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Adam Montana

Oil rises 1% on settlement amid fears of supply shortages

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On 5/26/2017 at 7:12 AM, yota691 said:

Your forgetting about all that Natural Gas that getting sold, your forgetting custom revenue, your forgetting removal of ghost payroll, your forgetting removal of corruption, that just off the top of my head I could add more...

No I am not forgetting this. Iraq set this number in the budget, not me not you nor anyone but the GOI. The Budget is based on 45 dollars per barrel. The benchmark is 45 dollars per barrel all the other stuff is tied into the non-oil producing revenue which needs to be increased. I did not forget about it.

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High oil to the highest level in two weeks to support the decline in US production

economy

 Since 06/29/2017 13:46 am (Baghdad time)

27.jpg

Follow-up to the balance of News

Oil prices rose to the highest level in two weeks on Thursday to continue to rise for the sixth consecutive session, after weekly data showed a decline in US production, including reduced concerns about an increase in the surplus supply.

Crude prices fell to their lowest level in ten months last week, but has since risen more than seven percent to continue the longest rally since April.

The futures rose to global crude measurement Brent 33 cents to $ 47.64 a barrel by 0832 GMT, after touching the highest level in two weeks at $ 47.83 earlier in the session.

WTI prices rose US median 32 cents to $ 45.06 a barrel. Crude and recorded the highest level during trading at $ 45.24 and is also the highest level in two weeks.

US government data showed on Wednesday that domestic crude production of 100 thousand barrels per day last week, fell to 9.3 million barrels per day in the biggest drop since July July 2016.

Some analysts and traders said the decline is linked to temporary factors such as the risks associated with tropical storm Cindy in the Gulf of Mexico and maintenance work in Alaska.

Investors ignore the negative news is the sudden rise of 118 thousand barrels in US crude stocks, according to weekly data showed.

Global oil supplies are still plentiful, despite production cuts pursued by the Organization of the Petroleum Exporting Countries (OPEC) and other producers by 1.8 million barrels per day since January 29 Althani.anthy / A 43

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Saturday July 1, 2017 10:40

 

Search Bigger
 
 
 
 

Alsumaria News / Baghdad
recovered when oil prices closed on Saturday, approaching again to $ 50 per barrel amid pressure to increase US production and reduce the production of OPEC. 

Brent prices were at closed on Saturday 48.98 per barrel , up 1.35 dollars , or the equivalent of 2.83%, while US crude prices also recorded a rise to a $ 46.33 per barrel , an increase of $ 1.40 or equivalent to 3.12%, while OPEC prices hit US $ 45.36 per barrel .

  •  

And oil prices fluctuated during the past week between the ups and downs as a result of developments on increasing US production pressures and increasing US stocks on the one hand and the reduction of production of OPEC countries on the other. 

The global oil supplies remain plentiful despite production cuts by the Organization of the process of Petroleum Exporting Countries , OPEC and some independent producers by 1.8 million barrels per day since January.
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57 minutes ago, tigergorzow said:

Yota Thanks,  DV,  Keep going higher to possibly equal a higher RV....:D  Dream Big...:)

Hey Tiger, dream big or go home.   :twothumbs:

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Oil and other things

   
 

 
 

