Expectations that “OPEC +” will move forward with increasing oil production

[yota691]

 

Oil prices fall with Ukraine summit and Iran nuclear deal

 

 2022-02-21 00:05

 

Shafaq News/ Oil prices fell today, Monday, due to a plan for US President Joe Biden and Russian President Vladimir Putin to hold a summit on the Ukrainian crisis, and the prospects of concluding a nuclear agreement between Iran and world powers next week.

 

French President Emmanuel Macron's office said in a statement today that he offered the two leaders a summit on "security and strategic stability in Europe." The White House said Biden had agreed to meet "in principle" but only "if there was no invasion."

 

Brent crude futures were down 46 cents, or 0.54 percent, at $90.91 at 04:56 GMT, after jumping more than $1 from $95.00 in early trading, their highest level since Wednesday.

 

Similarly, US West Texas Intermediate crude futures fell 41 cents, or 0.45%, to $89.78 a barrel, after recording $92.93 a barrel.

 

Oil markets have been nervous over the past month amid fears that Russia's invasion of its neighbor could disrupt crude supplies, but price gains have been limited by the prospect of more than 1 million barrels per day of Iranian crude returning to the market.

 

A senior EU official said on Friday that a deal to revive the 2015 Iran nuclear deal was "very close".

 

Analysts said the market remains tight and any addition of oil will help, but prices will remain volatile in the near term as Iranian crude is likely to return later this year.

[yota691]

Iraqi Oil Minister: The current OPEC + strategy is sufficient, and there is no need to increase production quickly

Iraq's Minister of Oil, Ihsan Abdul-Jabbar Ismail

 February 22, 2022 12:34 PM

Mubasher: The Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, said today, Tuesday, that the OPEC + strategy to gradually increase oil production is sufficient to achieve balance in the market, noting that the group does not need to increase oil production faster, despite the rise in the price of crude to about 100 dollars per barrel.

Ismail added, in an interview with "Bloomberg", on the sidelines of a gas industry conference in Qatar, that the coalition, which includes 23 countries, led by Saudi Arabia and Russia, will meet on March 2, and takes into account the growth of production from non-member countries in OPEC+ is like Brazil and Canada, and doesn't want to see any increase in oil stocks around the world.

He continued, "The market will have more and more oil, so we believe that there is no need to deviate from today's strategy. We will not create any growth for commercial storage. We will secure all demand by providing the required supply."

The Iraqi Oil Minister indicated that the Organization of the Petroleum Exporting Countries and its partners will take their decision on production next April during the March meeting, after reviewing new data on supply and demand.

Ismail indicated that giving any OPEC+ country an increase in its production beyond its prescribed quota would be "unfair", even though many members are struggling to reach their quota.

Brent crude rose, today, near the level of 98 dollars a barrel; Against the background of political tensions due to the Russian-Ukrainian crisis.

The Iraqi Oil Minister stressed, during his participation in the International Conference on Petroleum Technology, which was held in Saudi Arabia the day before yesterday, that the interest of the OPEC + group requires agreement on the formula of an agreement that achieves its goals in maintaining the balance and stability of the oil market, pointing out that any change in the group’s agreement may cast a shadow on the This market.

[yota691]

Big jump in oil prices

Economy

09:10 - 2022-02-22

 

Oil prices jumped more than two dollars on Tuesday, hitting a new record in seven years.

The global benchmark Brent crude futures rose more than 3% towards $99 a barrel. This came after contracts witnessed a rise earlier today, Tuesday, reaching $97.66.

US West Texas Intermediate crude contracts jumped more than 4%, above $95 a barrel.

This came after US and European officials condemned the Russian move, although a US official said that the Russian military action did not yet constitute an invasion that could lead to the imposition of wide-ranging sanctions.

[yota691]

Iraq's oil production is lower than the OPEC + quota set in February

• Time: 02/03/2022 15:35:12
•  
• Reading: 611 times

  

{Economic: Al Furat News} Data from the Iraqi Oil Marketing Company (SOMO) revealed today, Wednesday, that Iraq produced 4.18 million barrels per day in February, which is 150 thousand barrels per day less than the quota specified under the production agreement for the OPEC + bloc.

Iraq and many members of the Organization of the Petroleum Exporting Countries (OPEC) are facing difficulties to pump more oil with prices reaching their highest levels since 2014.

