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Iraq breaks its record and achieves the highest oil revenues in six years
 


Iraq breaks its record and achieves the highest oil revenues in six years
 Twilight News    
 3 hours ago

(Reuters) - Iraq's monthly revenues from oil exports exceeded their highest levels, reaching $ 7.91 billion last September. 
Iraq has not achieved those levels of monthly revenue from oil exports since 2012. 
Historical data of the Organization of Petroleum Exporting Countries, on Iraq's oil revenues showed that the average monthly revenue exceeded $ 7.9 billion during 2012. 
Iraq was unable to achieve these revenues throughout In the last six years, where the price of a barrel of Iraqi oil decreased in the annual average of $ 106 in 2012 to $ 33.8 per barrel in 2016. 
Iraq's crude oil exports in September declined by 9.87%, on a monthly basis, to reach 106.79 million Barrels, compared to 111.61 million barrels in August of the year Larry.
According to the data of the Iraqi oil export company, "Sumo", Iraq's revenues from oil exports during September of this year increased by 62.09% year on year, by 2.2% compared to levels in August last. 
The price of the barrel rose to $ 74.09, an increase of 47.50% last September on an annual basis, and rose by 6.37% compared to its levels in August.

 

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Frankly Owl, I am insulted and offended my your comments to my post. You do not know me, you do not know anything about my family life, my work career and or if I desire to drink alcohol on the b

How about breaking your worthless currency record??? GO RVvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv!     B/A

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Iraqi Oil Company Plans Major Production Hike

 

Oct 10, 2018, 12:00 PM CDT Basrah oil terminal

Basra Oil Company, which accounts for the bulk of Iraq’s crude oil production, plans to increase its production to 5 million bpd from the current 3.2 million bpd by 2025, S&P Global Platts reports, citing the company’s Director General, Ihsan Ismaael who spoke at an industry event in Turkey.

Ismaael said the plans would involve the construction of new oil pipelines and that this level of production will be sustained for as long as two decades. Currently, Basra Oil Company produces 75 percent of Iraq’s crude oil.

Most of the additional production, the executive said, will come from fields that are operated by international oil companies, but some will come from BOC-operated projects. The foreign-operated fields will contribute 1.8 million bpd to the higher production. These include West Qurna-1 operated by Exxon, West Qurna-2 operated by Lukoil, Rumaila with BP as operator, and Zubair, operated by Eni. The increase will happen over the next three to five years.

 

The BOC-operated fields will add 700,000 bpd to overall production by 2024.

Along with the increase in production, BOC will also expand its export capacity by as much as 3 million bpd by replacing old pipelines with new ones. This would also solve a problem that the current infrastructure is having, with one of the pipelines that takes the crude from fields to the export terminals operating at below 50 percent of capacity due to the risk of rupture.

 

Iraq’s government earlier announced plans to boost oil production considerably, but analysts from IHS Markit forecast this will be tough to accomplish, projecting instead only a marginal increase in production to a total of 5 million bpd, because of continued political instability and economic troubles. The country has a capacity to produce 7 million bpd.

Iraq had oil reserves of 153 billion barrels as of last year, but earlier this year Oil Minister Jabar al-Luaibi said the actual reserves could be twice as large. If the higher estimate proves true, it would make Iraq the largest oil-rich country in the world, even ahead of Venezuela, which claims its reserves are just above 300 billion barrels, and also ahead of Saudi Arabia, with 260.8 billion barrels.

 

 

https://oilprice.com/Latest-Energy-News/World-News/Iraqi-Oil-Company-Plans-Major-Production-Hike.html

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  • yota691 changed the title to Iraq achieves 3,620 million barrels per day as the highest rate of oil exports is unprecedented

Iraq achieves 3,620 million barrels per day as the highest rate of oil exports is unprecedented

02:40 - 15/10/2018

 
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BAGHDAD (Reuters) - Iraq 
's oil minister, Jabbar al-Luaibi, announced Monday that Iraq has achieved 3,620 million barrels per day (bpd), the highest rate of unprecedented oil exports. 
Al-Luaibi said during a seminar to discuss the reality of work and workers in the oil sector, which was held in the province of Basra in the presence of general managers in the ministry, according to a statement of the ministry received a copy of the " Million barrels were exported from the southern ports. " 
He added that "this great achievement achieved by the workers in the oil sector in the national effort and within a short period of time and under abnormal circumstances and challenges," noting that "the current Ministry plans to confirm the increase in exports during the first quarter of next year 2019 to (4) million barrels per day Of ports and loading platforms in the south of the country. "
"The achievements in the oil sector and the optimal investment of gas and the development of its industry, in addition to increasing the production of oil derivatives after the reconstruction of a number of refineries and the establishment of vital projects," Al-Allaibi said, praising "the efforts of employees in the ministry and in all formations." 
The minister stressed the need to "employ Iraqi manpower in new projects," promising to "solve all problems and obstacles to the work of the members."

