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Oil: Revenues last September amounted to about nine billion dollars


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Iraq strengthens storage and export of crude oil

 
 Basra: Saad Al-Sammak
 
The Basra Oil Company has begun implementing plans for maintenance, rehabilitation and increasing the capacities of the storage and export system in the oil sites and ports, while confirming the continuation of understandings with the Kuwaiti side to invest in joint fields.
Meanwhile, the company drew contacts with its French counterpart, Total, to reach contractual understandings to implement four diverse mega projects.
The director of the company, Khaled Hamza Al-Shara, told Al-Sabah: “The Ministry of Oil has undertaken the maintenance, rehabilitation and expansion of the storage and export system capacities at oil sites and ports to absorb the available quantities extracted from crude oil from the oil licensing fields in West Qurna, Rumaila, Zubayr, and the national effort, including the Nahran fields. Omar, Artawi and Lahis. " 
He pointed out that "the rate of total crude oil exports for the month of April from the Basra oil ports is stable at two million and 700 thousand standard barrels per day."
Al-Shara added that "oil production will continue at this declared level, in accordance with ministerial instructions, according to an organization agreement." OPEC Plus. "
He explained that "the rate of crude oil production in the Basra fields currently touches 2 million and 570 thousand barrels," indicating that "the recent agreement of OPEC imposed on member states a reduction rate to control the market balance, and the supply resulting from the increase in production and the collapse of global demand as a result of the repercussions of the Corona virus on economies. Producing countries And industrial. "
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 2021-05-02 06:50
 

Shafaq News / The Ministry of Oil announced on Sunday the total exports and revenues achieved for the month of April.

According to the preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO", where the volume of exports of crude oil reached (88) million and (398) thousand and (319) barrels, with revenues of (5) billion and (525) million and (330) one thousand dollars .

The statistics indicated that the total exported quantities of crude oil for the month of April from the oil fields in central and southern Iraq amounted to (85) million and (534) thousand and (916) barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached two million and ( 863) a thousand and (403) barrels.

The average daily exports reached two million, and (947) thousand barrels, while the average price per barrel was (62,505) dollars.

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During last April ... Oil announces the total achieved exports and revenues

Political02:08 - 02/05/2021

 
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Baghdad - Mawazine News
The Ministry of Oil announced, on Sunday, the total exports and revenues achieved for the month of April.
According to statistics issued by the Iraqi Oil Marketing Company "SOMO", which received "Mawazine News" a copy of it, the amount of crude oil exports reached 88 million 398 thousand and 319 barrels, with revenues of 5 billion, 525 million and 330 thousand dollars.
The statistics indicated that "the total exported quantities of crude oil for the month of April from the oil fields in central and southern Iraq amounted to 85 million 534 thousand and 916 barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached two million, 863 thousand and 403 barrels."
She added that "the average daily exports amounted to two million, and 947 thousand barrels, while the average price per barrel reached 62,505 dollars." Ended 29 / p4

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During last April ... Oil announces the total achieved exports and revenues

 

Economie02:08 - 02/05/2021

 
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Baghdad - Mawazine News
The Ministry of Oil announced, on Sunday, the total exports and revenues achieved for the month of April.
According to statistics issued by the Iraqi Oil Marketing Company "SOMO", which received "Mawazine News" a copy of it, the amount of crude oil exports reached 88 million 398 thousand and 319 barrels, with revenues of 5 billion, 525 million and 330 thousand dollars.
The statistics indicated that "the total exported quantities of crude oil for the month of April from the oil fields in central and southern Iraq amounted to 85 million 534 thousand and 916 barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached two million, 863 thousand and 403 barrels."
She added that "the average daily exports amounted to two million, and 947 thousand barrels, while the average price per barrel reached 62,505 dollars." Ended 29 / p4

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 2021-05-04 04:35
 

Shafaq News / The Ministry of Oil announced, on Tuesday, that Iraq's oil exports during the first quarter of 2021 amounted to more than 260 million barrels, indicating that China and India were the most buyers of Iraqi oil.

The Oil Marketing Company (SOMO) said in a statistic on its official website, seen by Shafaq News Agency, that the total oil exports for the year 2021 amounted to 263 million, 112 thousand, and 383 barrels, with a monthly export rate of 87 million and 704 thousand barrels, and a daily average of two million And 923 thousand barrels.