The data showed that Iraq's oil production increased only 13,000 barrels per day from January levels, according to Reuters.

And Reuters news agency quoted three sources from OPEC + that it expects the bloc to adhere to the current policy to gradually raise production during today's meeting, Wednesday.

Officials said that the OPEC + bloc will likely stick to the modest increases in oil production when it meets today, Wednesday, with Saudi Arabia and the United Arab Emirates, two of the largest members of the Organization of the Petroleum Exporting Countries, complying with the agreement with Russia, despite the rise in oil prices to the highest level in eight years.

The price of oil topped $110 this week, as Western sanctions imposed on Moscow over the invasion of Ukraine disrupted supplies from Russia, the world's second-largest oil exporter, and exported problems from neighboring Kazakhstan.

[yota691]

International energy criticizes the recent decisions of {OPEC +}

• Time: 03/03/2022 15:50:32
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• Reading: 234 times

  

{Economic: Al Furat News} The Director of the International Energy Agency, Fatih Birol, said that the recent “OPEC +” decisions are “disappointing,” stressing that the group has sufficient stocks to take additional measures in the market as prices rise.

"We have more than enough reserves to intervene in the market if necessary," Birol said during a press conference, while the member states of the International Energy Agency released 60 million barrels of their emergency stocks.

And the “OPEC” secretariat confirmed, yesterday, Wednesday, that the countries of the “OPEC +” group agreed to increase oil production by 400,000 barrels per day in April 2022.

The decision came based on a meeting held by the “OPEC +” group, and it is planned that the group will hold its next meeting on March 31 to discuss the production plan for the month of May 2022.

[yota691]

 

OPEC: Iraq's share of oil for the month of April will reach 4.414 million barrels per day

 

 2022-03-03 00:22

 

Shafaq News/ OPEC announced that the share of Iraq's oil production will reach 4.414 million barrels per day during the month of next April, after OPEC + agreed to increase 400 thousand barrels per day.

The organization mentioned in its schedule seen by Shafak News Agency; The production quota for Iraq for the month of April was set at 4.414 million barrels per day, an increase of 44,000 barrels per day over the month of March, which amounted to 4.370 million barrels per day, and an increase of 89 thousand barrels per day compared to last February, indicating that “Iraq was the second largest producer in the organization after Saudi Arabia is the third largest producer in OPEC + after Saudi Arabia and Russia.

And she added, "The production of both Saudi Arabia and Russia was set at 10.436 million barrels per day, during the month of April, an increase of about 105 thousand barrels per day from the current month of March, and the UAE's production share increased by 30 thousand barrels per day, to reach 3.006 million barrels per day during the month. next".

She noted that "Kuwait set its production at 2,666 million barrels per day, and Algeria's production at 1,735 million barrels per day." 

She noted that "the share of OPEC from the increase scheduled in March will amount to 255 thousand barrels to reach 25.316 million barrels per day, while the share of allied with OPEC will reach 145,000 barrels to reach 14.628 million barrels per day."

And OPEC + agreed, during its meeting yesterday, Wednesday, to increase its oil production by more than 400 thousand barrels per day, according to the previously agreed schedule.

Oil prices continued to rise, today, Thursday, with Brent crude rising above 117 dollars a barrel, as it raised fears of trade disruption and shipping problems from Russian sanctions imposed on it due to the Ukraine crisis.

[yota691]

The price of a barrel of Kuwaiti oil jumps to 119.2 dollars

expressive image

 March 04, 2022 10:38 AM

 

Kuwait - Mubasher: The price of Kuwaiti oil rose 6.25 dollars per barrel to reach 112.11 dollars per barrel in trading on Thursday.

This comes against $112.96 per barrel in trading yesterday, according to the price announced by the Kuwait Petroleum Corporation.

In global markets, Brent crude futures fell by $2.47 to $110.46 a barrel.

While US West Texas Intermediate crude fell 2.93 dollars to reach 107.67 dollars.

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Iraq announces its position on the level of global oil exports and the intention of OPEC + to increase it

Posted 11 seconds ago

https://iraqakhbar-com.translate.goog/3512657?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news sourceEuphrates News

 

{Economic: Al Furat News} The National Oil Marketing Company {SOMO} announced Iraq's position on the level of oil exports in the global market.

