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Data: Iraq is still recording a performance without being required to fulfill its pledges to OPEC


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 7/21/2020 09:53:36
 

Shafak News / Shipping data and sources in the sector said that Iraq's crude oil exports increased since the beginning of July, indicating that the second largest source in OPEC is still performing below the required level under its pledge in an OPEC-led supply reduction agreement.

The average of Iraq's exports from the south of the country in the first 20 days of July was 2.70 million barrels per day, according to the average figures from Refinitiv Icon and exporters in the sector, without changing from the official figures for the month of June for exports from southern Iraq.

July data indicate that Iraq is still somewhat far from fulfilling its pledges and is issuing more than what a download program for June indicates.

Iraq has told OPEC + that it will offset its excess production in May and June by making a further cut in subsequent months.

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Agency: Iraq raises oil exports in July over OPEC target +

Agency: Iraq raises oil exports in July over OPEC target +
Iraqi oil refinery
 July 21, 2020 05:39 PM

Direct: According to data of maritime freight and sources in the sector, today, Tuesday, that Iraq's exports of crude oil increased since the beginning of July, indicating that the second largest source in OPEC is still recording a performance without what is required under his pledge in an agreement to reduce supplies led by OPEC, according to To Reuters.

The average of Iraq's exports from the south of the country in the first 20 days of July was 2.70 million barrels per day, according to the average figures from Refinitiv Aikon and exporters in the sector, without changing from the official figures for the month of June for exports from southern Iraq, according to Reuters.

OPEC + agreed, earlier, to initiate record supply cuts in May to boost oil prices affected by the Corona virus, and Iraq cut production by 1.06 million bpd under the deal.

Iraq told OPEC + that it would compensate for its excess production in May and June by making a further cut in subsequent months, the agency said.

Exports from northern Iraq increased in July, according to data from carriers and exporters in the sector.

The two sources said that so far exports amounted to at least 450 thousand barrels per day, up from 370 thousand barrels per day in June, and the increase in shipments from the north means that Iraq’s exports have increased 80 thousand barrels per day since the beginning of July.

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Tuesday, July 21, 2020 | 05:17 pm
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According to data from the shipping sector and sources in the sector, Iraq’s exports of crude oil increased since the beginning of July, indicating that the second largest source in OPEC is still recording a performance without what is required under his pledge in an agreement to reduce supplies led by OPEC .

The average of Iraq's exports from the south of the country in the first 20 days of July was 2.70 million barrels per day, according to the average figures from Refinitiv Icon and exporters in the sector, without changing from the official figures for the month of June for exports from southern Iraq .

July data indicate that Iraq is still somewhat far from fulfilling its pledges and is issuing more than what a download program for June indicates .

Iraq has told OPEC + that it will offset its excess production in May and June by making a further cut in subsequent months.

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Iraq explains the real oil exports exceeded the goal of "OPEC +" in July

Iraq explains the real oil exports exceeded the goal of "OPEC +" in July
Oil - Archive
 July 23, 2020 12:30 AM

 

 

Mubasher: The Iraqi Oil Marketing Company issued a clarification regarding what was published about Iraq’s oil exports for the month of July.

The company said in a statement received by the Iraqi News Agency (INA), this evening, Wednesday, that it would like to clarify to the public opinion the fact of the lack of accuracy and professionalism of the analysis contained in the news published on the energy site on the current July 21 titled "Iraqi oil exports in July above a target OPEC + within only 20 days.

The company added that at the time that the news confirmed that the rate of exports from the southern ports of Iraq recorded an average of 2.7 million barrels per day, it had overlooked the fact that this rate in itself was less than (100) thousand barrels per day than the previous June exports rate.

The company continued that with the offer that this rate is not final and does not reflect the commitment of Iraq, which will be shown by the results of exports in the month of July early August, which the Federal Ministry of Oil confirmed that it will represent a full commitment to the agreement of OPEC countries and countries with it to reduce production.

She pointed out that the export rate mentioned in the "Energy" website publication, and after its collection at the region's exports rate from northern Iraq and the volume of local consumption, results in a commitment of nearly 100 percent of the production reduction agreement.

The Oil Marketing Company called on the news and media institutions to be accurate and to take the information and its details from its official official sources.

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On Thursday, the Oil Marketing Company issued a clarification on Iraqi oil exports, while calling for accuracy and taking information and details from its official sources.

The company said in a statement received by Alsumaria News, a copy of it, "a reference to what was published on the energy site on the current July 21 marked the title (Iraqi oil exports in July over a target OPEC(Within 20 days only), she would like Oil Marketing Company To clarify to public opinion the fact that the published news is inaccurate and that the analysis contained therein is not professional.
 