 
 
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Release date: 2018/10/15 16:16 • 4 times read
Iraq achieves the highest rate of oil exports through southern ports
[Ain-Baghdad] 
The Ministry of Oil announced on Monday the highest export rate of 3 million and 620 thousand barrels per day through southern ports.
"The Minister of Oil Jabbar al-Luaibi said in a seminar to discuss the reality of work and workers in the oil sector, which was held in the province of Basra in the presence of the directors-general in the ministry that this achievement was achieved by the great workers in the oil sector National effort and within a short period of time and under abnormal circumstances and challenges. " 
He added that "the current plans of the Ministry confirms the increase in exports during the first quarter of next year 2019 to 4 million barrels per day of ports and platforms in the south of the country." 
Al-Luaibi pointed out "the achievements in the oil sector and the optimal investment of gas and the development of its industry, in addition to increasing the production of oil derivatives after the reconstruction of a number of refineries and the establishment of vital projects," rewarding "the efforts of employees in the ministry and in all configurations.
The Minister of Oil stressed the need to employ Iraqi manpower in the new projects. 
The Minister promised to solve all the problems and obstacles to the work of the members.
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  • yota691 changed the title to Iraq plans to break its oil export record

Iraq plans to break its oil export record

Iraq plans to break its oil export record
 



 Twilight News    
 41 minutes ago

Iraq is planning to increase oil exports from the southern ports to four million barrels per day in the first quarter of 2019, Iraqi Oil Minister Jabbar al-Luaibi said on Monday. 
The ministry quoted al-Allaibi as saying in a statement that the southern ports exported 3.62 million barrels per day at present, Highest level of exports at all.

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2018/10/15 15:00
  • Number of readings 421
  • Section: Iraq
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Iraq achieves the highest oil export rate in its history

BAGHDAD (Reuters) - Iraq's oil exports achieved the highest export rate in the country's history, oil minister Jabbar al-Luaibi said in a statement on Monday (October 15, 2018).

"Obstacle" published the text of the statement of the Ministry of Oil:

Oil Minister Jabbar al-Luaibi said during the symposium to discuss the oil reality that Iraq's oil exports achieved the highest export rate of unprecedented 3,620 million barrels exported from southern ports, and this great achievement achieved by the workers in the oil sector in the national effort and within a short period of time and under conditions and challenges unnatural.

The ministry's current plans confirm the increase in exports during the first quarter of next year 2019 to 4 million barrels per day of ports and platforms in the south of the country.

The achievements in the oil sector and the optimal investment of gas and the development of its industry, in addition to increasing the production of oil derivatives after the reconstruction of a number of refineries and the establishment of vital projects, and commend the efforts of employees in the ministry and in all configurations.

Follow the obelisk

http://almasalah.com/ar/news/153116/العراق-يحقق-أعلى-معدل-تصدير-نفطي-في-تاريخه

 

 
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South Korea Cuts Iran Oil Imports To Zero

Oct 15, 2018, 11:00 AM CDT south korea crude oil terminal

South Korea has stopped importing crude oil from Iran ahead of the U.S. sanctions that will enter into effect on November 5, Reuters reports, citing customs data. The country imported zero Iranian oil in September for the first time in six years.

The news is the expected end of a process: since the start of 2018, South Korean imports of Iranian crude had fallen by 49.1 percent from 2017, as of the end of September, to a total 7.15 million tons. The country’s total September imports also declined on an annual basis, by more than a tenth to 10.83 million tons.

The share of U.S. crude went up fivefold to 668,704 tons in the reported month, while imports of Saudi crude declined by 6.9 percent to 3.41 million tons.