It indicated that the revenues generated from sales of crude oil amounted to 15 billion and 564 million dollars, at a rate of 5 billion and 188 million dollars per month, indicating that the average monthly sales price of crude oil amounted to 59 dollars and 15 cents per barrel.

Sumo indicated that the total exports from the oil fields in Basra and central Iraq exported through the ports of Basra for the first quarter of this year amounted to 253 million, and 216 thousand barrels, with revenues of 14 billion and 994 million dollars, indicating that the total exports from the Kirkuk fields through the port Ceyhan Al-Turki amounted to 9 million and 896 thousand barrels, with financial revenues of 569 million, and 567 thousand dollars.

He pointed out that Chinese and Indian oil companies were the most buyers of Iraqi oil, followed by American companies.

Iraq exports nearly 70% of its crude oil to Asia, especially India and China, while the rest exports to Europe and America.

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  • 4 weeks later...

Today, Thursday, the Ministry of Oil announced the final statistics of the exported quantities of crude oil and the revenues generated for the month of April.

 

The ministry said in a statement that "last April's revenues amounted to (5) billion and (549) million and (517) thousand dollars, and the quantity of exports of crude oil amounted to (88) million (398) thousand and (319) barrels."

 

She added that "the average price per barrel amounted to (62.779) dollars."

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Last April, India was at the top of the list of buyers of Iraqi oil

Economie10:03 - 5/27/2021

 
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BAGHDAD - Mawazine News
The Iraqi Oil Marketing Company "SOMO" announced, on Thursday, that Indian companies were the most buying Iraqi oil, during the month of April.
"Indian companies were the most numerous among other international companies in purchasing Iraqi oil, and by 8 out of 32 companies that bought oil last April," SOMO indicated in a statistic published on its official website and seen by Mawazine News.
She pointed out that "China came in second place with 6 companies, and then South Korean and American companies, by 3 companies each, and then Russia and Italy by two companies each."
"The rest was distributed among British, Greek, Malaysian, French, Dutch, Egyptian, Spanish and Turkish companies, by one company each," Sumo said. Ended 29 / p4

 
 
 
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Iraq is studying a new standard for pricing spot oil sales

Iraq is studying a new standard for pricing spot oil sales
oil - archival
 

 

 

Mubasher: The Iraqi Oil Marketing Company (SOMO) hinted today, Thursday, that it will adopt standard standards as the basis for future pricing for spot oil sales. 

The deputy general manager of the company, Ali Al-Shatri, said, in a statement carried by the Iraqi News Agency, "INA", that all options are open in the matter of pricing, asking, "If market prices are really strong, then why do we not link our immediate shipments directly to the standard standards?"

He added: "It may happen that this mechanism will be changed when market conditions permit, not only in order not to incur losses, but in order to achieve better profits."

Al-Shatri stressed that Iraq is currently using official selling prices as a basis because it wants to measure the interest and pricing of crude oil.

He continued, “For the time being, we are keeping this tool (linking with benchmark oil prices) not for the sake of selling at a better price, but for the possibility of using it as a sensor for benchmark oil prices,” noting that “with the current rapid changes and fluctuations in the market, we will need a sensor to tell us about performance of official oil prices.

Iraq, OPEC's second-largest oil producer, usually issues a monthly tender for spot goods, which are usually sold at a premium or at a discount to official selling prices.

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 Baghdad: morning 
The Iraqi Marketing Company (SOMO) hinted at adopting benchmarks as a basis for future pricing of spot oil sales.
"All options are open in the matter of pricing," Deputy General Manager of the company, Ali Al-Shatry, said in a statement quoted by S&P Global, asking, "If market prices are really strong, then why don't we link our immediate shipments directly to the standard standards?"
He added, "It may happen that this mechanism will be changed when market conditions permit, not only in order not to incur losses, but in order to achieve better profits."
Al-Shatri stressed that "Iraq is currently using the official selling prices as a basis because it wants to measure the interest and pricing of crude oil." He continued: “At the present time, we keep this tool (the link with the benchmark oil prices) not for the sake of selling at a better price, but for the possibility of using it as a sensor for the benchmark oil prices,” noting that “with the current rapid changes and fluctuations in the market, we will need a sensor to tell us about performance of official oil prices.
Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries, usually issues a monthly tender for spot goods, which are usually sold at a higher price or at a discount to the official selling prices.
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  • 2 weeks later...
 
