KRG OIL EXPORTS INCREASE TO 513K BPD FOR MAY

[yota691]

4.0007 million bpd, Iraq's oil production

 

 

5/24/2016 0:00   Baghdad , Tariq al - Araji of Kirkuk - a renaissance Ali    managed the Oil Ministry to increase oil production volume to 4.7 million barrels per day , including the product in the province of Kirkuk and the Kurdistan region, declaring that the daily export volume reached 3.9 million barrels per day in the completion ofchecks for the first time in Iraq 's history.  the agent said the oil Ministry senior engineer Fayyad grace in a telephone conversation with «morning» on the sidelines of his visit to Basra and brief him on the business functioning in a number of oil fields there: the «engineering efforts for the southern oil company resulted in increased production of Allhis field to 100,000 barrels a day after he was producing approximately 75,000 barrels per day ».  he pointed out that this increase came after enable Angels SOC from the operation unit for the treatment of wet oil in the field, noting that the Angels also managed to increase the volume of production in Artawi field for up to 60 000 barrels per day, as it was erected towers drilled in the field earlier, also succeeded in setting the third tower to the success of reclamation operations in the field.  He 's grace that these achievements in these fields were exceptional efforts of the Iraqi staffs 100 percent.  He said senior agent for the oil ministry to that Iraq 's production now stands at 4.7 million barrels per day , including the product in Kurdistan fields and the product in the Kirkuk fields, and that the export volume of between 3.7 million barrels and 3.9 million barrels , including the source of the Kurdistan region and the oil of Kirkuk , which exceeds the 500 thousand barrels and issued by the province through the Turkish port of Ceyhan.  in the meantime, technical staffs continue to control the blaze , which broke out in the two wells of a baker oil field north of Kirkuk as a result of a terrorist act , the North oil company.   chairman of the Committee on energy and oil in Kirkuk council Ahmed Abdallah military he »Sabah» that the technical staffs of the team formed by the North oil company to extinguish the fire that broke out in the two wells 33.18 in baker oil field has been dominated by a high level after being exposed to the explosion of improvised explosive devices by terrorists «Daash».

[ggdog60]

Thanks, Yota

[yota691]

Expectations of a recovery the economy with higher oil production

 

 

5/24/2016 0:00   BAGHDAD - Farah pumice      despite the fact that Iraq is currently going through a financial crisis, but there are signs that the local economy may bring a recovery during the next phase in line with the increase achieved in the oil industry and security victories.  Has managed to Iraq with the help of international oil companies from raising oil production to more than four million, after it was no more than 2.5 million barrels per day by the year 2003, while oil exports increased the barrier of 100 million barrels per month , a figure achieved by Iraq for the first time in its history.  the government expects to expand this capacity to reach 10 million barrels in today in the years ahead, as planned, which will put Iraq in the ranks of major oil producers in the world.    extrapolations of the international Monetary Fund for the Iraqi economy , predicting that it will achieve good growth after obtaining financial loans, but it is not without concern over oil prices , despite the fact that projections indicate the possibility of rising in the latter half of this year and reach its price to $ 70 , the middle of next year , which means that imports of Iraqi oil could reach more than 7 billion in the month , compared with 3 billion and $ 300 million in April.  She says expert Dr. peace Sumaisem: the «remarkable oil production increase achieved economic growth even though it was a formality in order to increase the amount of money, but that 's all that matters citizen is the rate of development».  suggest that «economic growth , if it occurs should be socializing with low literacy rates and increased operating rates and increased electronic access rates, called ( the elimination of the electronic) illiteracy, per capita calorie intake, and its share of the electricity, education , social welfare and health services of energy, while not all realized there is no meaning for economic growth is the increase formality ».  according to international reports, it is encouraging signs that attest to the Iraqi economy will take a gradual recovery is foreign investment in the provinces and safe areas.

[nannab]

Thank you Yota! Night all.

