The Dismantling Of The OIL AND GAS LAW on 3 projects to facilitate its adoption in Parliament !

[DinarThug]

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Saudi Arabia declares commitment of oil producing countries to implement the OPEC agreement

 

 

21st April, 2018

Announced Minister of Energy and Industry and Mineral Resources of Saudi, Khalid bin Abdul Aziz Al - Faleh, on Saturday, the oil producing countries , OPEC 's commitment to the implementation of the Convention and its reduction of daily production. 

Faleh said the commitment to a production cut was 149 percent in March, according to JCOMM's report, making it the biggest commitment since the agreement came into force.

He said in a speech at the eighth ministerial meeting of the Committee to monitor oil production in Jeddah, the countries participating in the reduction of production showed a commitment to balance the global oil market, where the levels of trade stock of the Organization for Economic Cooperation and Development, from a peak of 3.12 billion barrels in July 2016, 2.83 billion barrels in March 2018, a decrease of 300 million barrels. Al-Falih said in a conference after the meeting that the Russian role is effective and cooperative, which contributed significantly to the signing of the agreement and its success over the past months, pointing to the performance of Russian Energy Minister Alexander Novak, who co-chaired the follow-up and ministerial monitoring committee since its establishment in early 2017. 

For his part, Novak commitment of the oil-producing countries to the Convention during the last period, pointing to the need to continue the successful work to achieve the objectives of ensuring the recovery of oil prices also addressed the current situation of the oil market and the announcement of historical cooperation and the development of the relationship between OPEC and Russia. 

For his part, UAE Energy Minister Suhail Al Mazrouei stressed his country's commitment to implement the agreement to reduce oil production inside and outside OPEC to overcome the challenges and enhance cooperation in the balance of market prices during the current year. He praised the cooperation of other countries in this regard.

OPEC and a number of non-OPEC countries led by Russia agreed by the end of 2016 to cut production by 1.8 million barrels per day, Russia's share of the reduction of 300,000 barrels per day. The agreement expires at the end of this year.

[DinarThug]

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IN IRAQ’S OIL-RICH BASRA, SHANTY TOWNS FLOURISH

Basra’s informal settlements remain an anarchic clutter

 

21st April, 2018

From his small home nestled alongside train tracks in the southern Iraqi province of Basra, Sultan Nayef looks out at plumes of smoke billowing across an expanse of oil fields.

Like thousands of others, the unemployed 25-year-old moved to oil-rich Basra in the hope of finding work in the energy industry, Iraq’s primary source of wealth. Instead, he and many others like him live in cramped and chaotic shanty towns in a province already suffering from a lack of infrastructure. Absent of any urban planning or public services, Basra’s informal settlements are an anarchic clutter of breeze-block homes and ad-hoc electricity wires.

“All we get from oil is pollution,” said Sultan who, along with his four brothers, still relies on his parents for living expenses. A small stone wall is the only thing keeping cows and sheep grazing in a grassy field behind him from wandering into oil fields where burning gas flares emit thick black smoke.

Most of the young people arriving in Iraq’s only coastal oil province hoped to secure high-paying jobs with foreign companies. “But most companies import their employees from abroad,” said Nayef, a resident of the Zoubeir district south of Basra city.
At least 18 percent of Iraqi youth are unemployed, with rates even higher among college graduates.

‘Can’t buy a centimeter’
According to the UN, Iraq’s oil sector accounts for 65 percent of the country’s gross domestic product but only one percent of its labor force. Even for those who work, buying a home is often only a dream.

“My husband is a civil servant, but with his salary we can’t even buy a centimeter of land,” said Umm Ahmed. Even though they are against “the idea of squatting”, she and her family were forced to build a makeshift home on government land.
The municipality has already destroyed their home once. “We had to completely rebuild it,” the 48-year-old told AFP, her face framed by a long black veil. Local authorities say the land belongs to the state, denouncing the illegal structures and the theft of water and electricity.

The last study on Basra’s informal settlements was completed in 2014, just a few months before the Islamic State jihadist group swept across Iraq seizing nearly a third of the country.

At the time, there were more than 48,500 informal homes in the province, said Zahra Al-Jebari, head of urban planning at Basra’s provincial council. Today “there are many more, but there is no figure,” she told AFP.

Illegal construction
Many internal refugees displaced by IS fled to Basra, untouched by the jihadist takeover, often finding homes in shanty towns. Nearly 10 percent of Iraqis live in informal settlements, one fifth of them in Basra, according to the ministry of planning.

The only other province hit harder by illegal construction is Baghdad. Basra authorities say they lose money every time a home is built illegally, as Baghdad bases provincial budgets on the number of officially registered residents. Taxes in informal settlements are also left unpaid, said Jebari, adding the budget deficit was acutely felt in “allocations to education, health and other services”.