South Korea is the world’s fifth-largest crude oil importer, and as such an important client for Iran’s oil alongside China and India. Yet South Korea is a close ally of the United States, and it is no surprise the country opted for full compliance with Washington’s insistence on importers to cut their intake of Iranian crude to zero.

 information will soon be 
Perhaps the country’s government hopes it will be rewarded with a sanction waiver so it can restart purchases of Iranian oil, although it would be at a much lower rate in all likelihood. Since the start of the Iranian year, in late March, South Korea had been buying Iranian crude at a daily rate of almost 300,000 barrels.

Earlier this year, reports emerged that South Korea was planning to stop buying Iranian oil in July, but official Korean sources refuted the claims, made by unnamed sources. In September, Bloomberg reported that South Korea had stopped importing Iranian earlier, in August, citing shipping data. Yet with Iranian tankers cloaking their journeys to crude oil buyers, official tracking data may not be as reliable as it used to be.

 

 

https://oilprice.com/Energy/Crude-Oil/South-Korea-Cuts-Iran-Oil-Imports-To-Zero.html

 

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  • yota691 changed the title to KRG reviewing, closing hundreds of licensed and unlicensed oil refineries
An oil facility in the Kurdistan Region. File photo: Rudaw
An oil facility in the Kurdistan Region. File photo: Rudaw
ERBIL, Kurdistan Region — The Kurdistan Regional Government (KRG) ordered the closure of hundreds of “illegal” oil refineries; additionally, other facilities which are licensed are subject to review. 

The KRG interior ministry has tasked a committee to work on the closure of 164 "illegal refineries,” said Sami Jalal, a relevant official from the ministry.

"They will not just be closed down, but completely removed so they cannot be restored to operate again," said Jalal, who is in charge of monitoring refineries in the Kurdistan Region.

He hinted that other refineries "do have shortcomings, despite holding licenses.” 

The government has warned those facilities to improve or they will face permanent closure.

"Some 28 refineries have shortcomings. They will be given a two month ultimatum to fix their shortcomings or they will be closed and face investigations," he explained.

The KRG Ministry of Natural Resources repeatedly vowed to remove the illegal refineries, but has not followed through.

“These refineries have caused great damage to the environment and health. Examples from Erbil and Sulaimani were discussed where refineries have caused great damage to water resources and agriculture, and they are a main cause for the spread of some diseases,” read a government statement after a meeting of the KRG’s Oil and Gas Council in late July.

Oil sales provide the bulk of the KRG’s revenues. Several multinational oil firms operate in the Kurdistan Region, which has privatized its energy sector. Elsewhere in Iraq, the energy sector is state-owned.

Illegal operations and refineries have plagued the environment. Waste is frequently dumped untreated into waterways in the Kurdistan Region.

In April 2017, the KRG shut down 61 illegal refineries and pledged to address the problem of an additional 129 locations.

After the loss of oil-rich Kirkuk in October 2017, the KRG says oil revenues were nearly halved. Baghdad has refused to export oil from Kirkuk through the Ceyhan pipeline. Economic insiders say the decision has cost Iraq $5 billion so far. Around 300,000 bpd pumped from Kirkuk to the Turkish port daily.

Smaller international oil companies have explored more difficult oil deposits and have reported promising results for investors. The KRG remains committed to repaying oil debts to several firms which left the Kurdistan Region during the economic crisis that was coupled with the ISIS conflict and an influx of 1.8 million IDPs and refugees.
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Now let's see if they have to pay for what will be a major cleanup not to

mention the cost in gazillions of $. Starting with the Barzani family. 

Good afternoon Yota and DV :D

Edited by nannab
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Oil seeks to produce 7 million barrels per day
 
2533.jpg
Oil Minister Jabbar al-Allaibi «Economy News»
text.png html.png print.png
 
arrow.gif energy
 
 

Economy News Baghdad:

Iraq is seeking to produce seven million bpd through the newly established National Oil Company and export four million bpd in 2019, Iraqi Oil Minister Jabbar al-Luaibi said on Saturday .

Al-Allaibi said in an interview with state television that Iraq hopes to export one million barrels per day through the Jordanian port of Aqaba, without specifying a date. He said gas burning from oil extraction would be halted by 2021 .

 

Al-Luaibi said the Baiji refinery in the north of the country had returned to production of 70,000 bpd.