[sandfly]

Thanks 

[wildeman]

Thanks and G'night

[yota691]

  

Iraq: Total oil production of 4.7 million b / d and exports at record level

Economy News / Agencies ...   Iraqi Media Network reported, citing an official in the oil sector to the country's total production of crude reached 4.7 million barrels per day and exports recorded a record high of 3.9 million barrels per day.   According to the web site and the Undersecretary of the Iraqi Ministry of Oil blessing Fayyad said that this volume of production includes the production of Kurdistan region of Iraq's semi-autonomous north of the country and the production of Kirkuk.   He added that the increase in production came from fields Allhis and Artawi in the south of the country. R
Views 19   Date Added 24/05/2016 - 12:33   Last updated 24/05/2016 - 13:20   No. Content 3635

 

[Wiljor]

Southern exports average 3.15 million bpd this month * Northern exports also decline so far in May * Overall shipments 3.58 million bpd, below record

Iraq, May 24, 2016  Oil exports from southern Iraq so far in May have fallen by more than 200,000 barrels per day (bpd) from the previous month's near-record, adding to supply losses caused by unusually high global outages.  The drop, if prolonged, could add to concern about the sustainability of export growth from Iraq, where oil firms have warned the government that projects to boost output will be delayed if Baghdad cuts spending this year.  Iraq's southern exports in the first 23 days of May averaged 3.15 million barrels per day (bpd), according to an industry source and loading data tracked by Reuters . April's 3.36 million bpd was close to the record reached in November.  "It's because of power outages," said the industry source, who declined to be identified. Iraqi oil officials could not immediately be reached for comment.  The south pumps most of Iraq's oil. Iraq also exports smaller amounts of crude from the north by pipeline to Turkey.  Northern shipments of crude from fields in the semi-autonomous Kurdistan region have fallen to 430,000 bpd so far in May, according to loading data, from 512,000 bpd in April.  The shipments were running at 600,000 bpd at the start of the year but have slowed due to pipeline sabotage and a decision by the central government in Baghdad to suspend pumping Kirkuk crude into the line.  The decline in Iraq's exports arises as unplanned supply outages have risen this month to the highest in at least five years because of wildfires in Canada and losses in Nigeria, Libya and Venezuela.  Iraq was the fastest source of supply growth in the Organization of the Petroleum Exporting Countries last year and boosted production by more than 500,000 bpd, surprising industry observers, despite spending cuts by companies working at the southern fields and conflict with Islamic State militants.  Iraqi officials expect further growth in the country's exports this year, but at a slower rate than 2015. Officials are expected to provide an update on output and export plans at a conference in London this week.       http://iraqdailyjournal.com/story-z13184520

[yota691]

SOMO: Iraq pumped about 4.5 million barrels per day and aspires to be increased to six million

History of edits:: 24.05.2016 22:29 • 150 visits readable

{Baghdad: Euphrates News} head of the Iraqi oil marketing company SOMO} {Falah al-Amiri Iraq pumped about 4.5 million barrels per day announced aspires to be increased to six million.

The agency quoted {Reuters} for Amiri as saying during a conference of Iraq 's oil sector on Tuesday that "Iraq is pumping about 4.5 million barrels per day and aspires to increase to between 5.5 million and six million barrels per day by 2020. 
" That goal , "if there 's a good investment and if made available investment the coming years is not a problem I have in it ... we will not reduce our production , but will continue to grow , but slowly. " 
and won the collapse of oil prices - now at $ 49 a barrel , less than half the level of two years ago - of Iraq 's revenues and other producers were forced Baghdad in the past year to reduce a more ambitious goal to increase supplies. 
The price decline triggered concerns of a slowdown in the growth of Iraqi oil production or stop it . Oil Iraq Companies of delayed projects and has already warned that if the government insisted on radical spending cuts this year. 
But Iraq has managed to continue to raise production so far , despite some expectations dumped in pessimism. 
In the last year , the country is the source of the fastest growth before theOrganization of the Petroleum Exporting Countries , where increased produced more than 500 thousand barrels per day , despite spending cuts and the war against Daash. 
With the depletion of financial resources demanded Iraq 's foreign oil companies toreduce their budgets for the second year in a row. And working Royal Dutch Shell ,which operates Iraq 's Majnoon field to cut costs by reducing the number of foreign workers. is over

[yota691]

Oil: rising exports and revenues last April to more than three billion dollars

History of edits:: 05/25/2016 13:54 • 31 visits readable

[Where - Baghdad] 
Oil Ministry announced rising exports and revenues last April to more than three billion dollars.