For Wissam Maher, it feels like authorities are “only interested in destroying our homes”. “We live under power lines without any services,” said the 32-year-old metal worker. “This area is huge and it doesn’t belong to anyone,” he said, pointing down a narrow sandy street lined with ramshackle houses and abandoned cars.

[DinarThug]

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Oil reveals total exports and oil revenues for the month of March

 

 

22nd April, 2018
Ministry of Oil, on Sunday, the total oil exports and revenues achieved for the month of March, according to the final statistics issued by the Iraqi Oil Marketing Company (Sumo), which amounted to (107) million and (50) thousand barrels, (6) billion and (435) million and (210) thousand dollars. 

The spokesman for the Ministry of Oil Assem Jihad said in a statement received by "Al-Ghad Press" that the total quantities exported from crude oil for the month of March from the oil fields in central and southern Iraq, where the amount of exports of crude oil (107) million and (50) thousand barrels (one hundred) And seven million and fifty thousand barrels) and revenues amounted to (6) billion and (435) million and (210) thousand dollars (six billion and four hundred and thirty-five million and two hundred and ten thousand dollars). 

He added that the average price per barrel amounted to (60,114) dollars. 

He explained that the exported quantities were loaded by (39) international companies of different nationalities from the ports of Basra and Khor al-Amaya and monsoons on the Gulf. 

It is worth mentioning that the Ministry, through its belief in informing the people of the export operations and the revenues derived from it, took this monthly action.

[DinarThug]

Oil of Iraq .. Two prices and mysterious imports outside the accounts

 

 Journal  April 22, 2018

 

Baghdad - Razak al-Yasiri 

Iraq's budget for 2018, the price of a barrel of oil was $ 46, while oil prices in the global market to plan that ceiling much, which means that the national economy can breathe a sigh of relief after years of poor exacerbated the security and economic crises. 

During the period of preparation and vote of the House of Representatives on the budget, jumped oil prices to exceed the $ 60 per barrel, but the parliament and the government did not disappoint her and appealed to pass.

The silence of the parliamentary and the government towards the increase in oil imports and the lack of disclosure mechanism to increase the increase, put many question marks by experts and specialists, while some critical criticism of the legislative and executive authorities, considering that they lack efficiency and caused chaos in the budget law.

In this regard, says member of the Finance Committee parliamentary Hossam Aqabi, "The financial surplus achieved as a result of the difference in current oil prices than what is in the budget of 2018 will address the budget deficit, which amounted to 22 trillion dinars, in addition to strengthening the size of the cash reserve of the Central Bank of Iraq," noting That "part of that surplus will be allocated to the emergencies experienced by the country."

And on the lack of inclusion in the law of the general budget for 2018 prices of oil at prices that have risen and exceeded 60 dollars per barrel, said the expert in the economic Majid Suri, "The chaos overshadowed the government and the House of Representatives during the stage of preparation and passage of the budget, which led to ignoring this matter and import imports Great financial was not in mind. "

"The chaos in the work of the government and parliament led to the failure to calculate the increase in oil prices in the budget of 2018 to pass the calculation of the price per barrel below the real price by a large margin," he told the Ministry of Planning and Finance "responsible for this because of their lack of awareness of the monthly increase The price of oil and its budget. " 

And the expected results as a result of increased oil prices, said the oil expert Hamzah al-Jawahiri, «Journal News», that "the federal budget will receive a surplus estimated at 25 billion dollars this year, in the event of oil prices continue at $ 60 or more, That "the surplus will end the budget deficit and strengthen the cash reserve with the Central Bank of about 10 billion dollars."

It is noteworthy that the Ministry of Oil announced the export of more than 107 million barrels of crude oil during the month of March, indicating that the statistics did not record any exports from the fields of Kirkuk.

The spokesman for the Ministry of Oil Assem Jihad, "The amount of exports of crude oil for the month of March, according to preliminary statistics issued by the company marketing the oil (Sumo) amounted to 107 million and 50 thousand barrels," explaining that "the revenues of these exports amounted to more than 6 billion and 418 Million and 58 thousand dollars, while not recorded statistics exports from the fields of Kirkuk. "

He added that "the daily rate of exports amounted to 3 million and 453 thousand barrels," noting that "the average price per barrel amounted to 59,954 dollars."

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[ChuckFinley]

On 4/20/2018 at 3:23 PM, FROSTYJACK said:

 Ponce deLeon claimed to have found the fountain of youth in Florida. I believe it got lost in translation. Florida it's self is the fountain of youth. 😎

I am going to be feeling and seeing it my friend.  

[DinarThug]

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Crude oil is firm despite rising numbers of US oil rigs

 

 

23rd April, 2018
Crude oil prices stabilized on Monday, with the start of the week's trading, after falling for the past two sessions. This stability in price levels despite the increase in the number of US oil rigs last week. 