 

A statement by the company, which was received by {Euphrates News}, a copy of it, stated: “Through continuous and accurate follow-up to the developments and changes that the global market is going through today, especially with regard to the balance of global supply and demand for crude oil.”

He added, "Iraq believes that the level of oil exports supplied to the global market (Supply) is commensurate with the level of consumption and global demand (Demand) and that the programmed increases from OPEC + are sufficient to address any shortages that may occur in supplies."

It is noteworthy that Iraq has an additional production and export capacity estimated at 6%, but it needs some investments to be able to provide it to the market

[6ly410]

 

Al-Kaabi calls on the Ministry of Oil to increase its exports after OPEC announced an increase in the production level

Posted 11 seconds ago

https://iraqakhbar-com.translate.goog/3512536?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news sourceIraqi News Agency ( INA )

 

News source / Iraqi News Agency (INA)

 

Today, Wednesday, the Vice President of the Sadrist bloc, Hassan Al-Kaabi, called on the Ministry of Oil to increase its exports, after OPEC announced an increase in the level of production . 
The media office of Representative Hassan Al-Kaabi said in a statement received by the Iraqi News Agency (INA), that "Al-Kaabi called on the government and the Ministry of Oil to prepare and expedite the increase in Iraq's oil exports after OPEC announced the production increase, which is an opportunity to compensate for the losses incurred by Iraqi oil exports that are not commensurate with its oil production and reserves.
OPEC Plus agreed to increase production by 400,000 barrels per month since last August, in the context of reversing the production cuts it decided on due to the drop in demand for oil due to the Corona pandemic

[yota691]

Possibilities to remedy any potential deficiency

Oil Marketing Company: Iraq has an additional production and export capacity estimated at 6%

2022.03.09 - 22:47

 

Baghdad - people  

The Oil Marketing Company confirmed, on Wednesday, that Iraq possesses production and export capacities estimated at 6%.  

  

 

And the company stated in a statement that “Nass” received a copy of it (March 9, 2022), that “through continuous and accurate follow-up of the developments and changes that the global market is going through, especially with regard to the balance of global supply and demand for crude oil, Iraq believes that the level of oil exports The supplies supplied to the global market (Supply) are commensurate with the level of consumption and global demand (Demand), "noting that "the programmed increases from OPEC + are sufficient to address any shortages that may occur in supplies."  

  

She pointed out that "Iraq has an additional production and export capacity estimated at 6%, but it needs some investments so that it can be provided to the market." 

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“OPEC +” records the largest production gain in 7 months, and Iraq’s commitment exceeds 119%

 

 2022-03-10 01:30

 

Shafaq News/ 13 OPEC countries raised their production by 480,000 barrels per day to 28.67 million barrels per day of crude oil during the month of February, while the nine non-OPEC partners pumped 14.07 million barrels per day, an increase of 80,000 barrels per day.

Standard & Poor's Global Platts said during a survey seen by Shafak News Agency; More than a third of OPEC+'s total gain of 560,000 bpd came from the three quota-exempt members under the deal: Iran, Libya and Venezuela.

However, 14 of the 18 members with quotas did not meet their targets, indicating the group's dwindling spare capacity, as a result of which the OPEC+ compliance rate rose in February to 125.9%, the highest level since the group embarked on pandemic-induced cuts in May. / May 2020.

According to the survey, Iraq was one of the largest adherents of its quota, at 119.8 percent, bringing its production to 4.26 million barrels, which is less than its quota of 4.325 million barrels.

Saudi production amounted to 10.11 million barrels per day, with a commitment rate of 97 percent, and the UAE production was 2.95 million barrels per day, with a commitment rate of 98.2 percent, while Russia’s production amounted to 10.10 million barrels per day, with a commitment rate of 115.1 percent.

[yota691]

Iraq announces its position on the level of global oil exports and the intention of OPEC + to increase it

• Time: 03/09/2022 22:40:14
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• Reading: 1,651 times

  

{Economic: Al Furat News} The National Oil Marketing Company {SOMO} announced Iraq's position on the level of oil exports in the global market.

A statement by the company, which was received by {Euphrates News} a copy of it, stated: "Through continuous and accurate follow-up to the developments and changes that the global market is going through today, especially with regard to the balance of global supply and demand for crude oil."