 

Views 814   Date Added 10/21/2018

http://economy-news.net/content.php?id=14055

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Dhi Qar refers Nasiriyah oil refinery to investment

12:10 - 24/10/2018

 
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BAGHDAD - 
The governor of Dhi Qar, Yahya Naciri, announced on Wednesday the signing of the project of the new Nasiriyah refinery with a capacity of 150,000 barrels per day. 
In a statement received by Mawazine News, Naciri said that "Dhi Qar is facing an important and historic achievement after signing with the signing of the Nasiriyah oil refinery to a Canadian company." 
The governor said that "the referral decision will change the status of the province economically, as it will contribute to the reconstruction of infrastructure and the employment of young unemployed women in Dhi Qar".

 
 
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  • yota691 changed the title to Iraq exports 106 million barrels a month revenues of about 8 billion dollars
 
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 energy


Economy News _ Baghdad

The Ministry of Oil announced the total oil exports and revenues achieved for the month of September, according to the final statistics issued by the Iraqi Oil Marketing Company (Sumo), which amounted to more than 106 million barrels. 
The spokesman for the Ministry of Oil Assem Jihad in a statement received by "Economy News", the total quantities exported crude oil for the month of September from the oil fields in central and southern Iraq amounted to (106) million and (795) and (22) barrels, (7) billion and (919) million and (848) thousand dollars, while not recorded statistics exports from the fields of Kirkuk. 
Jihad said the average price per barrel was (74,159) dollars. 
He pointed out that the exported quantities were loaded by (38) international companies of different nationalities, from the ports of Basra and Khor al-Amayah and monoliths on the Gulf.


Views 8   Date Added 25/10/2018

 
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  • yota691 changed the title to Oil Minister: Iraq will go ahead with plans to increase oil and gas production capacity
 
10799.jpg
 
  

 energy


Economy News _ Baghdad

Minister of Oil Thamir Abbas Al-Ghadhban stressed on Friday the importance of upgrading the job performance of oil sector workers, which is the real criterion for evaluation, differentiation and excellence, pointing out that the ministry will proceed with the implementation of plans to increase production of oil, gas and derivatives. 
Al-Ghadhban said in a statement read by "Economy News" that the tasks and responsibilities assigned to the oil sector impose and require all of us to work hard to raise the level of performance of workers, in order to build a solid base for the national effort will be able to develop the oil and gas industry and meet the requirements of plans and future goals.
Al-Ghadhban added that we should go ahead with the implementation of plans to increase production of oil and gas, oil derivatives and development of oil facilities, as required by the national interest, as well as upgrading infrastructure, modernizing training programs and improving the performance of workers in this vital sector. And at the same time praised the oil workers who have proven their ability to meet the difficult challenges and achieve great achievements. 
The oil minister pointed to the responsibility of the government and the leadership of the oil sector in providing the basic requirements for work, creativity, achievement and innovation. He urged the new oil minister officials in the oil formations to follow up the work site, and the presence with the workers and the conditions and details of work in oil projects and commitment to the implementation of the government program.


Views 126   Date Added 10/26/2018

 
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Friday, October 26,
 
 
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Alsumaria News / Baghdad 
The Minister of Oil "new" Thamer Ghadhban during the delivery and receipt of the ministry, in the increase in production of oil and gas and oil derivatives and the development of oil installations, pointing to the importance of improving the performance of the job in the oil sector. 

The Ministry said in a statement issued today, and received Alsumaria News, a copy of it, "The decrees of receipt and delivery of the Ministry took place in the presence of former oil minister Jabbar Ali Allaibi and agents and directors-general of the oil departments and companies," indicating that "Ghadhban confirmed during the decrees to proceed with the implementation of plans to increase Production of oil and gas and oil derivatives in accordance with national interests. "

 


The Minister of Oil stressed the importance of improving the job performance of oil sector workers, which is the true criterion for evaluation, differentiation and excellence. He pointed out that "the tasks and responsibilities assigned to the oil sector impose and require us all to work hard to raise the level of performance of workers, QNB will be able to develop the oil and gas industry and meet the requirements of future plans and objectives. " 

"We have to go ahead with the implementation of plans to increase production of oil and gas and oil derivatives and development of oil facilities, according to the national interest, as well as the upgrading of infrastructure and modernization of training programs and improve the performance of workers in this vital sector, and enhance the role of IraqIn the world oil markets and increase the financial revenues achieved, "praising at the same time," the oil workers who have proven their ability to meet the difficult challenges and achieve great achievements "The 

Minister of Oil" The responsibility of the government and the leadership of the oil sector in providing the basic requirements for work and creativity and achievement and innovation. " 

He urged the new oil minister , "officials in the oil formations on the follow - up work on site, and with the presence of workers and experience the conditions and details of the work in oil projects and commitment to the implementation of the government program." 