The official spokesman for the Oil Ministry , Assem Jihad , said in a statement received by all of Iraq [where] a copy of it , "according to the final statistics released by the Iraqi oil marketing company SOMO, which amounted to 100.9 million barrels [hundred million nine hundred thousand barrels, total revenues amounted to 3368 billion dollars [three billion, three hundred and sixty - eight million dollars]. " 
He added that" the total volume of oil exports for the month of April from the southern ports, amounted to , 100.9 million barrels, while revenue generated amounted to 3 billion and 368 million dollars. " 
the Jihad " The total exported quantities referred to are from Central and South fields produce was exported through the southern ports, while not issued from the northern port [port of Ceyhan across the Iraqi oil marketing company SOMO] because of the lack of commitment to the region 's oil agreement with the federal government." 
He pointed out " the price of a barrel average of $ 33,380." 
" the quantities exported uploaded by 35 international companies from various nationalities from the ports of Basra and Khor al - Amaya and buoys unilateralism on the Arabian Gulf." 
the statement noted that " the ministry and through her faith to inform people on the operations export revenues generated from monthly taken this action. "

[yota691]

Oil prices jump to the $ 50 a barrel

History of edits:: 05/25/2016 8:28 • 108 visits readable

[Where - Follow - up] 
jumped oil futures towards $ 50 a barrel in Asian trade on Wednesday, driving US crude to its highest level in more than seven months after data from the American Petroleum Institute pointed to a larger - than - expected drop in crude inventories in the United States the week the past.

Oil prices and has been also supported by the closure of the US stock big gains and strong sales of housing in the United States , which may indicate that the Federal Reserve (Central Bank of the US) will raise interest rates in June. 
Jumped NYMEX to the nearest maturity during Asian trading 73 cents or equivalent to 1.5 percent to $ 49.35 a barrel, the highest level since mid - October , before easing slightly to $ 49.25 by the time 0315 GMT , and after the previous session ended on a gain of 54 cents. 
rose International benchmark Brent crude contracts for 57 cents or 1.17 percent to to $ 49.18 a barrel after having closed on Tuesday, up 26 cents in the rebound from four sessions of losses. 
data from the American Petroleum Institute, said Tuesday that crude inventories in the United States fell 5.1 million barrels to 536.8 million barrels, while pointed median forecast analysts to a decline of 2.5 million barrels. 
investors are waiting for a confirmation of the significant decline when the US energy Information administration issued the official figures of the stocks at a later time.

[Wiljor]

Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in Opec's second-largest producer that projects could be delayed due to spending cuts.

Iraq is pumping about 4.5 million barrels per day (bpd) now and is aiming to boost that to 5.5 million to 6 million bpd by 2020, Falah Alamri, head of Iraq's State Oil Marketing Organisation (Somo) said at an Iraq oil conference on Tuesday.

"If there is good investment and the investment is available for the next years, I have no problem with that," he said in reference to the target. "We will not decrease our production; it will continue growth but slowly."

A collapse in oil prices, which at $49 a barrel are less than half their level of two years ago, has hit revenue for Iraq and other producers, and last year prompted Iraq to downgrade a more ambitious goal to expand supplies.

The price drop has raised concern that Iraq's oil output growth could slow, or stall. Indeed, oil companies have warned Iraq that projects will be delayed if the government insists on drastic spending cuts this year.

But Iraq has managed to keep increasing its output so far, despite more pessimistic predictions.

Last year, the country was the fastest source of supply growth in the Organization of the Petroleum Exporting Countries, boosting output by more than 500,000 bpd, despite spending cuts and conflict with Islamic State militants.

With its finances stretched, Iraq has asked foreign oil companies to rein in their budgets for a second year in a row. Royal Dutch Shell, which is in charge of Iraq's Majnoon field, has been cutting costs by reducing foreign staff.