07/04/2017 0:00 
 
 Mohammed Sharif Abu Mayssam 
 leaks that have talked about American pressure exerted on Saudi Arabia to ask thecompany "Aramco" privatization is not far relevant and apparently what regards the unexpected drop in Saudi oil exports in last May and June to below seven million barrels per day. 
's desire of Saudi Arabia to cut production in order to recovery and stability of themarkets at a price acceptable rates according to what is said is not convincing, over its previous position on dumping intended for oil markets under the pretext of taking out of shale oil from the competition circle, about its position from its partners in the "OPEC" claimants export of their rights dominated by over three decades ago, and then its position and its adherence to the rates of production is not up to the limits of its obligations under the "OPEC" agreement , which granted the right to produce 10.058 million barrels a day until March. But surprise, that the production of the kingdom fell to below that level significantly over the past two months, falling exports in the first two weeks of June to the current rate of 6.98 million barrels per day. 
On the other hand, there is a statement by the Saudi energy minister Khaled al - Faleh which pointed out that the reduction focus will be on the basis of Saudi exports to the United States, as if it is going according to a Saudi decision! But the reality indicates that the oil companies refrained from buying many of the Saudi oil shipments during last May , claiming the high oil inventory levels, but striking is the failure of Asian companies buying some shipments Saudi Arabia and in the forefront of Indian companies despite the decline in the flow of oil Venezuelan rates for those markets , while the increased turnout of Iraqi oil , which exceeded the top of the Saudi oil to India in April and the last May. 
According to preliminary evidence to the dictates of numerous oil and conditions related to levels of political rapprochement between Riyadh and Washington from the side between Doha and Washington on the other hand, as it has become a competition for the most intense in the win over the Washington, and since the reports had talked about the desire of the organization that stands behind US President Trump in the privatization "Aramco" Saudi Arabia, the most likely possibilities are only two first is to be Saudi Arabia has resisted this pressure for fear of getting out of the throne of the lead among her sisters, resorted to make gains was the purchase of weapons and to increase investment rates in the United States with many personal gifts American president deals, and female They resorted companies that govern the world, which runs the institution that stands behind the US president to new compression methods, and the second to be agreed on the privatization of "Aramco" according to the time stages justified by media campaigns , which may have started reducing the rate of exports. Based on the foregoing, the outbreak of a political conflict between the two oil facilities and the survival of prices unchanged, and then lower prices , despite the escalation of defusing the conflict, as well as the movement of global markets and forcing large oil countries on privatization control, reveals the fact that, that there is no role for any oil country after today to influence world oil markets, and it will be the preserve of the companies that govern the world, and not in the hands "OPEC" countries and others to be privatized oil sector , and otherwise it will come into trouble, and this is why we have to demand more than an article , " the legislation of the law to establish a national oil company to be Iraqis for all the shares are not sold only Lla Akian only, and the law of another "generations" guarantees the rights of future generations of oil wealth.
 
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Smooth the way for the stability of the oil market

   
 

 
 

07/04/2017 0:00 
 
 Adnan Kanani  is 
witnessing the world economy in these days a state of anxiety and panic to the continued decline in oil prices, coinciding with the decline in demand, and an abundance of supply, these conditions , which controls the world contributed to the decline in global market indices, following a drop in Brent crude prices since the beginning of this year , which It amounted to less than $ 50 a barrel, Maani , down more than 20 percent rate compared to previous months. 
 It seems oil prices fell to below $ percent a barrel since a year and a half, puzzling market experts with a lot of speculation about the reasons for the decline and the extent of its continuity in the extent of the relationship between oil and political crises perspective, is linked to oil close relationship a long time ago with crises and conflicts and 
 political. 
Remarkably , in the global oil market, cooperation and flexibility between the Organization of Petroleum Exporting Countries "OPEC" producers and producers outside the Square are the dominant communications and meetings and meetings between the parties  
concerned. 
This atmosphere provided a great smoothness in making decisions not only affect them; it is concerned with the whole world. Note that some countries tried to jump on the understandings, but that did not last long; on the contrary, non - cooperating countries have become part of the framework of cooperation 
 year. 
From here, it can be seen that the trends aimed at the global oil market stability when acceptable to all levels, moving forward away from any disturbances or excesses; it also brought about a real oil arena, although the market is still unstable, or a difference of at least remain at the border where the producers do not want a whole. 
Some ministers "OPEC" announced that it and independents are committed to reducing stocks to an average of five years, comes supported by the general atmosphere mentioned, especially the large stocks caused great confusion to the process of re - oil market stability, within a logical price acceptable to producers and consumers to limit  
both. 
This means that the coming period will witness the disposal of these stocks operations, which could adversely affect the price of oil, but it is part of the overall process to reach global status of oil more sustainable and stable, and more just as well, especially for producers who have lost so much as a result of the massive collapse of world oil prices before about three  
years. 
Agreement is to cut production, directly contributes to helping to reduce the levels of oil stocks and the visit of the Saudi energy minister during the month of May 2017 to interview Prime Minister Haider al - Abadi comes in this framework. 
This agreement , which is historically for "OPEC" and producing countries outside, capable of extension for the third time when it expires next March. 
The truth is that all those concerned by the expressed willingness to continue the movement in accordance with the current mechanism, since they already need to raise crude prices to ensure that its revenues reduce the size of the deficit in their budgets, especially those that rely on oil as a major source "but a single" her. 
From here to be the convergence of mechanisms to reduce production while reducing inventories and returned to what it was five years ago mechanisms agreement, the stage will not be a swing in oil prices at the current borders, at least for the remainder of this year , months it is the stage of construction in this area, and must to go through such stages. 
There is no doubt that the next stage will be less tension on the oil level, thanks to the current understandings and flexibility between the parties concerned. 
This pays to what he described as " the establishment of a " new system of "OPEC" and producing countries outside its main goal is not to raise oil prices at the moment, but build a solid base where the price goes up automatically. Can not be built like this rule without this cooperation is very important, especially with the disappearance of sounds "cacophony" from some quarters , including those affiliated with the "OPEC"  
itself. 
 It does not matter that the oil 10 or 20 percent , prices are rising at the present time, it is important to rise in a timely and appropriate level as well, but more importantly , the elevations are sustainable. 
Disposal of existing stocks represents a qualitative leap in terms of stability and photorealistic market is also restored. With the continuation of the agreement to cut production, the market will reach the stage where the wishes of 
 everyone.
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Iraq increases oil exports to fill the budget Gr