4431.jpg
oil field
  

 energy


Economy News - Baghdad

The Oil Marketing Company (SOMO) announced on Saturday that the Kurdistan Regional Government has not delivered any quantities of crude oil to the federal government.

The Director General of the Oil Marketing Company (SOMO), Alaa Al-Yasiri, said, in a statement to the official news agency and seen by "Economy News", that "the Iraqi Ministry of Oil represented by the Oil Marketing Company has invited the contracting companies to purchase Iraqi crude oil and the companies that own service contracts, which are, in their entirety, One of the major international companies in the field of oil industry, to supply it with specific quantities of Iraqi crude oil by way of prepayment.  

He added, "The adoption of the advance payment method came for the purposes of supporting the financial resources of the Iraqi state treasury, which was suffering greatly from the decline in financial revenues to the public budget as a result of the decline in oil prices to very low limits due to the Corona pandemic."  

He continued, "The referral was not made at the time, as crude oil prices witnessed a recovery as a result of the decisions of the Organization (OPEC) and its allies to reduce production."  

He pointed out that "the approved mechanism for allocating quantities of crude oil to international companies buying Iraqi crude oil is according to the quantities available for export, which are notified to us by the Ministry of Oil, which changes annually according to a set of technical and logistical factors and in line with the agreement of the OPEC countries. (OPEC) regarding Iraq’s share of global production, as the Oil Marketing Company takes all necessary steps to disburse the entire quantities of crude oil intended for export.”  

He explained that "the oil marketing company has mechanisms that are distinguished by transparency and integrity and to ensure that the entire quantities available for export are spent in accordance with a tight marketing plan that targets promising markets and in a way that guarantees the largest financial return for the country and in a sustainable manner."  

He stressed that "the company succeeded in acquiring large market shares in the most important global crude oil markets, especially in the Asian market, including India and China, achieving the first ranks in terms of the dependence of those countries on our oil."  

He noted that "the most important global news sources, including (S&P Global Platts), indicated Iraq's success in acquiring good market shares in the most important crude oil consumption markets."  

He pointed out that "any of the reputable international companies registered in the approved global sources with liquidation capabilities can submit their request to purchase crude oil in a manner that ensures that Iraqi crude oil of all kinds is not traded and that its strategic and market value is preserved, provided that this entity is not among the companies on the list." Black companies that are prohibited from dealing with them.  

He stressed that "the Kurdistan Regional Government has not delivered any quantities of crude oil to be marketed by the Oil Marketing Company. As for the delivery of these financial quantities, it belongs to the Federal Ministry of Finance, according to what is stated in the budget law, which requires the Kurdistan Regional Government to commit to delivering the amounts of no less than About 250 thousand barrels per day of crude oil at the price of the Oil Marketing Company.  

 
 
Views 285   Date Added 09/18/2021
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  Baghdad: Tariq Al-Araji
 
The Oil Marketing Company "SOMO" is studying the proposal to adopt Basra crude in the international price list, while it confirmed that the total exported quantities of Basra's medium oils exceeded 241 million barrels since the beginning of the year until the 31st of last month.
SOMO's general manager, Alaa Khader Al-Yasiri, told Al-Sabah: "The company has always been searching for all means and mechanisms that support maximizing the state's financial returns through the continuous study of the reality of the global oil market and developments on it, and the company is currently studying the adoption of Basra oil." In the international price list, and if the study concludes that there is an economic feasibility in adopting this mechanism, the steps and procedures that support this trend will be followed, according to the powers and requirements to maximize revenues.
He added that "Iraqi oil is a mixture of a group of fields in central and southern Iraq, most of which are in the governorates of Basra, Maysan and Dhi Qar, and most of these fields are made up of a mixture of crude oil, and that the medium crude is produced from the Basra governorate, whose export rate was 35.05% of the total The exported quantities of Iraqi crude oil compared to Basra crude oil (heavy and light) during the period from 1/1/ 2021 to 31/8/ 2021.
Al-Yasiri indicated that "the total exported quantities of Basra medium crude oil during the period from 1/1/2021 to 31/8/ 2021 amounted to 241,306,742 barrels, and the percentage of the exported from it to Asian markets during the same period was 76.5%, with a quantity of 184,494,283 barrels."
It is noteworthy that the month of November of last year 2020 witnessed the unveiling of a new crude called "Basra Medium Crude", to be a new, third grade with Basra Light and Heavy crude, to be launched and exported to global markets early this year 2021.
Iraq began to see an increase in demand for "Basra Medium Crude", which has new specifications, by dividing the production of Basra Light into two degrees, where the attractiveness of Basra Light (light) crude is 33 degrees, while the attractiveness of Basra Medium crude is about 29 degrees, and Heavy is at 24 degrees, and on this basis, the more the amount of gravity decreases, it gives an indication that the liquid is heavier, and the quantities of gasoline and diesel extracted from this ore will decrease when it is refined.
Reports stated that (Medium Crude) began to dominate Iraqi oil exports to Asian countries, outperforming Basra light and heavy shipments together.
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China tops the list.. 34 companies buy the most Iraqi oil last August