"We are doing our bit," said Marcus Antonini, Shell's country chairman for Iraq, adding that the company had roughly halved its expatriate workforce in Majnoon and planned further reductions.

"This allows us to make significant savings on operating expenditures," he told the conference, saying the reduction in foreign workers had not hit output at Majnoon, which was producing 220,000 bpd.

GLUT EASING

Alamri, who is also Iraq's Opec governor, said a glut in the market is easing and Iraq was seeing a rise in demand for the crude it exports from the south - Basra Light and Basra Heavy.

He dampened expectations that Opec, which meets to set policy on June 2, will agree any steps to support prices, having shifted policy in 2014 to focus on maintaining market share.

"There is a lot of demand in summer, more consumption now than the beginning of the year," he said. "After two years, the market is starting to balance but it nearly destroyed many countries."

Oil companies in Iraq have to clear spending with the government each year and are then repaid with oil produced from existing fields. With the price collapse, Iraq has been struggling to find enough oil to repay them.

The companies and the government have so far failed to agree on spending levels.

An oil executive who declined to be named said Iraq's payments to oil companies in 2015 were 30 percent higher than expected and - despite talk about companies exiting Iraq - nothing had happened for now. 

(tradearabia)

http://iraqdailyjournal.com/story-z13193870

 

 

[yota691]

Reuters: Iraq will be issued five million barrels a day next month

History of edits:: 30.05.2016 13:46 • 101 visits readable

[Oan- up] 
sources in the oil sector , she told Reuters that Iraq 's five million extra barrels of crude oil to its customers will be issued in June to join it to other producers in the Middle East to strengthen its market share in the days of this week 's OPEC meeting before.

Iraq and target 's second - largest producer in the Oopk- already record export volumes of crude from the southern ports next month of up to 3.47 million barrels a day. 
Plans to Saudi Arabia, Kuwait, Iran and the UAE to increase supplies in the third quarter. 
Receded expectations take OPEC 's decision to curb supplies in the meeting scheduled on Thursday because of the recovery of world oil prices from the lowest level in 12 years to more than $ 50 a barrel and in the light of competition between Saudi Arabia and Iran. 
the additional exports offset production contraction and supply disruptions in other places but new supplies may also *********** rebalance the global market is still oil - saturated. 
said Victor Shum , energy consulting firm official downstream in [iHS] "OPEC certainly increase supplies and practiced strategy puts its market share in the first place , " referring to an effort led by Saudi Arabia to strengthen OPEC production in order to regain market share. 
he added that the additional oil from Saudi Arabia and Iraq could lead to a slowdown in rebalancing the global market but may offset supplies from elsewhere crashes and demand strong seasonal. 
, according to three sources familiar with the matter is that the Iraqi oil marketing company SOMO] has allocated five million additional barrels of Basra light crude download June partners in the upstream activities, including Petro China and Eni and Lukoil. 
the foreign companies get oil dues under a technical service with Sumo decades , but payments were delayed after that caused the decline in oil price to put pressure on Iraq 's budget. 
he said the source of the oil sector in the Gulf , said the extra oil was decided "because of contractors technical service pressure. " 
He added that Iraq also committed to pay the dues of contractors under the terms of a loan from the international Monetary Fund. 
the additional supplies come as a result of the expansion and Alortaua Allhis fields in southern Iraq. Iraq wants to increase its oil production by up to one - third by 2020. 
A source in one of the three companies that got the oil that a million barrels of additional Basra Light crude sold after two hours of notification of sumo , which refers to the strength of demand for Iraqi crude amid expectations of higher rates official sales in July. 
traders said the premium price for the immediate supply of June dropped to between 40 and 80 cents a barrel ,after over $ in May due to increased export volume and high official selling prices in June.

[TennesseeCherokee]

I know that these articles are publishing estimated output. Think about it, whatever commodity a nation is selling & that commodity happens to be the #1 generator of your income, in the interest of national security and good business practice, would you tell the world exactly how much you are selling?.......or would you keep an ace in the hole and report a lower figure? 