Journal July 3, 2017

  
BAGHDAD - The Journal News

The Commission on oil and energy parliamentary, on Monday, that Iraq is moving towards increasing its oil exports to overcome the financial crisis afflicting the country.

A member of the committee MP Hussein al-Awadi's «Journal News», that "there are significant challenges facing Iraq's most prominent political and security problems, which led to the worsening of the financial crisis, which the government was forced to increase production and export of oil rates in order to bridge the deficit in the federal budget."

He added that "Iraq is a binding agreement to reduce OPEC's output, but the Iraqi negotiator in the Organization of Petroleum Exporting Countries negotiating it in order to allow Iraq to increase production rates to compensate for the shortfall in fiscal revenue."

The country's oil exports saw an increase during the month of last June to reach about 3 million and 273 thousand barrels per day, an increase of 11 thousand barrels per day.

Iraq relies on the sale of oil revenues to finance up to about 95% of the expenses of the state, and was the decline in crude prices since 2014, a significant impact on the Iraqi economy.

And agreed to the Organization of the Petroleum Exporting Countries (OPEC) on a limited reduction in oil production in the first agreement of its kind since 2008, with Saudi Arabia the largest producer in the Organization to soften its stance towards Iran's rival amid growing pressure from falling crude prices.

 

 http://www.aljournal.com/link

 

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712.jpg
 
 

Economy News _ Baghdad

 

The price of crude oil OPEC basket rose today to over $ 47 per barrel.



"The price of OPEC basket oil reached $ 47.57 per barrel compared to $ 47.17 the previous day," the Organization of the Petroleum Exporting Countries (OPEC) said in a statement.



The OPEC basket consists of the Sahara mix (Algeria), Gerasol (Angola), Orient (Ecuador), Minas (Indonesia), Iran Heavy, Basra Light (Iraq) , Bony Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Marban (United Arab Emirates) and Miri (Venezuela).

 
Views Date Added Date 05/07/2017 Content number 8097
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During today's trading .. oil prices is witnessing a remarkable increase

economy

 Since 06/07/2017 19:14 am (Baghdad time)

23.jpg

Balances News - Follow-up

The price of oil rose during trading on Thursday, breaking crude "Brent" record barrier of $ 49, after falling US crude inventories sharply.

By the time 16:05 GMT futures rose for the price of crude "benchmark Brent rose 2.7% to $ 49.09 a barrel.

And increased the price of contracts for crude, "NYMEX" August delivery by about 2.9% at $ 46.43 a barrel.