 
 
She added, "While the news confirmed that the rate of exports from the southern ports of Iraq recorded a rate of 2.7 million barrels per day, it had neglected the fact that this rate in itself was less than (100) thousand barrels per day than the rate of exports in the previous June. With the proposal, this rate in itself is not final and does not reflect commitment Iraq What will be shown by the results of the July exports at the beginning of next August, which he confirmed Iraq Via Federal Ministry of Oil It will represent a full commitment to the agreement of OPEC countries and the countries joining them to reduce production. "
 
 
She continued that "the export rate mentioned in the publication of the energy site itself and after its collection at the rate of the region's exports from North Iraq And the volume of domestic consumption results in a commitment of approximately 100% to the agreement to reduce production, "calling on" news and media institutions to be accurate and take the information and its details from its official official sources instead of making mistakes that harm their credibility in this field. "
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 07/22/2020 04:39:01
 

Shafaq News / The Iraqi company, "Sumo", which specializes in selling oil, denied, on Thursday, that it exceeded oil exports in July above the OPEC + target.

And Iraq is the second largest source in OPEC.

The company, which is a government company, was mentioned in a statement received by Shafaq News. "Referring to what was published on the energy site on the current July 21, titled" Iraqi oil exports in July above the OPEC target + within 20 days only ", the Oil Marketing Company wishes to clarify to the public opinion the fact that the published news is not accurate and the professionalism of the analysis contained therein, At the time when the news confirmed that the rate of exports from the southern ports of Iraq recorded a rate of 2.7 million barrels per day, it had neglected the fact that this rate in itself was less than (100) thousand barrels per day than the previous June exports rate with the offer ".

She added that this rate in itself is not final and does not reflect the commitment of Iraq, which will be shown by the results of the July exports at the beginning of next August, which Iraq confirmed through the Federal Oil Ministry that it will represent a full commitment to the agreement of OPEC countries and the countries joining with them to reduce production. 

It showed that the export rate mentioned in the publication of the "Energy" website itself, after collecting it at the region's exports from northern Iraq and the volume of local consumption, results in a commitment of approximately 100% ؜ of the production-reduction agreement.

It is noteworthy that the Organization of Petroleum Exporting Countries agreed to extend the reduction of oil production, while the organization is striving to raise prices soon.

The Iraqi Oil Minister, Ihsan Abdul Jabbar, previously confirmed Iraq’s commitment to the "OPEC +" agreement to reduce oil production with oil-exporting countries and Russia.

And Iraq lost financial revenues of $ 11 billion, due to the low prices for selling oil in world markets, compared to prices that were prevailing in the same period last year.

This came, in an official statistic issued by the Somo National Company specialized in selling oil in May, in conjunction with the record price of crude sharp declines due to oversupply caused by the outbreak of the "Corona" pandemic worldwide.

And Iraq's oil exports make up 98 percent of foreign currency flows to the country, with oil sales making up 45 percent of gross domestic product and 93 percent of public budget revenues.

Yesterday, Wednesday, Oil Minister Ihsan Abdul Jabbar announced that Iraq exported its crude oil at prices that exceeded Brent crude, which fell to $ 43.97 a barrel.

Brent crude is used as a standard for pricing two-thirds of the world's oil production, and consists of an oil mixture of 15 different fields in Brent and Tenian (some of which are located in the United Kingdom and others in Norway), which produce about 500 thousand barrels per day.

And based on the differences between it and other raw materials, it is generally sold at a higher price than the OPEC oil basket.

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Economy News _ Baghdad

On Thursday, the Oil Marketing Company issued a clarification on Iraqi oil exports, while calling for accuracy and taking information and details from its official sources.

The company said in a statement, "Economy News" received a copy of it, "referring to what was published on the energy site on the current July 21 titled (Iraqi oil exports in July above the OPEC target + within 20 days only), the Oil Marketing Company would like to clarify the opinion The year is the fact that the published news is inaccurate and unprofessional.
 
She added, "While the news confirmed that the rate of exports from the southern ports of Iraq recorded a rate of 2.7 million barrels per day, it had neglected the fact that this rate in itself was less than (100) thousand barrels per day than the rate of exports in the previous June. With the offer that this rate in itself is not final and does not reflect the commitment of Iraq, which will be shown by the results of July exports at the beginning of next August, which Iraq confirmed through the Federal Ministry of Oil that it will represent a full commitment to the agreement of OPEC countries and the countries joining with them to reduce production.
 
She continued that "the export rate mentioned in the energy website publication itself, and after collecting it at the region's exports from northern Iraq and the volume of local consumption, results in a commitment of approximately 100% in the production reduction agreement," calling on "news and media institutions to be accurate and take the information and details from its official official sources instead of Make mistakes that harm their credibility in this area. "

 
 
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Iraq responds to the rise in oil exports above the goal of "OPEC +"

 

 

07/23/2020 11:28 890 Editor: am Baghdad today -

 