He added, "Iraq believes that the level of oil exports supplied to the global market (Supply) is commensurate with the level of consumption and global demand (Demand) and that the programmed increases from OPEC + are sufficient to address any shortage in supplies."

It is noteworthy that Iraq has an additional production and export capacity estimated at 6%, but it needs some investments to be able to provide it to the market.

[yota691]

OPEC + records the largest production gain in 7 months, and Iraq's commitment exceeds 119%

 

energy Economy News _ Baghdad Thirteen OPEC countries raised their production by 480,000 barrels per day to 28.67 million barrels per day of crude oil during the month of February, while the nine non-OPEC partners pumped 14.07 million barrels per day, an increase of 80,000 barrels per day. In a survey seen by "Economy News", Standard & Poor's Global Platts said that more than a third of the total OPEC + gains of 560,000 barrels per day came from the three members exempt from quotas under the deal: Iran, Libya and Venezuela. However, 14 of the 18 members with quotas did not meet their targets, indicating the group's dwindling spare capacity, as a result of which the OPEC+ compliance rate rose in February to 125.9%, the highest level since the group embarked on pandemic-induced cuts in May. / May 2020. According to the survey, Iraq was one of the largest adherents of its quota, at 119.8 percent, bringing its production to 4.26 million barrels, which is less than its quota of 4.325 million barrels. Saudi production amounted to 10.11 million barrels per day, with a commitment rate of 97 percent, and the UAE production was 2.95 million barrels per day, with a commitment rate of 98.2 percent, while Russia’s production amounted to 10.10 million barrels per day, with a commitment rate of 115.1 percent.

Views 211   Date Added 10/03/2022

[yota691]

 

A Norwegian company: Four countries, including Iraq, have 4 million barrels per day of spare capacity

 

 2022-03-12 04:09

 

Shafaq News/ The Norwegian company Rystad Energy announced that four countries, including Iraq, have 4 million b/d of spare capacity.

The company said in a report that "Saudi Arabia, Iraq, the UAE and Kuwait collectively possess about 4 million barrels per day of spare capacity that can be put on the market within a period ranging from 3 to 6 months."

“Most of these countries have huge exploitable onshore storage capacity, which means a few million barrels can be filtered for export in weeks, if not days,” said Louise Dixon of Rystad.

Concern about supply disruptions following the Russian invasion of Ukraine that began on February 24 pushed global oil prices to their highest since 2008 at more than $139 a barrel last week.

However, prices have since fallen amid market expectations that some producers may pump more.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, has struck an agreement to gradually increase production each month by 400,000 barrels per day. The group refused to move more quickly, even as prices rose.

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Mystery surrounds the fate of OPEC+

Saturday 12 March 2022 67

 

 Morning: Follow up

 

The fate of OPEC Plus is shrouded in mystery due to the pressures that are pushing the markets and the current global conditions. At a time when oil prices rose as a result of the war in Ukraine to more than 130 dollars a barrel, they fell on Thursday to 110.60 dollars a barrel after Russia announced its pledge to fulfill its obligations 

contractual.

And OPEC Plus is an agreement comprising 23 oil-exporting countries, including 13 member states of the Organization of Petroleum Exporting Countries (OPEC). This agreement was reached in November 2016 with the aim of reducing oil production to improve oil prices in the markets.

The OPEC Plus agreement includes, in addition to the OPEC countries, Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan, Sudan.

 The American energy security adviser, Amos Hochstein, said that OPEC Plus no longer exists, and that OPEC Plus is Russia, which can no longer produce or at least export.

 Hostein added at an energy conference held in Houston, America, in which Iraq participated, that the United States of America and other countries would consider releasing more barrels of oil from the reserves, if necessary. 

command.

Meanwhile, Iraqi Oil Minister Ihsan Abdul-Jabbar and OPEC Secretary-General Muhammad Barkindo stressed the importance of stabilizing the oil market and achieving a balance between supply and demand. This came in a meeting between the two sides on the sidelines of the aforementioned conference, which concluded on Friday. The minister said in a statement: "During the meeting, the developments of the global oil market were discussed in light of the situation and the ongoing war between Russia and Ukraine, and its repercussions on the oil market."

According to the statement, "The two sides affirmed the keenness of the OPEC + (alliance) to achieve a balance between supply and demand, and to work for stability in the oil markets."