The US Energy Information Administration data showed a sharp decline of oil stocks in the United States during the last week by 6.3 million barrels more than expected.

The data showed declining US inventories of gasoline during the same period by 3.7 million Brmel.anthy 29/9 P

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Economists: the reserves of Iraq gives him the right to increase its share of oil in world markets

Journal July 5, 2017

 
 

BAGHDAD - The Journal News 
Ministry confirmed the oil that Iraq has oil reserves estimated at the amount of 153 million barrels , and this figure is because the double in the future 
, said the ministry spokesman, Assem Jihad, told the «Journal News» that "Iraq really has a natural that have oil production equivalent to reserve owned

Jihad said that "the Iraqi oil reserves estimated at more than 500 billion barrels," calling the organization to OPEC countries or non-organization has to "consider positively to this right"

The Jihad that "Iraq has plans to increase production taking into account the state of the global oil production, and he has this right, like other countries that have increased oil production in times was facing difficult circumstances, including war and siege in the past decades, which led to the damage to Iraq's oil production"

The expert said the oil Kurdish Bioar soften in a statement to «Journal News» that "Iraq 's oil - exporting countries and has a major role in the global oil production, including" OPEC ", which covers about 95% of the oil under the report , which was issued by the Iraqi Oil Ministry that oil imports in the month of June amounted to nearly 4 billion and $ 16 million, and this amount covers banks employees in the state. " 
"The state needs to increase hard currency earnings , especially in the recent events and post - Daesh and destruction that the demolition of the areas that were under the control of the terrorist organization, as well as the diversification of income sources, such as agriculture, industry, tourism , natural gas, leaving the dependence on a single source of income which is oil and then The decline in global prices shows Iraq and the OPEC oil - producing loss. " 
He continued soften "must be a strategy to increase the production plan, which is to raise production commensurate with the needs of Iraq and the organization of the administration of the fact that the management of oil industry and wealth and the organization of cases of oil waste in the center and south of any organization of the oil sector , especially since the state adoption by 95% of oil and even today It did not approve oil and gas law. "

He pointed out that "supposed government reliance on national oil cadres as the Southern Oil, the North and Kurdistan and the Ministry of Natural Resources and the Ministry of Oil in Baghdad and call foreign companies in an orderly and ensure national investment and take advantage of them in the development of expertise and production and stop waste," noting that "Iraq is wasted daily An estimated $ 10 million is enough to build ten advanced villages. "

He stressed that "the government needs to provide what the domestic demand of oil and its derivatives, and to exceed its production leads to losses in the efforts and energy losses in export."

He said oil expert Hamza jeweler told the «Journal News» that "Iraq did not reach self - sufficiency and export of oil derivatives Kalmktvat oils and natural gasoline stage, because of the Baiji refinery stopped there has become a significant shortage of petroleum products. 
He added that the jeweler "existing refineries include expansion and development in its production capacity and operations there are new refineries under construction and after completion and entry into production and export could start producing oil derivatives"

"The self-sufficiency of petroleum products can not be determined according to the current filter and even future for being subject to strategic operations and go through many stages and can not be evaluated and estimated production rates and revenues," and noted that "Iraq produces white oil achieving self-sufficiency and the rest of the products being under import to clog local shortage "

He said Oil Minister Jabbar Allaibi earlier to "that Iraq has the right to access the oil produced to a level commensurate with its reserves of crude," agreed OPEC members and other producers from outside the organization led by Russia last year on a production cut of 1.8 million barrels per day, to reduce the glut of crude stocks , support prices.

He Allaibi that "Iraq has the right to be proportional to its oil production with huge reserves 
Allaibi said, during the event in London on Monday (July 3, 2017), that Baghdad has the right to reach its production of oil to a level commensurate with its reserves of crude

The members of OPEC and other producers from outside the organization led by Russia agreed last year to cut production by 1.8 million barrels per day to reduce the glut of crude inventories and support prices, Under the agreement, Iraq agreed to reduce production by 210 thousand barrels per day

Iraq 's second - largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia , where Iraq 's production reached 4.4 million barrels per day in the month of June, representing a reduction of $ 170 thousand barrels per day , is 
worth mentioning that the Iraqi oil reserves , the volume certainly reach 112 billion barrels, while the estimated uncertain reserves up to 360 billion barrels represents the Iraqi oil reserves accounted for 10.7% of total world reserves, and Iraq has all kinds of oil from light, medium and heavy.