US crude futures were trading at $ 68.36 a barrel, after hitting a high of $ 68.38 a barrel, while opening today's session at $ 68.19 a barrel, which hit a low of $ 68.09 a barrel. 

The number of oil rigs in the United States during the week ending April 20 rose by five, bringing the total to 820 diggers, the highest level since March 2015.  The number of rigs suggests further increases in US crude oil production, Since mid-2016 to reach a record high of 10.54 million barrels per day.

Despite declines in crude oil prices on Monday, markets are still well supported by strong demand, especially in Asia, and Brent crude prices rose 20 percent from their 2018 low in February.

 

 

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UAE: Major oil producers are committed to reducing supply for year-end

 

 

23rd April, 2018
All OPEC members and non-OPEC oil producers, including Russia, are committed to supply cuts agreed until the end of the year, UAE Energy Minister Suhail Mohammad Al Mazrouei said on Monday. 

"Overall, fundamentals of the market, supply and demand, the task is not complete, we have to continue to see a truly balanced market," he said on the sidelines of a Middle East oil and gas industry conference in Abu Dhabi.

[DinarThug]

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Iraq expects to receive offers of concessions for oil exploration 26 April

 

2018-04-23 at 13:23 (Baghdad time)

The Iraqi Oil Ministry said in a statement on Monday that Iraq expects to receive bids from international energy companies wishing to win contracts for exploration and development on April 26.

Iraq, according to the Ministry of Oil 11 new exploratory areas in the border areas with Iran and Kuwait and in the waters of the Gulf

The ministry said in a statement that it will "the Department of Contracts and Petroleum Licenses to implement the competitive process to receive competitive offers of international oil companies on the contracts of exploration and border fields on Thursday, April 26, where will join a conference in this regard."

The spokesman of the Ministry of Oil Assem Jihad said that the conference organized by the ministry will be attended by international companies that bought the bags of information and 13 companies in addition to two companies announced their intention to buy the information bag to become 15 companies competing to develop and rehabilitate patches of the 26 companies eligible to participate in the competition.

Jihad pointed out that "the Department of Contracts and Petroleum Licenses will be during the conference to provide an explanation of the basic features of the contract and the amendments that touched him on the comments submitted by the ministry and a number of members of the House of Representatives and the government and some experts," explaining that "the wording of contracts will be" service contract with minor modifications on him".

The total number of exploratory patches identified by the Ministry of Development was 9 patches. Two exploration squares were added in Diyala governorate, totaling 11 plots, namely Anjana, Khashm Al Ahmar, Kalabat and Kammer.

Three of them are on the Iraq-Kuwait border, six on the Iraqi-Iranian border and two in Diyala, east of the country. 

[DinarThug]

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Iraq: We target the market balance, not the price of oil

 

 

23rd April, 2018

Iraq's representative to OPEC, on Monday, April 23, 2018, that Iraq is aimed at the balance of the market and not the price of oil.

"Iraq is not targeting oil prices, it is the balance of the market," Ali Nazar told a press conference held in Abu Dhabi on Monday. "High oil prices are not always in our interest."

"We are achieving our target for oil reserves and going back to an average of five years," he said

Oil prices have begun to recover to $ 60 to $ 70 per barrel after falling to less than $ 20 a barrel in 2014

[DinarThug]

58 minutes ago, DinarThug said:

Iraq expects to receive offers of concessions for oil exploration 26 April

 

2018-04-23 at 13:23 (Baghdad time)

The Iraqi Oil Ministry said in a statement on Monday that Iraq expects to receive bids from international energy companies wishing to win contracts for exploration and development on April 26.

Iraq, according to the Ministry of Oil 11 new exploratory areas in the border areas with Iran and Kuwait and in the waters of the Gulf

The ministry said in a statement that it will "the Department of Contracts and Petroleum Licenses to implement the competitive process to receive competitive offers of international oil companies on the contracts of exploration and border fields on Thursday, April 26, where will join a conference in this regard."

The spokesman of the Ministry of Oil Assem Jihad said that the conference organized by the ministry will be attended by international companies that bought the bags of information and 13 companies in addition to two companies announced their intention to buy the information bag to become 15 companies competing to develop and rehabilitate patches of the 26 companies eligible to participate in the competition.

Jihad pointed out that "the Department of Contracts and Petroleum Licenses will be during the conference to provide an explanation of the basic features of the contract and the amendments that touched him on the comments submitted by the ministry and a number of members of the House of Representatives and the government and some experts," explaining that "the wording of contracts will be" service contract with minor modifications on him".