Economie11:01 - 09/28/2021

 
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Baghdad - Mawazine News
The Iraqi Oil Marketing Company "SOMO" announced, on Tuesday, that Chinese oil companies were the most numerous to purchase Iraqi oil during the month of August.
And "SOMO" stated in a statistic published on its official website, that "8 Chinese companies out of 34 companies purchased Iraqi oil during the month of August."
She added that "Indian companies came second with 7 companies, and then American companies came with 3 companies," noting that "the Greek, Italian and South Korean companies were third with two companies each, while the rest were distributed among French, Turkish, Brazilian, Azerbaijani, Egyptian, Spanish, Malaysian and (Dutch- British), Russian and Japanese, with one company each.
Sumo indicated that it "relies in selling Iraqi oil on the main criteria for contracting with major, medium, independent and vertically integrated international oil companies," noting that "the most prominent international companies that bought Iraqi oil are the Indian Bharat Company, China's Petrojena, Exxon Mobil, Chevron of the Americas and Shell." Dutch, British, Italian Eni, and Russian Gazprom. Ended 29/A 43

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  •  Time: 09/27/2021 10:56:59
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Oil announces revenues and exports last month
  
{Economic: Al Furat News} The Ministry of Oil announced the total exports and revenues achieved for the month of August, according to the final statistics issued by the Iraqi Oil Marketing Company {SOMO}.

 

A statement by the ministry, which Al-Furat News received a copy of, stated that "the amount of crude oil exports amounted to 94 million and 660 thousand and 239 barrels, with revenues of 6 billion and 553 million and 762 thousand dollars."

The statistics indicated, "The total quantities of crude oil exported for the month of August from oil fields in central and southern Iraq amounted to 91 million and 655 thousand and 930 barrels, while from Kirkuk fields through Ceyhan port, the exported quantities amounted to 3 million and 4309 barrels."
The average price per barrel was (69,235) dollars.

Sumo added that "the total exported quantities of crude oil shipments at a price premium achieved additional revenues of 130 million and 990 thousand and 954 dollars."

And she noted, "The exported quantities were loaded by 35 international companies of different nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan."

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 2021-10-01 08:48
 

Shafaq News/ The Ministry of Oil announced the total exports and revenues achieved for the month of last September, according to the preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO".

According to the statistics, the amount of crude oil exports amounted to (92) million (422) thousand and (485) barrels, with revenues amounting to approximately (6) billion (711) million and (7) thousand dollars.

The statistics indicated that the total quantities of crude oil exported for the month of September from oil fields in central and southern Iraq amounted to approximately (89) million (224) thousand and (354) barrels.

As for the Kirkuk fields through Ceyhan port, the exported quantities amounted to two million, and (922) thousand and (857) barrels. While the quantities exported to Jordan amounted to (275) thousand and (274) barrels.

And the daily average of total oil exports has reached (3) million and (81) thousand barrels per day.

And the average price per barrel amounted to (72,612) dollars.

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  • 3 weeks later...
 
8542.jpg
The oil expert, Hamza Al-Jawahiri
  

 energy


Economy News - Baghdad

The oil expert, Hamza Al-Jawahiri, announced that the increase in the price of a barrel of oil by one dollar will increase the state treasury by one billion dollars annually.