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Iraq, July 8, 2017 

Iraqi data on oil exports and generated revenues for the first half of 2017 provide the material evidence to assess the impacts of the first accord of OPEC production cut on Iraq and its fiscal crisis.

During the first half of the year, Iraq’s oil export prices has been on the decline reaching the critical benchmark of $42 a barrel; deficit in oil export revenues was, partially, resulted from KRG non-compliance, and its impact on Kirkuk, with this year Budget Law, though much of that deficit was compensated by exports from the south.

And with most predictions of further decline in oil prices budgetary deficit could be deepen.

This assessment and for comparison purposes covers nine months period divided into two sub-periods: the first is pre-OPEC cut commencement, which covers the fourth quarter of 2016 (4Q2016) and the second post-OPEC cut commencement, which covers the first half 2017 (1H2017) and also the full term of first OPEC cut accord; and this second period is also divided into two quarterly periods; 1Q2017 and 2Q2017.

The paper addresses first oil price and oil exports, then assesses the budgetary implications and finally provides brief note the prospects of oil prices for the rest of the year. All data are from official/formal sources.

businessnews

http://iraqdailyjournal.com/story-z15560151

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4 events awaiting them week Almqubl..ooopk the global economy and "unrelenting" in the foreground

4 events awaiting them week Almqubl..ooopk the global economy and "unrelenting" in the foreground
It showed a recent survey that the production of OPEC oil during the last month rose to the highest level in 2017
 
 July 9, 2017 13:59

From: forbade copper

Direct: Several investors awaited important economic events next week, with an expected on the commodity and currency markets, the effects more than others.

It is scheduled to be announced on the report of OPEC for the month of June, which will carry the final word in the production of Member States, after several reports pointed to increased production.

It is also scheduled to turn the President of the Federal Reserve to testify before the US Congress, along with important US economic data will be announced.

OPEC production

OPEC issued monthly report on production and prices for crude oil for the month of June level, on Wednesday.

The report comes after a series of crude saw strong losses last month, where he finished the first half of the year through the decline was the largest since 20 years.

The expectations about OPEC production for the month of June, all come in crude prices is invalid, where he showed a recent survey told "Bloomberg" that the production of OPEC oil during the last month rose to the highest level in 2017.

The agency said that the production of oil OPEC rose by 260 thousand barrels per day in the month of June, to hit 32.55 million barrels per day.

Another survey also showed the agency "Reuters", OPEC oil production rose by 289 thousand barrels per day in June to reach 32.57 million barrels per day.

Head of the Federal Certificate

Progressing president of the Federal Reserve Janet Yellen, to testify semi-annual Congress on Wednesday and Thursday.

It is expected to answer "unrelenting" to questions about the health of the US economy, and look at the monetary policy of the Federal Reserve.

According to published this week that the minutes of the Federal Reserve chairman state of "Minneapolis" was the only objecting to the decision to raise the interest rate, demanding to wait for further signs of recovery for inflation.

The record also noted that the process of reducing the budget of the Federal Council will begin in September, with expectations of a recovery in the rate of inflation, expected to reach the target ratio estimated at 2% next period.

Meet French American

Head of US President, on Friday, to visit France resides in the celebrations of "the memory of the Bastille", part of his European tour, which launched last Thursday before the start of the twentieth summit in Germany.

Donald Trump began his tour of the old continent to visit Poland , who promised them while he was working with them to address " the destabilizing behavior of stability" by Russia.

The US comes Zayah to France a month after the US withdrawal from the Climate Convention, which met with universal rejection of.

He said, "Trump" that the United States would withdraw from the Paris agreement on climate; in order to meet the official duty "to protect its interests and its citizens."

