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yota691

US report: Iraqi approach to extend an oil pipeline towards Syria

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Economy News _ Baghdad:
 
 
 
Plans to the Iraqi Oil Marketing Company (SOMO) exported more than three million barrels of oil from Basra next month.
 
 Two sources familiar with the matter said on Friday, as quoted them Reuters news agency, said that the company (SOMO) Iraq plans to export 3.215 million barrels per day of Basra crude in the month of June, and it slightly down from the previous month due to the decline in the supply of heavy crude product.
 
And they added, saying, quoting from the loading port of Basra in southern Iraq, it said June's exports include exports of 2.448 million barrels per day of Basra light crude and 767 thousand barrels per day of Basra crude heavy agenda.
 
He explained, that the heavy Basra crude supplies shrank 72 thousand barrels per day in a move likely to support the price premiums that spot crude hovered at more than $ 1.50 a barrel above the official selling price in the last two months.
 
The Iraqi Oil Marketing Company (SOMO), is the institution responsible for the oil marketing oil fields in Iraq.
 
 
 
 
Views 211   Date Added 12/05/2017 - 11:02   Last updated 12/05/2017 - 15:07   No. Content 7502
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Thanks Yota,

That's a lot of crude, HCL I believe should be just around the corner :twothumbs:

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7 hours ago, Wiljor said:

Thanks Yota,

That's a lot of crude, HCL I believe should be just around the corner :twothumbs:

Could not agree more. Let's do it. :twothumbs:

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25 minutes ago
Last updated
01:34 PM

BAGHDAD / Tomorrow Press: 

Oil Ministry announced on Thursday, the country 's exports rising to more than 100 million barrels last month, noting that the price per barrel average (46.108) dollars. 

The ministry said in a statement, "Tomorrow 's Press" received a copy of it, " a surge in exports and revenues generated for the month of May rate compared to last April, according to preliminary statistics released by the Iraqi oil marketing company SOMO."

 

She added that " the amount of exports of crude oil amounted to more than 101 million and 134 thousand and (586) barrels (one hundred and one million, one hundred and thirty - four thousand five hundred and eighty - six barrels), revenues amounted to more than 4 billion ( 663) million dollars (four billion, six hundred and sixty - three million dollars). " 

A spokesman for the Oil Ministry , Assem Jihad, according to the statement, said that " the total exported quantities of crude oil for the month of May from the oil fields in central and southern Iraq amounted to 100 million and 455 thousand barrels, while total exports from the oil of Kirkuk ( 679) thousand and (580) barrels. " 

He noted that " the daily average of exports amounted to 3 million and 262 thousand barrels , " explaining that " the price per barrel average (46.108) dollars." 

The Oil Ministry announced, the beginning of last month, the decline in Iraqi oil exports for the month of April to last up to 97 million barrels, noting that the daily export rate of 3.252 million barrels.

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5 hours ago, ladyGrace'sDaddy said:

I bet Adam is gonna love this

 

Music to his and our ears brother LGD. :goodnews:

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2.5 billion gallons, times what $53 ? =

132.5 billion. Dollars.

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32 minutes ago, jg1 said:

2.5 billion gallons, times what $53 ? =

132.5 billion. Dollars.

jg1,  That is a lot of pesos I mean dineros....$$$$$$$$

 

:D:):D

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That's minus production costs of around $10 a barrel for Iraq, which should still put them in a much better position!

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High rates of oil exported during the last May

   
 

 
 

06/03/2017 0:00 
 
Exports and oil revenues generated for the month of May rose compared to April, as the daily average of exports amounted to 3.262 million barrels. 
Said ministry spokesman Assem Jihad said in a statement that the amount of exports of crude oil amounted to more than 101 000 134 thousand and 586 barrels, revenues amounted to more than 4 billion and $ 663 million, indicating that the price per barrel average of $ 46.108. 
He Jihad said the total exported quantities of crude oil for the month of May from the oil fields in central and southern Iraq amounted to 100.455 million barrels, while total exports from the Kirkuk oil 679 thousand and 580 barrels, explaining that the daily average of exports amounted to 3.262 million barrel. 
The Oil Ministry announced on 6 May last, the quantities exported during April amounted to 97 million barrels, noting that the daily export rate of 3.252 million barrels.
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IRAQ CRUDE EXPORTS HIT 2017 HIGH BEFORE OPEC OUTPUT CUTS EXTENSION
Iraq, June 4, 2017 