I have been following Iraq's oil production for 6 years now. I had their actual production at close to 7mbpd, since fall of 2015. This is just my estimation given Iraq's long time pattern of issuing conflicting numbers and slips of the lip by their politicians.

Edited May 30, 2016 by TennesseeCherokee

[yota691]

Kuwait plans $115bn investment in oil projects

KUWAIT, 16 hours, 55 minutes ago

 

Kuwait plans to invest KD34.5 billion ($115 billion) on oil projects over the next five years, Arab News quoted a senior executive as saying.

“We have earmarked 34.5 billion dinars for spending on oil projects over the next five years,” said Wafa Al-Zaabi, head of planning at Kuwait Petroleum Corp, according to the report.

“Over KD30 billion ($100 billion) will be spent on the local market and the rest abroad,” she said.

More than two-thirds of the investment has been allocated for exploration and production, Al-Zaabi said.

Kuwait aims to raise its production capacity, currently just over three million barrels per day (bpd), to four million bpd by 2020 and maintain it for another decade, the Arab News report said.

Plans include building four gathering centres, boosting heavy oil production and raising output of free natural gas, Zaabi said.

[yota691]

Oil prices dropped with the increase in Iraqi exports

History of edits:: 30.05.2016 16:02 • 144 visits readable

[Oan- up] 
Oil prices fell to around $ 49 a barrel on Monday as Iraq , raising the target for exports of raw size such as the Organization of Petroleum Exporting Countries meeting [OPEC] while the expected return of the Canadian production after the outbreak of fires and vast forests.

And headed attention to the OPEC meeting in Vienna this week , although most analysts do not expect any change in the size of the organization production. 
While the organization has been unable to reach an agreement to install a production in a bid to support prices has become Iraq 's newest member increases stake export ahead of the meeting where five million barrels of additional crude oil to its partners will be released in June. 
the price of contracts futures for Brent crude to $ 48.97 a barrel at 0959 GMT , down 35 cents in decline for the third consecutive day. 
the price of West Texas intermediate crude futures to $ 49.13 a barrel , down 20 cents.

[Wiljor]

IRAQ JOINS MIDEAST RIVALS RAISING OIL EXPORTS AHEAD OF OPEC MEETING

Iraq, May 31, 2016 

Iraq will supply 5 million barrels of extra crude to its partners in June, industry sources familiar with the issue said, joining other Middle East producers by lifting market share ahead of an OPEC meeting this week.

Iraq, which is the second-largest producer in the Organization of Petroleum Exporting Countries, had already been targeting record crude export volumes from southern terminals next month of 3.47 million barrels per day.

Saudi Arabia, Kuwait, Iran and the United Arab Emirates, also plan to raise supplies in the third quarter.

A recovery in global oil prices from 12-year lows to above $50 a barrel and rivalry between Saudi Arabia and Iran have dampened expectations that OPEC will rein in supplies at Thursday's meeting. 

While additional exports could make up for shrinking output and supply disruptions elsewhere, the new supplies also risk delaying a re-balancing of a global market still awash with oil. 

"OPEC is indeed increasing supplies, practicing their market share first strategy," said Victor Shum, managing director of downstream energy consulting at IHS, referring to a Saudi-led drive to boost OPEC's production to take back market share. 

He said that additional oil from Saudi and Iraq may slow down a re-balancing of the global market, although this could be countered by supply disruptions from other places and strong seasonal demand. 

Iraq's Oil Marketing Company (SOMO) allocated 5 million more barrels of Basra Light crude loading in June to upstream partners including PetroChina, Eni and Lukoil, three sources familiar with the matter said. 

Foreign companies are paid in oil under technical service contracts (TSCs) signed with SOMO, although payments have been delayed after the oil price drop squeezed Iraq's budget. 

A Gulf industry source said the additional oil was given "because of the pressure from the TSC contractors". 

Iraq is also obligated to meet payments to contractors as part of conditions of an International Monetary Fund loan, he said. 

The additional supplies come from an expansion of the Luhais and Artawi fields in southern Iraq. Iraq wants to increase its oil output by up to a third by 2020. 

SOMO could not be immediately reached for comment.