US data

United States declares, on Friday, a group of important economic data, ranging from consumer price index, retail sales, industrial production.

The consumer price index in the United States recorded a decline by 0.1% during last May on a monthly basis, compared with growth of 0.2% in April , the former for him.

The expectations come for the month of June that consumer prices recorded an increase of 0.1%.

Investors are awaiting data retail sales of US in anticipation of this month; due to the decline at the lowest level in 16 months during May.

But expectations for their performance in June was positive, with an estimated growth rate of 0.2%.

As for industrial production has seen stable in May, at a time when forecasts indicate that the record growth in June.

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Iraq’s wasted years with its refinery plans

The worst of it is the billions being spent on importing much needed supplies

Published: 13:47 July 9, 2017Gulf News
 
 

When a politician makes statements that are incorrect, self-serving, self-endearing or giving promises that cannot be fulfilled, his statements are often disregarded or quickly forgotten.

But when a technocrat minister falls in the same game, it is hard for beneficiaries to let go, as their expectation is much higher and they don’t want to be let down. When Iraq’s Oil Minister Jabbar Al Luiebi took office a year ago, former colleagues, including myself, were hopeful that he will be able to drive the ministry on a recovery path to fulfil its most urgent objectives. He is after all a son of the industry with decades of operational and management experience.

lg.php?bannerid=0&campaignid=0&zoneid=23

However, recent statements by the minister are reasons for concern. I refer to an interview with “Iraq Oil Report” and a television interview with “Al Sharqiya” later. The Minister insists that the Opec accord, which Iraq twice signed and agreed to, is concerned with export cuts and not production. This is counterproductive and does not serve any interest of Iraq. The numbers are clear in the Opec agreement — Iraq is to reduce production from 4.561- to 4.351 million barrels a day (million bpd), implying a reduction of 210,000 barrels a day.

The minister said that Iraq production will increase to 5 million bpd by the end of the year, and that “Iraq is committed to be in line with Opec. We will not deviate from Opec policy at all.”

The two things are difficult to reconcile and the market will view them as preludes to future conflict and lower oil prices.

 

Iraq against all logic contracted with international oil companies in 2009-10 to have a production capacity of 12 million bpd by 2017. So, 5 million bpd by the end of this year means that Iraq should not develop any new fields to exacerbate the difficulties faced with current contracts. Yet, the minister said that negotiations with Exxon Mobil and CNPC are ongoing to develop Nahr Omar and Rattawi fields and an agreement — including one for the delayed water injection scheme — is expected by the end of the year. (The water injection is a must but not tied to additional field developments.) The Minister said: “All in all, we want to have a total refining capacity of 1.5 million bpd at least”, which implies the Iraq National Energy Strategy’s 2013 numbers. And includes the four large refineries announced previously.

Yet, there are so many new announcements made for new refineries that Iraq’s capacity may surpass 2 million bpd. No one knows how these came about or on what feasibility studies. This does not constitute a “very genuine and comprehensive strategy” and such announcements serve local politics and not the refining industry.

On the Missan refinery, the minister said: “But I think we’ll terminate the contract with them and retender it”, meaning no role for Satarim, a company of no standing and which was declared bankrupt in Switzerland. Iraq waited more than three years for nothing.

The 300,000 barrels a day Nassiriya refinery is now 150,000 because the minister “looked at it and it was too high of a scope of work, so I like it at 150,000 bpd.” So what will happen to the millions spent on the refinery feasibility and FEED? I respect the minister’s wish but this is not the way to plan an industry.

It is sad to know that the infamous Ninewa refinery is now a reality and in spite of all the objections made is “built outside of Ninewa, within Erbil territory”. The first user is the Ministry of Oil, in a processing deal to refine 40,000 barrels a day.

But I must say that the Ministry is well advised to learn how a local investor can build and operate a refinery in three years while it is even unable to keep the Kerbala refinery schedule for lack of funds. And the Minister in his television interview implied that it is a mistake to finance refineries and that should be left to investors.