He praised the efforts of Ghadhban former oil minister and Jabbarallaaba " Clear Smath in the oil industry and increase production despite the development of security and economic challenges. "

For his part, Al-Luaibi reviewed "the most important events and achievements achieved during the past period," expressing his confidence in the practical and scientific management of the wise for his experience and significant contributions in the oil sector. "

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26-10-2018 11:32 AM
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Baghdad / News

The new Minister of Oil, Thamer Al-Ghadhban, received his duties during the delivery and delivery ceremonies of the Ministry of Petroleum and Minerals. He pointed out that the work is the responsibility of the government and the leadership of the oil sector in providing basic requirements, innovation, achievement and innovation.

The ministry said in a statement issued today, received by 'news', that' the receipt and delivery of the ministry took place in the presence of former oil minister Jabbar Ali al-Allaibi and agents and directors-general of the departments and oil companies, 'indicating that' Ghadhban confirmed during the decrees to proceed with the implementation of plans to increase production of Oil and gas and oil derivatives in accordance with the national interest '.

The Minister of Oil stressed the importance of improving the performance of oil sector workers, which is the true criterion for evaluation, differentiation and excellence. He pointed out that the tasks and responsibilities assigned to the oil sector impose and require all of us to work hard to improve the performance of workers in order to build a solid base for the effort. QNB will be able to develop the oil and gas industry and meet the requirements of future plans and objectives'.

"We have to go ahead with the implementation of plans to increase production of oil and gas and oil derivatives and development of oil facilities, according to the national interest, as well as the upgrading of infrastructure and modernization of training programs and improve performance of workers in this vital sector, and enhance the role of Iraq in the oil markets "He said, praising the" oil workers who have proven their ability to meet the difficult challenges and achieve great achievements. "

The Minister of Oil to 'to act the responsibility of the government and the leadership of the oil sector in the provision of basic requirements and creativity, achievement and innovation.'

He urged the new oil minister 'officials in the oil formations to follow up the work site, and the presence with workers and the conditions and details of work in oil projects and commitment to the implementation of the government program'.

Al-Ghadhban praised the efforts exerted by the former oil minister and his "clear fingerprints in developing the oil industry and increasing production despite the security and economic challenges."

For his part, Al-Luaibi reviewed 'the most important events and achievements achieved during the past period', expressing his confidence in the practical and scientific management of the wise for his experience and significant contributions in the oil sector.

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  • yota691 changed the title to Intensive negotiations between Iraq and Jordan to start the pipeline project
 
10827.jpg

  

 energy


Economy News _ Baghdad

The Chairman of the Board of Commissioners of the Aqaba Special Economic Zone Authority Nasser Al-Shareida, the Jordanian and Iraqi governments are conducting intensive negotiations to start the project to extend the Iraqi oil pipeline from Basra to Aqaba for export through its ports.

"It is expected that one million barrels per day of Iraqi crude oil will be exported via Aqaba," Al-Shuraideh said in remarks published by the Jordanian daily Al-Ghad. "The Authority started several months ago with the transformation of all port operations to make it a ports system Smart and fully computerized to enable increased efficiency and reduce the cost of material and time required for the procedure and to benefit the traders and investors in this sector and its impact on citizens and the national economy.

He added that "the system of ports that have been established is working to enhance the competitiveness of Aqaba in the field of industry and logistics, while the port system will contribute to the development of the city of Aqaba and turn it into a gateway to logistics modes of transport multimedia in the Middle East."

"This system will increase the capacity of the Jordanian ports and will enhance the logistics capabilities of the region, which is pushing the economic sectors, the Jordanian market and the Jordanian market. Aqaba is also a global destination, a tourist and investment attraction, and a business front on the Red Sea," he said.

He pointed out that "the purpose of the conference is to learn about global experiences and best practices in this field, and to link all local and international partners, both public and private sectors, to identify the most important challenges in this sector and to have the necessary capabilities to face these challenges."


