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Iraq oil output hits record high ahead of production freeze talks


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Iraq oil output hits record high ahead of production freeze talks

Published time: 11 Apr, 2016 09:51
© Essam Al-Sudani
© Essam Al-Sudani / Reuters
With just a week before crucial oil production freeze talks, OPEC’s second-biggest producer Iraq has increased crude output to its highest level in the post-Saddam Hussein era.

Iraq’s oil output grew to 4.55 million barrels per day (bpd) last month from 4.46 million barrels in February, Bloomberg reports, quoting the country's state-run Oil Marketing Company.

According to the media, Iraqi oil exports grew to 3.81 million barrels per day in March from 3.23 million bpd in February.

Iraq, which has the world’s fifth-biggest crude reserves, is increasing production after sanctions were removed and the war ended. In January, it pumped 4.43 million bpd, which was a record at the time.

The world’s biggest oil producers are meeting on April 17 in Qatar to discuss an output freeze. Iraq is believed to support the preliminary agreement by Saudi Arabia, Russia, Venezuela and Qatar to cap output at January levels.

The OPEC governor for Kuwait Nawal Al-Fuzaia said last week that producers could freeze at February levels or an average of January and February at the Doha meeting.


According to Goldman Sachs the talks may turn out bearish for oil prices.

"A production freeze at recent production levels would not accelerate the rebalancing of the oil market as OPEC (ex. Iran) and Russian production levels have this year remained close to our 2016 average annual forecast of 40.5 million bpd," said the report from the US bank, quoted by Reuters.

"We see greater odds that the Doha meeting delivers a bearish catalyst for oil prices... (and) we continue to believe the balancing of the oil market requires sustained low prices with our 2Q16 forecast of $35 per barrel,” the report added.

On Monday, the North Sea benchmark Brent traded at $41.69 per barrel, while US West Texas Intermediate crude slipped to $39.44 per barrel.


Iraq hits record production


BAGHDAD, April 11, 2016 – The Iraqi Ministry of Oil announced its March crude production figures on Monday, revealing record output of 4.55 million bopd. According to the country’s Oil Marketing Company, exports were up as well.

Iraq’s oil production and exports have been on the rise in recent months as the government is scrambling to cushion the impact of lower oil prices on the country’s budget, which is strained by the ongoing fight against Islamic State. Iraq’s national oil companies first produced more than 4 million bopd in December 2015, and subsequently hitting 4.43 million and 4.46 million bopd in January and February, respectively.

Exports have grown in tandem. In March 2016, exports averaged 3.81 million bopd, up from 2.98 million during the same period last year. Last month, exports were 3.23 million bopd.

The Iraqi production increases come at a time of political uncertainty. In late March, Minister of Oil Adil Abd Al Mahdi withdrew from the Iraqi cabinet ahead of a reshuffle. His proposed successor, a Kurdish professor at Dohuk University, withdrew his candidacy a day after his nomination.


Bloomberg BRIEF: Iraq has record oil output (Audio)

April 11, 2016 — 3:41 AM PDT

Chris Sell discusses oil, ahead of realease of the U.S. drilling productivity report

Download: Bloomberg BRIEF: Iraq has record oil output (Audio)

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Wait a minute... what about the 'missing' Kurd Oil Money...?

What about the missing Kurd oil...?

What about the Kurdish oil stolen and sold by the evil da'esh...?

What about the oli stolen by Turkey...?

What about the oil dollars AND oil stolen by the 'Panama Papers' Parties..?


Somethin' ain't addin' up here...

Abadi better hire an accountant and a few hundred actuarial analysts with integrity.... <_<



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1 hour ago, SocalDinar said:

Iraq’s oil production and exports have been on the rise in recent months as the government is scrambling to cushion the impact of lower oil prices on the country’s budget

Oil prices low because the market is flooded with oil(Supply is high) they need to cut production for oil prices to go back up? Reason for OPEC meeting on cutting oil production. HMM?


2 minutes ago, SgtFuryUSCZ said:

Somethin' ain't addin' up here

I Agree!

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Iraq supports the freeze on oil export levels globally





4/12/2016 0:00 

 Basra - Saad al - Sammak BAGHDAD - Tariq al - Araji   

participate Iraq high - level delegation at the Conference of the OPEC countries and beyond to be held in Doha next Sunday to agree to freeze the export of crude oil levels in a move aimed at ensuring the stability of producing countries , the economy in an effort to rebalance the global markets. An 

official source in the oil Ministry told the «morning» that «Iraq will attend a high - level delegation Balmutmr which will be attended by leading producing countries , including Russia and Saudi Arabia in an international move to countries exporting crude oil to agree on specific levels of production and the absorption of the surplus of the world market». 

He said Iraq supports implicit attitudes exporting countries in freeze production quantities at levels that will be agreed upon during the Doha meeting, especially as the announcement of the meeting has contributed to a large extent the improvement in prices that hit its lowest level since 2003. 

the source said that the surplus output current global markets beyond 2 million barrels a day, as it can be contained to support prices by agreeing to freeze production of exporting countries with low US oil production rate and expectations of recovery in the economies of industrialized countries imported , such as China, India and Japan. 

the national oil Company (SOMO) has announced the registration of Iraq , an unprecedented rise in oil exports last month, as the agency reported «Bloomberg» economic yesterday that Iraq has increased its oil production to reach 4.5 million barrels per day. 

revealed the oil ministry on Monday about the level of production from Iraq , which is likely to be frozen with OPEC member states and outside the Doha meeting. 

he said ministry spokesman Assem Jihad , in a press statement: that «Iraq is bound to any agreement aims to support oil prices and the adoption of a freeze production at the level of last January which was our production 3.757 million barrels a day» , stressing that «Iraq with any action aimed at supporting oil prices , taking into account the interests of producers members OPEC and outside », indicating that« it is important to come up with realistic serve prices in global oil markets, in addition to safeguarding the interests of member states ». 

he continued jihad« these are all temporary measures to address the decline and are not permanent, but it is a step in the right direction, to see the reaction on the ground and after every incident »pointing out that« this freeze will not be in the long term ». 

as part of recently, able Angels Iraqi subsidiary of Maysan oil from the provision of $ 300 million, and then run through the flames high - pressure pipe path and the low in Abu West Station in the province, which was entrusted to a Chinese contractor, according to a company statement received »Sabah» copy of it. 

in the oil file last, and the oil Ministry confirmed the constant desire to provide large stocks of various petroleum products to meet the need of the Ministry of Electricity generators civil and government in preparation for the summer season. 

a source in the inspector general of the ministry office »Sabah»: that his ministry is keen to provide various types of fuel to the Ministry of Electricity in order to ensure the continuation of the generating units to operate during the summer season , thus alleviating the burden on citizens , despite the fact that the indebtedness of the Ministry of Electricity to his ministry had exceeded five trillion dinars.

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