OPEC deal important for oil market stability: Iraqi PM

[Adam Montana]

OPEC deal important for oil market stability: Iraqi PM

By Mohammed Rwanduzy 2 hours ago

Iraqi Prime Minister Adil Abdul-Mahdi addresses reporters during his weekly press conference in Baghdad on July 2, 2019. Photo: Iraqi PMO video

ERBIL, Kurdistan Region — Iraq’s premier praised the OPEC deal to on Tuesday staying oil production cuts for nine more months because it is important for market stability as Baghdad is so heavily dependent on oil revenue. 

“This is important for market stability. This topic, for us, the Kingdom and all the producers and exporters of oil is important because budgets depend on oil market stability,” Iraqi PM Adil Abdul-Mahdi told reporters in his weekly press conference on Tuesday.

 

Members some non-members of the Organization of Oil Producing Countries (OPEC) met in Vienna this week. Following a prior agreement on Monday between Saudi Arabia and Russia, the cartel agreed to extend production cuts of 1.2 million barrels per day (bpd) for nine more months until March 2020 in a bid to push global prices higher.

The agreement was based on the Saudi desires to “face market developments and preserve the measures undertaken”, the PM Abdul-Mahdi revealed, adding that he had a phone call with Saudi King Salman prior to the deal.

According to Iraqi Ministry of Oil statistics for the month of June, Iraq’s oil revenue fell from $7.38 billion in May to $6.4 billion in June as its exports fell by 6 percent, from 111 million barrels in May to 105 million barrels in June.

Iraq exports around 3.5 million barrels per month — the second highest crude oil producer in OPEC.

Iraq has agreements, especially a mega deal with the US giant ExxonMobil, to develop its southern oilfields to increase its production capacity. However, due to a missile that hit the main headquarters of the company in Basra, some foreign staff were evacuated in June. 

The attack against ExxonMobil came amid soaring US-Iran tensions; Iraq could be negatively impacted if the hostilities breakout between Iran and the US.

However, it also raised questions about Iraq’s ability to provide a secure atmosphere in which foreign companies could invest in the decades-deprived oil sector. It has been reported that Iraq could act as Iran’s “ATM” to provide a loophole for US sanctions. 

Abdul-Mahdi, in his typical understated manner downplayed the incidents against energy and other companies working in Iraq, claiming they do not exceed those in “other countries.”

“The security measures are crystal clear. Yes there have been threats, but no real security violation has taken place to any of our oil and non-oil installations. We undertake all measures,” he said.

Some ExxonMobil employees have returned, the PM claimed, without elaborating.

Separately, the PM also touched on connecting Iraq’s electricity grid to Arab and regional electricity grids — namely Jordan, Syria, Saudi Arabia, Turkey and Egypt.

“We haven’t concluded this matter. It is still in the discussion stage. There is both a technical and a financial aspect to it. This is not something that [doesn’t entail] certain financial burdens, extending networks, and costs for these units,” the PM said, though adding the discussions are “serious.”

“We, as Iraq, have to be connected to [electricity] grids just like the countries of the world,” he emphasized.

Iraq does import electricity from Iran, but there needs to be greater interconnection with other regional countries, the PM posited.

Iraq’s electricity grid is aging and strained by an increasing population, reconstruction and development. Usage also peaks in the summer months as temperatures in the south soar over 50 Celsius. The hours of government-produced electricity varies greatly across Iraq and the Kurdistan Region by geography. 

 

Link: http://www.rudaw.net/english/middleeast/iraq/030720191

[blueskyline]

Thank You Adam .GM DV's

[Synopsis]

16 minutes ago, Adam Montana said:

ERBIL, Kurdistan Region — Iraq’s premier praised the OPEC deal to on Tuesday staying oil production cuts for nine more months because it is important for market stability as Baghdad is so heavily dependent on oil revenue. 

 

17 minutes ago, Adam Montana said:

Iraq has agreements, especially a mega deal with the US giant ExxonMobil, to develop its southern oilfields to increase its production capacity. However, due to a missile that hit the main headquarters of the company in Basra, some foreign staff were evacuated in June. 

 

18 minutes ago, Adam Montana said:

However, it also raised questions about Iraq’s ability to provide a secure atmosphere in which foreign companies could invest in the decades-deprived oil sector. It has been reported that Iraq could act as Iran’s “ATM” to provide a loophole for US sanctions. 

 

19 minutes ago, Adam Montana said:

Separately, the PM also touched on connecting Iraq’s electricity grid to Arab and regional electricity grids — namely Jordan, Syria, Saudi Arabia, Turkey and Egypt.

 

 Thank You For The News Article Post, Adam, AND The Very Best Of Your 4th Of July To You!!! 