The total number of exploratory patches identified by the Ministry of Development was 9 patches. Two exploration squares were added in Diyala governorate, totaling 11 plots, namely Anjana, Khashm Al Ahmar, Kalabat and Kammer.

Three of them are on the Iraq-Kuwait border, six on the Iraqi-Iranian border and two in Diyala, east of the country. 

 

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Oil decides to postpone the licensing phones to next Thursday

 

 

23rd April, 2018   

The Ministry of Oil said in a press statement that it would submit contracts for exploration and development to global energy companies wishing to do so on Thursday

The oil ministry is offering 11 new plots in the border areas with Iran, Kuwait and the Gulf waters

The Ministry of Oil said on April 14 that 14 companies expressed the desire to participate in the tour of offers

Oil companies' bids will be received at the ministry's headquarters from 10:00 a.m. (0700 GMT) on Thursday and the results will be announced later that day, it said in a statement on Monday

This is the third time that bids have changed. The patches were originally scheduled for June, but the date was changed to April 15 and 25 of the same month to give the bidders more time, the Oil Ministry said at the time

The ministry announced last month measures to reduce fees paid to oil companies in the contracts offered

The new contracts would exclude the by-products of corporate revenues, link the prevailing crude prices with the value of compensation, and introduce a fee element

Oil companies operating in Iraq are currently receiving government fees linked to increases in production, which include crude and by-products such as LPG

Iraq, OPEC's second largest oil producer after Saudi Arabia, decided to change contracts after a supply crunch led to oil prices falling in 2014, limiting Baghdad's ability to pay those fees

Companies such as BP, Exxon Mobil, Eni, Total, Royal Dutch Shell and Lukoil helped boost Iraq's production over the past decade by more than 2.5 million bpd to around 4.7 million bpd

Iraq's semi-autonomous Kurdistan Regional Government (KRG) produces oil and gas from fields it controls in the north of the country under a more profitable production-sharing model

Baghdad's new contracts will also set time for companies to stop burning gas from their oilfields

Iraq continues to burn some of the gas associated with crude oil extracted in the fields because of lack of possession of the facilities and tools to address and turn it into fuel

Iraq hopes to end the incineration of associated gas by 2021. According to the World Bank, the practice costs the government about $ 2.5 billion in revenue per year and could cover most of the country's unmet needs for gas-produced electricity

[DinarThug]

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OPEC basket oil sees a slight drop of 70.36 dollars

 

 

23rd April, 2018
The price of OPEC crude oil on Monday saw a slight drop of $ 70.36 after jumping last weekend to $ 70.96 after the Western air strikes in Syria and prices were under additional pressure from increased US drilling.

 

The Organization of the Petroleum Exporting Countries (OPEC) said the OPEC basket price was 70.36 dollars per barrel, compared to 70.96 dollars a barrel yesterday. 

Oil is supported by a belief among investors that tensions in the Middle East could lead to supply disruptions as well as falling production in Venezuela, hit by an economic crisis. 

The OPEC basket is made up of desert mix (Algeria), Gerasol (Angola), Orient (Ecuador), Minas (Indonesia), Iran Heavy, Basra Light (Iraq), Kuwait Export (Kuwait) (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Marban (United Arab Emirates) and Miri (Venezuela).

[DinarThug]

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Oil prices rise after fears of US sanctions on exporting countries

 

2018/4/23 23:36

The price of black gold rose again on Monday evening as traders feared new US sanctions against a number of major oil exporters. At 22:02 Moscow time, June delivery of Brent crude was up 1.34 percent to $ 75.04 a barrel. June delivery for June delivery rose 0.83 percent to $ 68.97 a barrel. 

While the price of crude oil, "WTI" for the contracts that occurred in June next, a rise of 0.02 percent and the price of this brand of oil to 68.41 dollars a barrel. 

As expert Jane Magellan said in Traditions Energy, the ambiguous position of the administration of US President Donald Trump over sanctions against Iran and Venezuela could cause further volatility in the oil market.  Earlier, Russian Energy Minister Alexander Novak said that the price of oil in April may reach $ 80 a barrel, but so far this price is not justified.

Edited April 24, 2018 by DinarThug

[DinarThug]

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Kurdish official reveals serious information on the oil file of the region

 

2018/4/23 23:04

The head of the Committee on Natural Resources in the Parliament of Kurdistan, Sherko Goddt, on Monday, new information on the value of the region's oil exports.

He said in a press statement, "The unaudited figures reveal the export of the Kurdistan Regional Government 300 thousand barrels of oil per day."  "We do not know exactly which year Kurdistan region oil was sold in advance, and there is no available source of information," he said. 

He continued that "the Kurdistan Regional Government does not deny that the proceeds of its oil exports in addition to the amounts coming from Baghdad, the need for employees of the Kurdistan region of salaries, but talking about debts do not know the size." 