Views 50   Date Added 28/10/2018

 
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Release date: 2018/10/26 18:44  1042 times read
Iraq suspends oil exports to Iran and resumes with Turkey
(Reuters) - Iraq will stop transporting crude from the Kirkuk oilfield to Iran in November to comply with US sanctions on its neighbor, two sources familiar with Iraqi oil exports said on Friday.
The sources told Reuters that "Iraq currently exports less than 30 thousand barrels per day of Kirkuk crude to Iran by truck." 
They said that "the former Iraqi federal government reached an agreement in mid-October with the Kurdistan Regional Government to resume the export of crude to the Turkish port of Ceyhan across the region." 
They said the deal was subject to final approval from the new prime minister and oil minister
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1 hour ago, yota691 said:
Release date: 2018/10/26 18:44  1042 times read
Iraq suspends oil exports to Iran and resumes with Turkey
(Reuters

They said that "the former Iraqi federal government reached an agreement in mid-October with the Kurdistan Regional Government to resume the export of crude to the Turkish port of Ceyhan across the region." 
They said the deal was subject to final approval from the new prime minister and oil minister

 

With this agreement coincided with the budget being sent to Parliament, I say we might have an HCL

Thanks, Yota. 

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  • yota691 changed the title to Oil Minister: Iraq seeks to increase crude production
 
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 energy


Economy News _ Baghdad

Oil Minister Thamir al-Ghadhban said on Wednesday his ministry was seeking to increase crude production capacity in the country and would support foreign oil companies to facilitate its work.

Ghadhban told a news conference attended by "Economy News" that the ministry will seek to develop oil refineries and increase their production capacity.


Views 3   Date Added 31/10/2018

 
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Economy News _ Baghdad

Oil exports from southern Iraq averaged 3.488 million bpd in October, two oil executives said on Wednesday.

Exports fell compared to September's average of 3.560 million bpd due to bad weather conditions that caused shipments to slow down on some days, the officials said.


Views 14   Date Added 10/31/2018

 
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  • yota691 changed the title to US report: Iraqi approach to extend an oil pipeline towards Syria
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    • By yota691
      Economists expect Iraqi oil imports to increase by 16 billion dollars without the end of the financial crisis
       Time: 05/11/2021 17:32:25    Read: 3,276 times    {Economic: Al Furat News} Economists expected an increase in the state's imports of crude oil sales during the fiscal year of 2021, amounting to about $ 16 billion, with the continued rise in crude prices in global markets.  
      The text of the statement by the Iraqi Economists Network said: "Through our follow-up of international oil prices since the beginning of this year, we have noticed a significant increase from the annual rate adopted in the Federal Budget Law for 2021, at $ 45 a barrel.
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      However, the amount of oil revenues that were mentioned in the budget law published in the Iraqi newspaper Al-Waqa'yat includes an arithmetic error, as it should be 77.4 trillion dinars, equivalent to 53.4 billion dollars (3,250 million barrels x 45 dollars x 365 days = 53.4 billion One dollar x 1450 = 77.4 trillion dinars) instead of 81 trillion dinars. As a result of this computational error, the planned deficit increased to 32.3 trillion dinars instead of 28.7 trillion dinars, as reported in the Iraqi newspaper Al-Waqi'aa.
      According to the data of the Iraqi oil export company SOMO, the actual export rate during the first four months of this year was 2.93 barrels per day from the Basra and Kirkuk fields (and without the oil exports from the Kurdistan region?). The average export price per barrel during the first four months was slightly less than $ 60, an increase of $ 15 over the rate of the estimated price fixed in the budget law.
      Assuming the continuation of this level of prices until the end of the year, we expect in the basic scenario oil revenues to reach 64 billion dollars. Then an amount of 5.5 billion dollars will be added to it for the exports of the Kurdistan region agreed upon in the budget law at a rate of 250 thousand barrels per day. Thus, we expect Iraq's total oil revenues to rise to 69.5 billion dollars as a projection instead of the planned 53.4 billion dollars, an increase of about 16 billion dollars, equivalent to about 23 trillion dinars.
      On this basis, the planned and corrected oil revenues will rise by us to about 100.8 trillion dinars. After adding the planned non-oil revenues by 20 trillion dinars, we will get the total budget revenues of 120.8 trillion dinars in exchange for total planned and corrected revenues instead of 101.3 trillion dinars as stated in the law, with an increase of 19.5 trillion dinars according to our projections.
      In the optimistic scenario, we assume a breakthrough in the Corona crisis during the second half of this year, and at the very least in advanced industrial countries, which will lead to an increase in global demand for crude oil.
      Assuming the commitment of the OPEC Plus (+) group to the current levels of production, it is possible that the average global price of crude oil will rise to approximately $ 70 per barrel, which means achieving an annual average price for Iraqi oil exports of about $ 65 during the year 2021. On this basis we expect a rise in Iraq's oil revenues amounted to about 77 billion dollars, equivalent to about 112 trillion dinars, an increase of about 35 trillion dinars over the revised plan in the 2021 budget.
      At first glance, it seems to some that the amount of the increase in oil revenues in the first basic scenario will reduce the planned and corrected deficit from 32.3 trillion dinars to a planned deficit estimated at 13 trillion dinars, and in the second optimistic scenario to a planned and corrected surplus of 2.7 trillion dinars. In this regard, we must draw attention to the fact that this type of in-depth and offensive accounts of economic professionalism does not take into account that the level of actual deficit at the end of the year will in turn be subject to a second variable, which is the difference between the planned and actual non-oil revenues achieved at the end the year. Therefore, we appeal to government agencies and members of the House of Representatives to be careful in their statements in the media, because of the possible confusion in public opinion.
      We believe that the non-oil revenues that are planned to rise from an actual 7 trillion in the year 2020 to 20 trillion dinars represent unrealistic estimates, and we expect that they will be around 12 trillion dinars this year at best because of the rampant corruption in the government administrative apparatus, which determines who Achieving this type of revenue on the one hand, and the continuous economic downturn this year due to the Corona pandemic on the other hand.
      On this basis, we expect the actual deficit in the first scenario to reach 22 trillion dinars, which is more likely, which means the continued need for borrowing to ensure the financing of current spending and employee salaries.
      As for the second optimistic scenario, it will result in a deficit of 9 trillion dinars. On this occasion, we would like to emphasize our previous proposals regarding the only alternative to borrowing, which is to reduce the waste of financial resources, rationalize current spending, and eliminate financial and administrative corruption.
      In all cases, it is not expected that the structural financial crisis associated with the nature of the rentier state will end, and that financial sustainability will be achieved this year 
      Forgiveness Al-Khalidi 
         