Is it not a mistake to import billions of dollars in products since 2003? The budget of 2017 “comes to $1.2 billion to $1.3 billion a year for importing fuel” and may have reached $4 billion a year in years when oil prices were high.

The writer is former head of the Energy Studies Department at the Opec Secretariat in Vienna.

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11 hours ago, yota691 said:

When a politician makes statements that are incorrect, self-serving, self-endearing or giving promises that cannot be fulfilled, his statements are often disregarded or quickly forgotten.

 

11 hours ago, yota691 said:

Iraq against all logic contracted with international oil companies in 2009-10 to have a production capacity of 12 million bpd by 20

:lol::lol::lol:

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19 minutes ago, ladyGrace'sDaddy said:

Exactly

So you understood that? :D and GM LGD and all of DV...

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1 minute ago, yota691 said:

So you understood that? :D and GM LGD and all of DV...

Yes Sireee. :lol: And good Morning to you too my Brother

Edited by ladyGrace'sDaddy
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Yesterday......

 

 

The worst of it is the billions being spent on importing much needed supplies
Iraq, July 10, 2017 

When a politician makes statements that are incorrect, self-serving, self-endearing or giving promises that cannot be fulfilled, his statements are often disregarded or quickly forgotten.

But when a technocrat minister falls in the same game, it is hard for beneficiaries to let go, as their expectation is much higher and they don’t want to be let down. When Iraq’s Oil Minister Jabbar Al Luiebi took office a year ago, former colleagues, including myself, were hopeful that he will be able to drive the ministry on a recovery path to fulfil its most urgent objectives. He is after all a son of the industry with decades of operational and management experience.

 

 

However, recent statements by the minister are reasons for concern. I refer to an interview with “Iraq Oil Report” and a television interview with “Al Sharqiya” later. The Minister insists that the Opec accord, which Iraq twice signed and agreed to, is concerned with export cuts and not production. This is counterproductive and does not serve any interest of Iraq. The numbers are clear in the Opec agreement — Iraq is to reduce production from 4.561- to 4.351 million barrels a day (million bpd), implying a reduction of 210,000 barrels a day.

The minister said that Iraq production will increase to 5 million bpd by the end of the year, and that “Iraq is committed to be in line with Opec. We will not deviate from Opec policy at all.”

The two things are difficult to reconcile and the market will view them as preludes to future conflict and lower oil prices.

Iraq against all logic contracted with international oil companies in 2009-10 to have a production capacity of 12 million bpd by 2017. So, 5 million bpd by the end of this year means that Iraq should not develop any new fields to exacerbate the difficulties faced with current contracts. Yet, the minister said that negotiations with ExxonMobil and CNPC are ongoing to develop Nahr Omar and Rattawi fields and an agreement — including one for the delayed water injection scheme — is expected by the end of the year. (The water injection is a must but not tied to additional field developments.) The Minister said: “All in all, we want to have a total refining capacity of 1.5 million bpd at least”, which implies the Iraq National Energy Strategy’s 2013 numbers. And includes the four large refineries announced previously.

Yet, there are so many new announcements made for new refineries that Iraq’s capacity may surpass 2 million bpd. No one knows how these came about or on what feasibility studies. This does not constitute a “very genuine and comprehensive strategy” and such announcements serve local politics and not the refining industry.

On the Missan refinery, the minister said: “But I think we’ll terminate the contract with them and retender it”, meaning no role for Satarim, a company of no standing and which was declared bankrupt in Switzerland. Iraq waited more than three years for nothing.

The 300,000 barrels a day Nassiriya refinery is now 150,000 because the minister “looked at it and it was too high of a scope of work, so I like it at 150,000 bpd.” So what will happen to the millions spent on the refinery feasibility and FEED? I respect the minister’s wish but this is not the way to plan an industry.

It is sad to know that the infamous Ninewa refinery is now a reality and in spite of all the objections made is “built outside of Ninewa, within Erbil territory”. The first user is the Ministry of Oil, in a processing deal to refine 40,000 barrels a day.