The head of the Committee on Natural Resources in the Parliament of Kurdistan that "the provincial government does not know the size of the debts incurred by their own and therefore resorted to the formation of a special body to control these debts."  Gudat pointed out that "the Kurdistan Regional Government contract with Russian company Rosneft" political and came in response to Washington's rejection of the referendum held on the twenty-fifth of last September. "

[jg1]

Ouch. how can you not know how much you owe. Oh boy.

[DinarThug]

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Oil at $ 74 a barrel .. What next ?

 

 

24th April, 2018   Kamel Abdullah Al - Harami

Will the barrel continue to rise, or will it fall after OPEC and Russia have completed their commitment to reduce oil inventories and surplus oil reserves after 16 months of full commitment and a rate of more than 100% of communication to reduce production at 1.8 million barrels per day? What is the required and appropriate rate for a barrel of oil acceptable  to oil producers as well as the global end consumer

Some hints have started at $ 80 or more per barrel as growth continues, global demand for oil continues, and technical and continuing political crises continue to accumulate in Venezuela, Libya and Angola. And with US threats to boycott or block US oil on Iran, OPEC's third largest oil producer.Which could lead to a sharp reduction in oil supplies as OPEC and Russia continue the principle of commitment to oil reduction

And the current rate of oil is a very appropriate rate for us in Kuwait, and if it continues at this figure until the end of April next year, we have achieved a surplus in the general budget of the state after years of stagnant fiscal deficit continues. The fear is the continuation of waste, expenses and expenses and maximize the item of treatment abroad and increase the rewards and early retirement, unlike the rest of the developed world, which increases the retirement age to more than 75 years. But we in Kuwait are "good intentions", which means that the barrel above $ 70 is a bad number for our economy as we continue to increase our expenses without restriction

Of course, oil producers will continue to produce and invest, a golden opportunity for them after OPEC countries helped reduce their production and leave the rope on the jars by taking the total global growth on oil first and then to the rest of the oil producing countries. This may not matter to the OPEC countries and Russia at the moment after achieving its goal to reach the rate of $ 60 and then to over 70, especially if they managed to stabilize this rate and higher as they continue to continue to reduce production and the return of oil markets to normal, and start again the process of organization and arrangement And oil supply management, a role required for OPEC and its group

[DinarThug]

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Kurdistan Energy: The Government of the Territory is conducting oil deals "behind the scenes" with international companies

 

2018-04-25 at 11:37 (Baghdad time)

The Oil and Energy Committee in the Kurdistan Regional Parliament accused Wednesday the government of the Territory of conducting oil deals without its knowledge with international companies, pointing out that the region's monthly revenue of oil reaches more than 600 million dollars.

"The committee is not aware of the oil deals concluded by the region with the international companies," Chairman of the Committee Shirko Jawdat told Mawazine News.

"The recent deals concluded by the provincial government with the oil company Rosneft not known to us as a parliamentary committee and not even to the supervisory committees within the parliament of the region."

The Chairman of the Committee, that "in light of high oil prices in world markets, the region's monthly revenues reach more than 600 million dollars according to the daily export rates, but deals and contracts confined within the territorial government only."

[DinarThug]

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Oil announces direct operation of the gas field of Sayba
25 - 100 million cubic meters per day

 

 

25th April, 2018

Oil Minister Jabbar Ali al-Allaibi opened Wednesday the central production plant for the gas field in Basra province and started the first commercial production of the plant with a capacity of 25 million standard cubic feet per day

Al-Luaibi said in a statement received by "Economy News" that "the ministry achieved a qualitative achievement in the gas sector and within the objectives planned for the optimal investment of the national gas invasions, noting that the production achieved is the first production to the production peak by the end of this year, Million standard cubic feet per day. "

He added that the project will add new quantities of gas to national production will contribute to the supply of power plants in good quantities of dry gas, as well as the production of liquid gas (1200) barrels / day, in addition to (19000) barrels / day of condensate, "This project is a real breakthrough for the investment of gas in the rest of the other fields, which we have developed ambitious plans to invest gas in cooperation with international companies, and to achieve the goals that make Iraq among the producing and exporting gas." 