    • By yota691
      Ministry of Oil: We are working to raise the export capacity to six million barrels per day
      Saturday 26th December 2020 - 15:01

      Baghdad - conscious Today, Saturday, the Ministry of Oil confirmed its intention to increase export capacity to 6 million barrels per day after 2023, through the implementation of projects to develop oil deposits in FAO. A statement issued by the media of the Ministry of Oil received by the Iraqi News Agency (INA) stated, "The Undersecretary for Extraction Affairs Karim Hattab visited Al-Faw oil depots and confirmed the Ministry's keenness to accelerate the completion and implementation of projects to develop oil depots in Al-Faw district in Basra Governorate, which aim to strengthen and sustain Oil exports from southern ports, "noting that" this visit comes in implementation of the directives of Minister of Oil Ihsan Abdul-Jabbar to follow up on mega projects that include the construction of (24) tanks with a capacity of (58) thousand aimed at raising the export capacity of the current system from (3.5) million Barrels to (6) million barrels per day after 2023. "   He added that “Hattab pointed out the need to differentiate between the export capacity available for the export system and the actual export determined by the ministry according to the requirements of the actual need in the future.” And construction of electrical generating stations, horizontal turbine pumps, vertical auxiliary pumps, pipes, stations, control devices and firefighting systems, as well as rehabilitation of the stopped equipment and so on. The statement continued, "The Undersecretary of the Ministry stated that the ministry’s plans also aim to implement the marine pipeline project from the Faw warehouse to the oil export ports, as well as projects to develop export outlets."  "The importance of these projects lies in enhancing oil exports from the southern oil fields and achieving a high flow, in line with the planned increase in the future," the Ministry of Oil statement quoted the Director General of the Basra Oil Company, Khaled Hamzah, as saying. The statement pointed out that the Director General of the Oil Projects Company, Mahmoud Abbas, confirmed that his company implements (16) tanks with a capacity of (58) cubic meters per tank, and that the Ibn Majid Company implements (8) tanks of a capacity of (58) cubic meters, in addition to the attached projects. Out. "
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