Al-Jawahiri said that the current rise in oil prices is due to the OPEC Plus agreement, which led to a reduction in production and exports, in addition to a rise in gas prices.

He added that the Iraqi state treasury will increase after the increase in oil prices, and that every dollar will contribute to the entry of one billion dollars annually, calling for the money to increase oil prices to go to development funds.

 

 

 

 
Views 334   Date added 10/18/2021
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 Baghdad: Farah Al-Khafaf 
In a move aimed at maximizing national production, increasing financial revenues and gradually shifting to dependence on clean energy, the Ministry of Oil has developed a strategic plan for the next phase.
coming. The plan, according to the official spokesman for the ministry, Assem Jihad, consists of three axes that go together.
 
Jihad told {Al-Sabah}: {The strategy adopted by the ministry in the next stage includes the axis of maximizing the national production of gas associated with oil and free gas operations through national effort and cooperation with sober international companies, and the gradual shift to dependence on clean energy instead of liquid fuels. due to its high economic returns and Iraq’s commitment to international agreements regarding the environment and climate,” explaining that the contracts concluded by the ministry to implement gas investment projects in the governorates of Basra, Dhi Qar and Maysan will contribute by adding large quantities of gas and stopping its burning and waste.
The National Oil Company has confirmed its keenness to proceed with the ministry's plans to increase production rates to reach the planned and planned capacities for projects to develop oil fields, despite the economic and health challenges facing Iraq and the world.
 He added that {the second axis includes the intensification of exploratory work in the Western Desert in Anbar Governorate and Nineveh, and a number of border areas that contain hydrocarbon compositions, especially gaseous ones}.
As for the other axis, Jihad said: “It depends on expanding and increasing the storage and export capacities of the southern ports and developing the infrastructure,” pointing to the “agreement with Total International to pump $27 billion to implement four strategic projects in southern Iraq,” adding that “an important step.” Supports oil production projects, gas investment and renewable energy.
The official spokesman revealed that a discussion was opened with the American company Chevron regarding the Nasiriyah province project to produce oil and gas in four exploration blocks in Dhi Qar Governorate, due to its importance in enhancing and sustaining national production, noting that it will “contribute to supporting the national economy and sustainable development projects.”
In a related context, Oil Minister Ihsan Abdul-Jabbar stressed the need to increase investments and support projects to develop the gas sector in order to meet the growing need for clean fuels in global markets.
Abdul-Jabbar said on the sidelines of his participation in the work of the World Energy Forum week in Russia, according to a ministry statement received by {Sabah}: {The global gas market must be regulated, and the mechanisms to achieve the required balance between supply and demand by producing countries must be speeded up, calling for addressing the state of confusion. What is happening in global markets as a result of the shortage of supplies by the producing countries and a significant increase in demand.
Abdul-Jabbar stressed the need for gas-producing countries to benefit from the experience of "OPEC Plus" in realistic dealing with global production and consumption and to address the challenges and crises they face.
On the sidelines of the conference, the Minister of Oil met with a number of oil and energy ministers, officials and personalities in a number of countries, as they discussed strengthening and developing bilateral relations to serve common interests, stressing that Iraq has taken important steps in this regard, represented by attracting global investments to treat associated gas and convert it into energy. clean, as well as intensifying exploration operations in areas that contain hydrocarbon compositions, especially gaseous ones.
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Iraqi Oil: $16 billion in additional revenues from export operations

Iraqi Oil: $16 billion in additional revenues from export operations
Iraqi Ministry of Oil
 

Mubasher: A spokesman for the Iraqi Ministry of Oil, Assem Jihad, said today, Wednesday, that the additional revenues that the Ministry of Oil achieves in the federal general budget for the fiscal year 2021 will reduce inflation and the volume of debts.

 

Jihad added, according to the Iraqi News Agency (INA), that the ministry was able to export a number of oils that generate additional revenues, pointing out that the revenues achieved amounted to more than 16 billion dollars, which are added to the 2021 budget.

Jihad expressed his hope for the stability of oil prices and the achievement of revenues, noting that Iraq is with realistic prices in the oil market and not exaggerated ones.

A spokesman for the Ministry of Oil pointed out that the fluctuation of the oil market will cause confusion for producers and consumers, but the wise policy by OPEC and OPEC Plus will work to reach stable prices far from exaggeration.

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