"The field will depend on the self-operation of power plants, not on national electricity," he said. He pointed out that the Ministry of Oil has achieved during the last few steps important steps and achievements aimed at accelerating the development of oil and gas fields and interest in the advancement of the liquidation sector and infrastructure and others, and in the gas investment sector accompanying we have come an important step in this context where the gas investment reached 60% This wealth and we are working to invest the remaining quantities and stop burning completely during the next few years through the contract with international companies solid, including a contract to invest gas in the field of Nahran Omar and the holding of gas investment in the fields of Nasiriyah and Gharraf, The Maysan fields and thus will transform Iraq into a country source of this wealth has been wasted over the past decades

According to the statement, the spokesman of the ministry Assem Jihad, according to the statement, that the field of Saybah was discovered in 1967, where the drilling of the first well (Seba 1) and discovered commercial stocks of gas condensate followed by the drilling of the well (Ceba 2) in 1972 and stopped development and exploration in 1993, The field was transferred to Kuwait Energy Company, which won a contract to develop it within the third licensing round. The process of rehabilitation and development of the field included several stages, including the removal of mines, ballistics and explosives. War and cleared and cleaned by the national effort, and then followed the humiliation As a direct to the three-dimensional seismic surveys by the oil exploration company, which is also a national effort, it was estimated the amount of storage field Sibh (1.5) trillion cubic feet

Jihad pointed out that the Seba field is the first gas field to start production from it. He explained that it is the first field containing natural gas in the ground cavity as a hydrocarbon gas installation. It is not an associated gas investment from an oil field. The field is one of the three most important gas fields in Iraq, Akkas in Anbar province and Mansouriya field in Diyala province

[DinarThug]

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3.5 million barrels per day exports of oil in southern Iraq since the beginning of April

 

2018-04-25 at 13:11 (Baghdad time)

Crude oil exports from southern Iraq, which is on the Gulf, have averaged 3.5 million bpd since the beginning of April, two oil executives said on Wednesday.

Iraq is to hold bids on oil and gas exploration contracts on Thursday in 11 concessions along the border with Iran and Kuwait and in Gulf waters.

The new contracts are set to include a time frame for companies to stop gas burning from their oilfields.

Iraq is the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.

[DinarThug]

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Oil denies Iraq's withdrawal from the purchase of Samir refinery Moroccan

 

2018-04-25 at 14:27 (Baghdad time)

The Oil Ministry on Wednesday denied Iraq's withdrawal from buying the Moroccan refinery.

The ministry spokesman Assem Jihad said in an interview with "Mawazine News," that "his news media reports of the withdrawal of Iraq from the purchase of the refinery Samir Moroccan is not true."

Jihad added that "the ministry did not issue a statement of denial or clarify because it does not want to give the subject value greater than its size, because the one who published this news is a media Gulf."

The newspaper "New Arab" published a report on the withdrawal of Iraq from the purchase of the refinery Samir Moroccan.

[DinarThug]

After it exceeded the $ 75 .. Do oil prices jump to $ 100 again?

 

 

 

2018/4/25 01:43:46 PM 
Oil prices continued to rise recently, and Brent broke $ 75 a barrel, the highest level in forty months despite the prospects of slowing global economic growth.
 

According to a report by The Telegraph, this rise reflects the possibility of supply constraints and geopolitical fears. Will oil prices jump to $ 100 a barrel again?

 

 

Supply disruption

 

- One of the most prominent geopolitical concerns surrounding the oil market is currently weighing the withdrawal of US President "Donald Trump" of the Iranian nuclear agreement, which would mean the imposition of sanctions against Tehran may target exports of crude.

 

- Other countries such as Japan and South Korea will follow America's steps to pull out of the nuclear deal and European energy companies will pursue the policy for fear of Washington's challenge.

 

- In light of these fears, oil prices are expected to reach $ 100 a barrel by next year, according to an analyst at Westbeck Capital, Jean-Louis Le Mei.

 

- The oil market has also faced a 40% decline in investments since late 2014 until the beginning of 2017, which negatively impacted exploration and production activities amid expectations that the output of the new fields will drop from three million barrels per day in 2018 to 1.5 million barrels Daily in 2019.

 

- Westbeck estimated the impact of sanctions on Iran that it would cut world oil supplies by about half a million barrels a day by the fourth quarter this year and then cut them by about 700,000 bpd in 2019.

 

In addition, Venezuela's oil industry is nearing collapse as exploration runs out and thousands of workers at PDVSA face government payroll and labor problems, prompting Caracas production to drop 550,000 bpd since the beginning of 2017.

 

- There is a risk that the Trump administration will impose greater restrictions on Venezuelan President Nicolas Maduro's regime after next month's elections. These sanctions may target the oil industry amid expectations of another one million barrels per day drop in Caracas production by the end of 2018 if the crisis worsens.

 

At the same time, the OPEC-led cut-off agreement in cooperation with independent producers, led by Russia, appears to be paying off the global supply gap, especially with the compliance of the participants in the agreement, which exceeded 152 percent in March.

 

- A number of Opec members have hinted that the agreement could be extended beyond the end of this year.

 

- The rise in oil prices caused the rise in gasoline prices in America to three dollars per gallon (about 3.8 liters), which prompted President "Trump" to write a tweet on his account on Twitter, "which criticized the" OPEC "and accused of being behind the" artificial "rise in prices - as described.