 

Typically, the most notable articles are referenced in Your weekly post so I lifted what I believe to be important statements (if true and accurate):

• The price per crude oil barrel income outlook for Iraq appears to be positive and likely noticeably above the 2019 budget basis of $56/barrel. Typically, the Bicraqi Iraqi crude price per barrel is between the NYMEX WTI Dude Oil and Brent but closer to Brent. This indicates stable crude oil income for Iraq.
• The main stay of crude oil income will have a predictable boost with increased crude oil production. The caveat is adequate ability for the Bicraqi Iraqi to provide adequate Safe, Secure, AND Stable operation of foreign companies in Iraq. I think THIS is being dealt with and, basically, NOT a major concern for the near AND long term.
• Foreign investments are dependent on a Safe, Secure, AND Stable operational environment whereas the Bicraqi Iraqi are NOW providing the Insanians a means for stable financial facilitation of Insanian humanitarian imports. Since the Bicraqi Iraqi are NOW paying the Insanians in Bicraqi Iraqi Dinar IN Bicraqi Iraqi Banks to purchase the Insanian "humanitarian" imports WITH Bicraqi Iraqi Dinar, the INTERNATIONAL value of the Bicraqi Iraqi Dinar remains to be seen.
• Iraq IS progressing to BECOME Regionally Integrated BEYOND JUST WITH Iran AND WILL greatly ELIMINATE Iran's monopoly on AND influence in Iraq whereas Iraq WILL BE Safe, Secure, Stable, AND Sovereign INDEPENDENT of Iran.

Well, OK, I am REALLY looking forward to Adam's NEXT text, er, post!!!

 

      

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

   

[DinarThug]

Did Somebody Say Supersize Me ?  

 

 

     

 

43 minutes ago, Adam Montana said:

OPEC deal important for oil market stability: Iraqi PM

By Mohammed Rwanduzy 2 hours ago

 

OPEC deal important for oil market stability: Iraqi PM

 

By Mohammed Rwanduzy 2 hours ago

 



 

Iraqi Prime Minister Adil Abdul-Mahdi addresses reporters during his weekly press conference in Baghdad on July 2, 2019. Photo: Iraqi PMO video

ERBIL, Kurdistan Region — Iraq’s premier praised the OPEC deal to on Tuesday staying oil production cuts for nine more months because it is important for market stability as Baghdad is so heavily dependent on oil revenue. 

“This is important for market stability. This topic, for us, the Kingdom and all the producers and exporters of oil is important because budgets depend on oil market stability,” Iraqi PM Adil Abdul-Mahdi told reporters in his weekly press conference on Tuesday.

 

Members some non-members of the Organization of Oil Producing Countries (OPEC) met in Vienna this week. Following a prior agreement on Monday between Saudi Arabia and Russia, the cartel agreed to extend production cuts of 1.2 million barrels per day (bpd) for nine more months until March 2020 in a bid to push global prices higher.
 
The agreement was based on the Saudi desires to “face market developments and preserve the measures undertaken”, the PM Abdul-Mahdi revealed, adding that he had a phone call with Saudi King Salman prior to the deal.

According to Iraqi Ministry of Oil statistics for the month of June, Iraq’s oil revenue fell from $7.38 billion in May to $6.4 billion in June as its exports fell by 6 percent, from 111 million barrels in May to 105 million barrels in June.

Iraq exports around 3.5 million barrels per month — the second highest crude oil producer in OPEC.

Iraq has agreements, especially a mega deal with the US giant ExxonMobil, to develop its southern oilfields to increase its production capacity. However, due to a missile that hit the main headquarters of the company in Basra, some foreign staff were evacuated in June. 

The attack against ExxonMobil came amid soaring US-Iran tensions; Iraq could be negatively impacted if the hostilities breakout between Iran and the US.

However, it also raised questions about Iraq’s ability to provide a secure atmosphere in which foreign companies could invest in the decades-deprived oil sector. It has been reported that Iraq could act as Iran’s “ATM” to provide a loophole for US sanctions. 

Abdul-Mahdi, in his typical understated manner downplayed the incidents against energy and other companies working in Iraq, claiming they do not exceed those in “other countries.”

“The security measures are crystal clear. Yes there have been threats, but no real security violation has taken place to any of our oil and non-oil installations. We undertake all measures,” he said.

Some ExxonMobil employees have returned, the PM claimed, without elaborating.
 
Separately, the PM also touched on connecting Iraq’s electricity grid to Arab and regional electricity grids — namely Jordan, Syria, Saudi Arabia, Turkey and Egypt.

“We haven’t concluded this matter. It is still in the discussion stage. There is both a technical and a financial aspect to it. This is not something that [doesn’t entail] certain financial burdens, extending networks, and costs for these units,” the PM said, though adding the discussions are “serious.”

“We, as Iraq, have to be connected to [electricity] grids just like the countries of the world,” he emphasized.

Iraq does import electricity from Iran, but there needs to be greater interconnection with other regional countries, the PM posited.
 
Iraq’s electricity grid is aging and strained by an increasing population, reconstruction and development. Usage also peaks in the summer months as temperatures in the south soar over 50 Celsius. The hours of government-produced electricity varies greatly across Iraq and the Kurdistan Region by geography. 

 

Link: http://www.rudaw.net/english/middleeast/iraq/030720191 

•  

[jg1]

oil production cuts for nine more months because it is important for market stability. lol. Just say it.

To KEEP RAKING IN THE MONEY. 

[10 YEARS LATER]

Mahdi should practice different facial expressions in front of the mirror - most of the time he looks perplexed, confused or caught in the midst of a Bewilderment.

 

10YL+6&

[mr.unlikely]

He looks like scooby Doo.  Ruhroh!