years.

And exacerbate the increase in abundance in supplies has been of concern to the other members of the Organization of Petroleum Exporting Countries (OPEC) are not able to increase exports, hurt by lower revenue after crude prices falling about 50 percent since June.

Shipping data three of the twenty-first day of December / December showed that exports from the ports of southern Iraq amounted to no less than 2.6 million barrels per day on average. He gave two sources in the sector exports watching similar estimates.

A source in the sector noted high flows south to 2.8 million barrels per day in the part of the month, "These are very large amounts seem .. huge quantities."

It produces most of the southern ports of Iraq's oil is the main port of Iraq to world markets. These ports are located away from areas of the country controlled by the group Islamic State continued to export despite the unrest.

Moreover resumed Kirkuk crude flows from the Turkish port of Ceyhan in December / December after Baghdad reached an agreement with the Kurdistan Regional Government.

Two sources said the sector Oil Marketing Company (SOMO) of Iraq issued about 180 thousand barrels per day from Kirkuk in the north of the country since the beginning of December / December. And exports crude via the Kurdish pipeline to the port of Ceyhan after he was the oldest pipeline repeated attacks.

A source at buy Iraqi crude "All (crude passes) over the Kurdish line now .. old Kirkuk pipeline is disabled."

This brings the total of Iraq's major raw materials exports about 2.78 million barrels per day, just shy of 2.8 million barrels a record level in February before the stop flows from the Kirkuk fields through a pipeline to the port of Ceyhan because of a bomb attack.

The sources said that the northern exports may be higher if crude produced in Kurdistan and shipped to Ceyhan added. Not available precise numbers, but a source said that total shipments from northern Iraq are not currently less than 300 thousand barrels per day.

And is consistent with the average South exports statements of the President of SOMO, Falah al-Amiri company, who said on Sunday that he expected the rate of at least 2.6 million barrels per day. If this rate will continue to exceed the December / December exports than in May, amounting to 2.58 million barrels per day, which was the highest since at least 2003.

Iraq aims to increase exports to the highest level in 2015. Oil Minister Adel Abdul-Mahdi said in November that he expected export growth next year to 3.2 million barrels per day on average, including the Kurdistan exports.

The statements showed the oil minister and OPEC delegates at its meeting on 27 November that the plan raised the concern of some members of the organization and strengthened the position of refusing to cut some of their supplies.

But Iraq said he should be relieved of supplies imposed by OPEC because of that restriction because he is recovering from years of sanctions and war. Iraq and increase production in the south since Western companies signed service contracts with Baghdad in 2010.

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