 

 

Oil shale

 

- US oil production rose to 10.5 million barrels per day, but pipeline shortages may adversely affect the continued pace of production from the Permian Basin - the pivotal field in the production of rock ore - amid expectations that pipeline infrastructure will not be renewed until mid-2019.

 

- Rocky oil companies in America may not be able to keep pace with global industry because of the quality of the product, so there is a need to build more refineries in the United States.

 

- In light of this, US production activities are putting additional pressure on the industry, which will likely push prices towards further rise.

 

 

- Consumers around the world have received a three-year drop in oil prices with a strong positive impact on their money portfolios, but the pace will be reversed in the coming period, JPMorgan analysts said.

 

- It is difficult to separate the reason for the impact, China is facing a credit problem, and there is tightening monetary policy by the Fed, which will result in higher interest rates on corporate borrowing globally.

 

- In other commodity markets, such as aluminum and steel, there are pressure from customs duties announced by Washington on its imports of metals as well as US sanctions against Russian mineral producers.

 

- In the end, OPEC and Russia are on a tightrope, and price misalignment by analysts could coincide with the recovery of renewable energy.

 

- The return of oil prices to $ 100 a barrel accelerate the investment of electric vehicles and renewable energy, and therefore receive the crude market under increasing pressure.

Source: Numbers

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[DinarThug]

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US agency: Laibi exploits oil tenders to enhance the electoral fortunes of Abadi

12:54 - 25/04/2018  

 

 

US Oil Minister Jabbar Laibi is trying to speed up foreign oil bids to boost the chances of Prime Minister Haider al-Abadi as a member of his coalition, an Associated Press report said on Wednesday.

"Iraq is opening up more of its undeveloped oil and gas resources to foreign developers in the hope of increasing revenue after a costly war with a sympathetic organization, but analysts believe that the rush to bid before the national elections could provoke a response," the report said. Tepid companies. "

He added that "the Iraqi oil minister Jabbar Laibi has unexpectedly submitted the date of receipt of offers from the end of June next to April, which means that the bidding will take place before the expected elections on 12 May, where some believe that Luaibi, who campaigned parliamentary election To offer for political reasons, "noting that" Luaibi hopes in his campaign to represent the province of southern oil-rich Basra as a member of the victory alliance led by Prime Minister Haider Abadi. "

"The purpose of this practice is undoubtedly to portray the ministry and the ministry as struggling to develop the country's resources before the elections," said the managing director of the Iraqi consulting company Insight. "The personal and party interests take precedence over the national interests of the country," she said.

"The agency tried to contact the spokesman of the oil minister, but was unable to do so, while one of the spokesman's assistant said that" the office of Jabbar Laibi is very busy campaign to comment on these allegations. "

"The auction, which will be held on Thursday, is the fifth since Iraq opened its huge oil and gas reserves to international energy companies. In previous rounds of bidding, officials spent months hosting conferences, road presentations and discussions with companies before final contracts were issued," the report said.

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IRAQ COULD TRANSPORT UP TO 1 MILLION BPD VIA JORDAN'S RED SEA PORT

 

Baghdad has been looking for alternative export hubs to take its crude to market

25th April, 2018

Iraq, Opec's second-largest producer, could transport up to a million barrels of oil per day through Jordan once work begins on a pipeline linking crude from southern Iraq to the kingdom’s Red Sea port city of Aqaba.

“That project is still in place and we’re going to go ahead with it. We need another outlet for our crude oil,” Ali Nazar Faeq Al Shatari, deputy director general for Iraq’s state-owned oil marketer SOMO told The National on the sidelines of an energy conference in Abu Dhabi.

Export capacity could reach up to 1 million bpd, with some of the oil to be sent to Jordan’s expanding refinery at Zarqa in the country’s south, for domestic use with the remainder dedicated to export, he added.

Iraq has been looking for alternative routes besides its southern Basra and northern Kirkuk terminals to take its crude to market as it looks to rebuild the country after decades of war and internal conflict. Plans for a pipeline to transport oil from the southern Rumaila field had gathered steam after the Jordanian cabinet approved plans to link Basra to the port of Aqaba in February.

There has been little detail on the scheme’s targeted timeline for completion or the scope of the project.

In December 2016, Iraq’s State Company for Oil Projects, which oversees the proposed Basra-Aqaba pipeline project had invited companies and investors to bid and finance the initial phase of the pipeline linking southern Iraq to an energy station at Najaf in the country's interior.

Iraq, which looks to reach an output capacity target of five million bpd this year and 6.5 million bpd by 2022, has long sought Red Sea access via Jordan’s Aqaba to mitigate risks from its export point at Turkey’s Ceyhan.