But I must say that the Ministry is well advised to learn how a local investor can build and operate a refinery in three years while it is even unable to keep the Kerbala refinery schedule for lack of funds. And the Minister in his television interview implied that it is a mistake to finance refineries and that should be left to investors.

Is it not a mistake to import billions of dollars in products since 2003? The budget of 2017 “comes to $1.2 billion to $1.3 billion a year for importing fuel” and may have reached $4 billion a year in years when oil prices were high.

The writer is former head of the Energy Studies Department at the Opec Secretariat in Vienna.

gulfnews

 

http://iraqdailyjournal.com/story-z15571371

 

 

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To promote sustainable social and economic development in 40 developing countries

OPEC Fund for Development supports new financing B320 million dollars

 

     
26a.jpg
OPEC's headquarters in Vienna (Archival)
Date Published: Tuesday, July 11, 2017

Vienna (WAM)

Board of Governors adopted the OPEC Fund for International Development «Ovid» a new batch of funds facilitated a total value of more than $ 320 million to promote sustainable social and economic development in more than 40 developing countries in Africa, Asia, Eastern Europe and Latin America and the Caribbean. This came during a regular session of 159, and the second this year, which was held at the headquarters of Ovid in the Austrian capital Vienna to coincide with the convening of the Ministerial Council of Ovid.

Said Suleiman J. Al-Herbish, Director General of «Ovid», the batch of new funds come under the new Ovid strategic plan decade that was developed based on a study and careful analysis of the needs of partner countries and include a comprehensive and integrated knit development approach is a priority on the global agenda of urgent sustainable development aimed at facilitating access access to modern energy, clean water and adequate food in addition to the provision of transport services and support.

 

 

He praised Herbish, to making steady progress Ovid significant in this regard, as these areas accounted for a combined 73% of the total pledges Ovid during the year, and expressed readiness Ovid to mobilize all available means to support these vital sectors throughout the world.

 

At the level of the public sector, which represents the main pillar of the operations of Ovid operations, Herbish, pointed out that it has been allocated nearly a third of the new funds, which is estimated at $ 111 million to support vital projects, including energy, water, agriculture, irrigation and transport sector in seven low-income countries in each from Africa, Asia and Latin America.

 

 

He added that the whole public sector operations come in cooperation with the governments of low-income and other development institutions, countries with a view to joint efforts to coordinate and maximize the results to the greatest extent possible in order to sustain activities, stressing that these partnerships come in the context of a message Ovid to promote solidarity among the countries of the South in order to eliminate poverty, as well as being the target comes under the seventeenth to the goals of sustainable development, which stipulates the importance of «strengthening of the means of implementation and revitalization of the global partnership for sustainable development» umbrella.

 

It is noteworthy that Ovid has provided since its inception in 1976, so far more than US $ 20 billion in the form of concessional loans and grants to support sustainable development projects in 134 developing countries all over the world, paying the highest priority to the poorest.

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High oil prices other than market conditions

Number of readers: 137

 

 

8
High oil prices other than market conditions

 

11-07-2017 02:17 PM

 

Euphrates -


Oil rose Tuesday with the support of strong demand in the coming weeks , but the expectations of market conditions in general remain weak due to the continuing glut of fuel supplies , which prompted a number of banks to reduce its forecast price. 
Global record London Brent crude to $ 47.01 a barrel , up 13 cents , or the equivalent of 0.3 percent from the previous close. 
And it increased futures contracts for WTI US median ten cents or 0.2 percent to $ 44.50 a barrel. 
Traders said that the rise in prices was partly due to the expected demand force valuable coming weeks.

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22 hours ago, ladyGrace'sDaddy said:

Yes Sireee. :lol:

Little math @ 12 mbpd every year = 8 (100) 73 (billion) 6 (100 million) usd, take it little further every 5 years = 4 (trillion) 368 (billion) usd just in oil and GM DV...

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18 minutes ago, yota691 said:

Little math @ 12 mbpd every year = 8 (100) 73 (billion) 6 (100 million) usd, take it little further every 5 years = 4 (trillion) 368 (billion) usd just in oil and GM DV...

GM, Yota!

Chump Change!!

:moon-from-car:

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