A source from one of the companies that received the oil said the additional 1 million barrels of Basra Light was sold two hours after SOMO's notification, signalling that demand for Iraqi crude remained firm amid expectations the official selling prices (OSPs) would rise in July. 

Still, spot premiums for June supplies have dropped to 40-80 cents a barrel, down from more than $1 in May, on the big export volume and a rise in June's OSPs, traders said.

 

 

http://iraqdailyjournal.com/story-z13238274

[sandfly]

THANKS

[yota691]

Oil Ministry denies reports of Iraq's intention to export five million barrels in June

History of edits:: 31.5.2016 17:25 • 159 visits readable

[Oan- Baghdad] 
denied the Iraqi Oil Ministry and what some of the media on the export of 5 million barrels by next June.

The ministry said in a statement received by all of Iraq [where] a copy of it, "it is committed to the quantities of monthly available for export through next June," indicating that "export rates will approach the past months, in addition to the payment of international oil companies under service contracts [licensing rounds petroleum in the southern fields. " 
the daily oil exports last month amounted to 3.364 million barrels per day. 
the Reuters news agency quoted yesterday sources said it was in the oil sector , saying that" Iraq will be issued five million barrels of additional crude oil to its customers in June next June to join it to other producers in the Middle East to strengthen its market share in the days of the OPEC meeting this week before. "

[MyLadiesDaddy]

On 5/30/2016 at 10:57 AM, TennesseeCherokee said:

I know that these articles are publishing estimated output. Think about it, whatever commodity a nation is selling & that commodity happens to be the #1 generator of your income, in the interest of national security and good business practice, would you tell the world exactly how much you are selling?.......or would you keep an ace in the hole and report a lower figure? 

I have been following Iraq's oil production for 6 years now. I had their actual production at close to 7mbpd, since fall of 2015. This is just my estimation given Iraq's long time pattern of issuing conflicting numbers and slips of the lip by their politicians.

 

8 minutes ago, yota691 said:

Oil Ministry denies reports of Iraq's intention to export five million barrels in June

History of edits:: 31.5.2016 17:25 • 159 visits readable

[Oan- Baghdad] 

denied the Iraqi Oil Ministry and what some of the media on the export of 5 million barrels by next June.

The ministry said in a statement received by all of Iraq [where] a copy of it, "it is committed to the quantities of monthly available for export through next June," indicating that "export rates will approach the past months, in addition to the payment of international oil companies under service contracts [licensing rounds petroleum in the southern fields. " 

the daily oil exports last month amounted to 3.364 million barrels per day. 

the Reuters news agency quoted yesterday sources said it was in the oil sector , saying that" Iraq will be issued five million barrels of additional crude oil to its customers in June next June to join it to other producers in the Middle East to strengthen its market share in the days of the OPEC meeting this week before. "

There's your answer hun.

[unirod]

The point is that Iraq is pumping record levels of oil like never before. Production is set to increase at record levels in the near future. And the Dinar is not even on par with the USD? 

[Wiljor]

 

Iraq, June 1, 2016 

Iraq plans to supply an additional 5 million barrels of crude oil to its partners in June, according to industry sources cited by Reuters.

The country joins other Middle East producers in attempting to increase market share ahead of an OPEC meeting in Vienna later this week.

Iraq had already been targeting record crude export volumes from southern terminals next month of 3.47 million barrels per day.

The State Oil Marketing Organization (SOMO) has allocated 5 million more barrels of Basra Light grade to partners including PetroChina, Eni and Lukoil, with which Iraq has technical service contracts (TSCs).

An industry source said the additional oil was given “because of the pressure from the TSC contractors“.

The additional supplies come from an expansion of the Luhais and Artawi fields in southern Iraq.

(Source: Reuters)

 

http://iraqdailyjournal.com/story-z13249783

 

[new york kevin]

Could be why Fox Business News reported a drop in the world oil price per barrel today 6/1/16 .

[TennesseeCherokee]

19 hours ago, ladyGrace'sDaddy said:

 

There's your answer hun.

Read closely, 'my estimation', 'IMO'..... Please do not refer to me as 'hun'.... 

[sandfly]

THANKS