The pipeline linking oil sourced from Kirkuk, one of the Middle East’s oldest fields to the Mediterranean-facing Ceyhan is Iraq’s main export link, with a capacity of 150,000 bpd. The supply line had suffered severe damage during conflict between various factions and the Iraqi government. Baghdad has since pushed for reconstruction of energy infrastructure across the country, including repair of the damaged portions of the Kirkuk pipeline.

Plans for the pipeline also come as much needed relief to Jordan, which has looked to solar, wind, nuclear as well as oil shale to meet its energy deficit. The energy-scarce country imports oil and products to meet around 98 per cent of its power requirements, making the kingdom vulnerable to fluctuations in oil prices. Jordan's public debt reached 95.3 per cent of GDP at the end of 2017, according to the country's ministry of finance. The kingdom, which borders Iraq, Syria, Israel and Saudi Arabia, had earlier relied on oil from the Arab Gas Pipeline from Egypt to meet 88 per cent of its supply. However, repeated attacks on the pipeline from militants in the Sinai peninsula had forced supply to a standstill.

State refiner Jordan Petroleum Refinery Company is currently undertaking a $1.6 billion expansion of the country’s sole refinery at Zarqa to boost capacity to 120,000 bpd.

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Oil prices rise on fears of Iran sanctions and falling production of Venezuela

 

 

26th April, 2018

Oil prices rose on Thursday, buoyed by expectations that the United States would re-impose sanctions on Iran, lower production in Venezuela and continued strong demand .

As of 0643 GMT, Brent crude futures were at $ 74.27 a barrel, up 27 cents, or 0.4 percent, from the previous close .

US crude futures rose 14 cents, or 0.2 percent, to $ 68.19 a barrel .

Traders attributed rising markets to expectations that the United States could reinstate sanctions in May on Iran, the main oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC ).

French President Emmanuel Macaron said on Wednesday he expected US President Donald Trump to withdraw from an agreement with Iran in 2015 under which Tehran suspended its nuclear program in exchange for Western powers lifting sanctions crippling its economy .

Trump will decide by May 12 whether to impose sanctions on Tehran, which could result in a drop in its oil exports .

Prices have also been boosted by a decline in output from Venezuela, OPEC's biggest producer in Latin America . 

Venezuela's crude output fell from about 2.5 million bpd in early 2016 to about 1.5 million bpd due to political and economic unrest . 

US oil giant Chevron has evacuated Venezuelan executives after two of its employees were jailed in a contractual dispute with state-owned oil company PDSA 

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Oil official: Dana Gas, Crescent Petroleum, Dragon and Eni are interested in Iraq

 

2018-04-26 at 13:34 (Baghdad time)

 


An oil official said on Thursday that Dana Gas, Crescent Petroleum, Dragon Oil and Eni are among the companies that sent letters to participate in the round of awarding Iraqi oil and gas contracts.


"Exxon, Lukoil and Gazprom are not interested in entering the competition," said Abdul Mahdi al-Amidi, general manager of the Iraq Petroleum and Licensing Contracts Department. He added that Zarubneft had made a presentation later.


Iraq is offering 11 new exploration sites in border areas with Iran and Kuwait and in the waters of the Gulf.

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Iraq begins auction of exploration and development contracts for oil and gas concessions

 

2018-04-26 at 13:21 (Baghdad time)

 

 


An Iraqi oil ministry official said on Thursday that the auction of exploration and development contracts to international energy companies had begun.


Iraq is offering 11 new exploration sites in the border areas with Iran, Kuwait and the Gulf waters.


Iraq's oil ministry announced on Wednesday that Iraq would bid for contracts to explore oil and gas in 11 concessions parallel to the border with Iran and Kuwait and in marine areas in the waters of the Gulf.

The new contracts are set to include a time frame for companies to stop gas burning from their oilfields.


Iraq is the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.


Companies such as BP, Exxon Mobil, Eni, Total, Royal Dutch Shell and Lukoil helped Iraq boost production in the last 10 years by more than 2.5 million barrels per day to about 4.7 million bpd.

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Citigroup: The United States will overtake Saudi Arabia to become the largest oil exporter

 

 

26th April, 2018

Citigroup expects the United States to surpass Saudi Arabia to become the world's largest exporter of oil and its derivatives in 2019

US oil production is on record, while OPEC is cutting crude output, the United States is poised to become the world's top crude exporter next year, the US bank said in a report released on Wednesday

Data from the US Energy Information Administration showed yesterday the rise in production last week by 46 thousand barrels per day to 10.586 million barrels per day in the same period

US crude oil exports and petroleum products rose last week to 8.3 million bpd, compared to exports of Saudi Arabia, the largest crude exporter, in January at 9.3 million bpd and 7.4 million bpd in Russia, the report said

"Continued efforts by OPEC and its allies to rebalance the market have helped Nymex rise to the highest level