Baghdad Oil Marketing Company issued a "SOMO", on Thursday, a clarification on Iraqi oil exports. The company said in a statement received (Baghdad today), that "a reference to what was published in the energy site on 21 July present marked, entitled (Iraqi oil exports in July above OPEC's goal + in just 20 days), Todd Oil Marketing Company to clarify the opinion The year is the fact that the published news is inaccurate and unprofessional. The statement added: "At a time when the news that a million barrels a confirmed rate of exports from the southern ports of Iraq, the rate of (2.7 log) per day, he had overlooked the fact that this rate in itself at least more than 100 thousand barrels per day of exports in June the previous rate" . He explained, "This rate in itself is not final, and does not reflect the commitment of Iraq, which will be shown by the results of July exports at the beginning of next August, which Iraq confirmed through the Federal Ministry of Oil that it will represent a full commitment to the agreement of OPEC countries and the countries joining with them to reduce production." The company pointed out that "the export rate mentioned in the publication of the energy site itself and after its collection at the region's exports from northern Iraq and the volume of local consumption results in a commitment of approximately 100% in the production reduction agreement." And called on the oil marketing company, "news reporting and media institutions to be accurate and take the information and its details from official sources instead of falling minute errors harm Bmsaddaqathm this area," according to the statement.

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Ministry of Oil: Iraq is still selling its production at a premium

Ministry of Oil: Iraq is still selling its production at a premium
Iraq’s oil
 July 24, 2020 11:15 AM

Direct: The Iraqi Ministry of Oil revealed, today, Friday, the fact that Iraqi oil was sold for the months of July and August at a price premium on the brands in the global markets.

Deputy Assistant Director General of the Oil Marketing Company for Crude Oil and Gas Affairs Ali Nizar Faeq told the Iraqi News Agency (INA): "The high price of Iraqi crude oil is higher than Brent crude oil, whereas Brent crude is universally classified as a very light oil with a density of 38 abe, as well as the sulfur content is low on zero bound, and is preferred and sold at a higher price based on this qualitative difference from Iraqi oil.

He added that "Iraqi crude as a whole is classified into three categories: Basra Light Crude, Basra Heavy Heavy, and Kirkuk Crude Oil, and that most of the source crude is Basra Light, and Kirkuk Light is added to it, so from this standpoint Iraqi oil is priced on the basis of signal oil for each market." . 

He pointed out that "Brent crude oil is currently witnessing an increase in prices as a result of the OPEC agreement," noting that "the agreement included the countries of the organization, and the countries that come with it from outside the organization, with most of its lump or reduced production from the market, which is acid, medium and heavy." 

Faek added that "the scarcity has led to the price difference between the reference oil, such as Brent crude oil in the European market, being shifted to the positive side instead of the negative side, meaning that the oil is sold at a price premium instead of being sold at a price discount."

He pointed out that "specialists in the Ministry of Oil and the Oil Marketing Company call this difference, according to the geographical specific marketing difference, and it is not called on the basis that it is a price discount, or a price premium, so Basra Light crude oil is sold to Brent crude." 

He stressed that "the Iraqi barrel of oil is now priced on one basis, and is categorized for all customers that buy this type of oil and for all different markets, explaining that" the Asian market consumes most of Iraqi crude oil in quantities up to 70 to 75% of Basra light crude oil. 

Faek pointed out that "Basra Light, in particular, for the months of July and August is sold at a price premium with a positive price difference on all signs of oil in all markets," stressing that "oil in the Asian market," the rate of Oman Dubai "is taken and then added to it in The month of July is a bonus of $ 25 and a 25 cents on the European market, in addition to a price premium of $ two and ten cents, while in the American market where the price of Iraqi crude is priced on the basis of the average sour oil index similar to Iraqi oil.

He stressed that "Iraq is still selling at a price premium of the current July of 58 cents, as this increase is the result of cut production or production cuts made by the Organization and OPEC, as well as the countries with it, which caused the scarcity in the market what invested this The difference is the Oil Marketing Company and its cadres and the leadership cadre in the Ministry of Oil represented by the Minister in the periodic pricing meetings that determine the price differences from the signs.

He noted that "it is not possible to confirm the price increase, since since the beginning of the year 2017 OPEC began implementing the agreement to cut production, and Iraqi oil prices were always in the good direction, and sometimes sold in the negative direction from the signal oil, and this is normal, but with a slight difference and not a big difference, Because of the acid and medium oils cut from these major countries. 

Faek promised the minister’s tweet very minute, because the price difference that was set for Iraqi oil from signal oil, especially Brent crude for oils destined for the European market, is the positive difference, which is a price difference of two dollars and ten cents. The country's financial budgets. " 

Faeq ruled that "the difference reaches full coverage in the budget need, because the price is divided into two classes, the first is the price of the reference oil, which constitutes 90 to 95% of the final price of the Iraqi crude oil price, and the other is the price difference factor that went positively after it was On the negative side, the signal price, as a result of the agreement concluded with OPEC and outside it, is constantly increasing. "

He pointed out that "what was recently announced that some countries reached a vaccine that threw its positive fruits on the price of the signal, which affects a positive, almost complete, and direct impact on the price of Iraqi crude oil, which we witnessed yesterday in the high price of Brent crude oil at more than 44 dollars a barrel."

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