Oil tankers shipped the most crude from Iraq in six months in May, when Opec’s second-biggest producer was negotiating with the group’s other members to persist with supply constraints to shore up the global market.
Tankers loaded 122mn barrels of Iraqi crude at ports in the Gulf and Mediterranean Sea last month, according to vessel-tracking and shipping agent data gathered by Bloomberg. The daily outflow of 3.93mn barrels was just shy of the record, set in November, and exceeded that of October, the baseline month for cuts by the Organisation of Petroleum Exporting Countries.
Ambitious goals to keep expanding its output capacity, coupled with an economy that’s still reeling from decades of bloody conflict, mean Iraq is among the most closely monitored nations for compliance to Opec’s curbs. Along with Russia and other non-member oil suppliers, the exporter club is seeking to shrink a crude glut that’s holding prices at about $50 a barrel, less than half where they were three years ago.
“Iraq is the big one in terms of growing production and not having too much inclination to cut,” said Robin Mills, head of Dubai-based consultancy Qamar Energy. “Out of the Opec members, it’s the one to watch.”
The country’s state oil marketing company, known as SOMO, sells crude via the southern port of Basra in the Gulf as well as through a pipeline to Turkey. The semi-autonomous Kurdistan Regional Government independently ships oil that it produces at fields in the north of the country via Turkish ports. The flows captured by tanker tracking are for both.
Sales from federally operated fields excluding those from the KRG averaged 3.262mn bpd, the Oil Ministry in Baghdad said on Thursday. Tanker tracking shows those flows for that oil at 3.31mn bpd.
Exports from neighbouring Iran also surged in May, reaching 2.2mn bpd, compared with 1.82mn in April, according to ship-tracking data compiled by Bloomberg. Shipments from Libya, unbounded by Opec restrictions, are at a 2 1/2 year high.
Opec’s production limits took effect in January, initially for a period of six months, with Opec and partners agreeing May 25 to another nine months of reductions. While it could be because of extra output, Iraq’s gain in May can also be explained in part by catching up on reduced flows in April, when a damaged jetty was under repair.
Iraq agreed in the Opec deal to cut output by 210,000 bpd from its October level. While exports are not a perfect match for output, the market watches them closely to get an idea of production. Iraq doesn’t have the same capacity to store crude as some other producer nations, meaning that what’s pumped out of the ground is piped relatively quickly onto ships.

gulf-times

http://iraqdailyjournal.com/story-z15399093

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http://www.basnews.com/index.php/en/economy/354837.....Iraq's May Oil Exports Exceed OPEC-Set Limits......

 

 

 

 Shoguna B. Sobir

 02/06/2017 - 20:20 

 
 
Iraq's May Oil Exports Exceed OPEC-Set Limits
 

 

ERBIL — Iraq has sold 122 million barrels of crude oil in May, -the highest amount since the agreed upon production limits by the Organization of Petroleum Exporting Countries (OPEC) took effect in January. The agreement to reduce production for six-months was extended to another nine months earlier last week. The aim of the set limits is to increase global oil prices, and thereby increase the member countries’ oil-dependent revenues.

As per terms of the deal, Iraq had agreed to cut output by 210,000 barrels a day from its October level. However, the daily outflow of 3.93 million barrels (averaging $46 per barrel) in May exceeds the level of October.

The production increase in May may be a way to make up for the reduced production in April, which was caused by a damaged jetty and the subsequent repair work.  

Excluding the Kurdistan Region, which independently ships its oil, sales from the federally operated fields averaged 3.262 million barrels a day.

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24 minutes ago, SnowGlobe7 said:

But Iraq is exempt form the OPEC limits right?

That is right and the Kurds will be pumping the heck out of it.  :lol:

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oh you know it Chuck!!!

What happened to the "we want to be our own country" oh wait it benefits us...then yea we are all in...pump pump pump

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Iraq, June 6, 2017 

The annual report submitted by Basra Oil Company to the Iraqi government reported that Rumaila oilfield's production reached the highest level since 1989.

The report pointed that Rumaila oilfield production reached to 1.411 million b/d during 2016.

The main reason for the increasing production was the deterioration of international oil prices, the report said.

Among the achievement, the report added that 25 new wells were drilled in 2016 and utilizing 23 wells in actual production, as well as completing maintenance for 117 oil wells, thus increasing their production capacities.

Rumaila oilfield is operated by partnership among the British BP, Basra Oil Company, Chinese PetroChina oil Company and Iraqi Oil Marketing Company, SOMO.

 

 

rebuildingiraq

http://iraqdailyjournal.com/story-z15408766

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Production of additional oil in an oversupplied market only brings the price down. Heck they might as well throw the oil into the wind as much money they are leaving on the table. Oil has been in a downward overall trend since the highs in January. It has its peaks but if the oversupplied market is not allowed to reduce its supply, the price will fall below 45 a barrel. 

 

In other words, this is not as good as people think it is.

Edited by Theseus
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5 minutes ago, Theseus said:

Production of additional oil in an oversupplied market only brings the price down. Heck they might as well throw the oil into the wind as much money they are leaving on the table. Oil has been in a downward overall trend since the highs in January. It has its peaks but if the oversupplied market is not allowed to reduce its supply, the price will fall below 45 a barrel. 

 

In other words, this is not as good as people think it is.

Ahhhh Yes......(Supply and Demand)   Every time I hear that, it reminds me of my ex-wife.

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On June 1, 2017 at 5:24 AM, Boozer said:

and yet your Broke . Go Figure

 

Never bought in to the ongoing decade + " Financial Crisis " - Iraq has been a Money Pit for some time, and everyone has been more than happy to throw Loads of $$$$$$ at them, seeking future favors for doing so.

 

It's all bogus, just another facet of their plan. Using Other Peoples' Money; not a new idea but very shrewd on the Iraqis part.

 

Let's not forget how the negotiated literally Bazillions of dollars to be forgiven that Never has to be paid back. They're not really stupid, just expert at playing stupid . . . and they've had folks dancing to their tune for years.

 

Wonder how much $$$$$$ they've squirreled away in accounts NO ONE has a clue about ?

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