Oil prices have risen sharply in the past two weeks, touching $140 a barrel, driven by the Russian military operation in Ukraine, and Washington imposing a ban on energy imports from Russia.

Iraq is the second largest producer of crude oil in “OPEC” after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and depends on oil revenues to finance up to 92 percent of state expenditures.

The Iraqi Oil Ministry had announced in early March that crude exports during last January amounted to 3.314 million barrels per day, with a total of about 92 million barrels, with revenues exceeding $8 billion.

Iraq has adhered to the agreement to reduce production since May 2020, which was approved by the “OPEC +” alliance in April 2020, which affected the volume of the country’s exports, which in normal conditions amounted to 107 million barrels per month.

[yota691]

Oil continues losses and falls below $100 a barrel

• Time: 03/15/2022 15:02:23
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• Reading: 637 times

  

{Economic: Al Furat News} International oil prices increased their decline today, Tuesday, and fell by more than 7%, and Brent global crude was traded below the level of $ 100 a barrel, for the first time since March 1, 2022.

And by 14:23 Moscow time, Brent crude futures fell by 7.88% to $ 98.48 a barrel, bringing the crude to have fallen below $100 a barrel for the first time since March 1, 2022.

While the April futures contracts for West Texas Intermediate crude fell 8.41% to $94.35 a barrel, according to Bloomberg website data.

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Iraq: The instability of oil markets will confuse the economies of producing and consuming countries

 2022-03-16 07:14

 

 

Shafaq News / The Iraqi Ministry of Oil revealed, on Wednesday, its commitment to the decisions of the (OPEC Plus) system regarding oil prices, and while it indicated that the Iraqi decision is consistent with the collective decisions of the organization to achieve balance and address crises, it confirmed that the instability of oil markets will confuse the economies of producing and consuming countries .

 

A source in the Ministry of Oil told Shafaq News that "the Organization of Petroleum Exporting Countries (OPEC) has developed a plan since it was exposed to the economic crisis and the Covid-19 crisis, and thus succeeded in raising oil prices from $20 to the limits of $100 per barrel," noting, "But the Ukrainian-Russian crisis It also cast a shadow on the oil market, which affected the rise in prices and negatively affected the instability of prices."

 

The source, who asked not to be named, added that "the oil market is a fragile market affected by political tensions, wars, health conditions and economic crises, and leads either to a rise or a fall in prices," noting that "(OPEC Plus), after years, it found that it has to show solidarity with each other. In order to reach a collective decision aimed at achieving stability in the oil market, because it is in the interest of all countries to achieve stability and stability, which will reflect positively not only on the producing countries, but also on the consuming countries."

 

The source stressed that "Iraq is committed to the OPEC Plus agreement, and therefore any decision issued by the organization is a respectable decision, and the decisions that are issued are collective decisions whose goal is to achieve the required balance and stability in the oil market and to address crises logically," stressing that "instability will confuse the economies of producing and consuming countries." ".

 

Prices reached over the past week after traders cited media reports of an Iraqi minister claiming that the country was ready to increase production if requested by OPEC+.

 

The Iraqi Sumo Company had announced on March 9 that the level of oil exports supplied to the global market (Supply) is commensurate with the level of consumption and global demand (Demand) and that the programmed increases from OPEC + are sufficient to address any shortage in supplies.

 

She stated that Iraq possesses an additional production and export capacity estimated at 6%, but it needs some investments to be able to provide it to the market.

 

And since April 2021, the “OPEC +” alliance has restricted its production to control oil prices, after these prices witnessed a significant decline during the year 2020 after the spread of Corona, and it is monthly increasing the production of its members with its allies from outside by 400 thousand barrels per month distributed according to the production capacity of each Country.

[yota691]

Iraq issues a new position regarding the "OPEC" agreement

 

 

685 Economie 2022/03/22 16:53 Baghdad today -

Baghdad Today, Tuesday, the Ministry of Oil made a new statement regarding the quantities specified for export from OPEC. And the official spokesman for the ministry, Assem Jihad, said in a statement to (Baghdad Today), that “the ministry is committed to the specified quantity for export from OPEC, which amounts to three million and two hundred barrels per day,” noting that “the rates of the financial sums that entered the state treasury last month as a result of the sale of oil reached eight and a half.” Billion dollar". He explained that "the Russian-Ukrainian war, despite raising oil prices, had other effects, as it contributed to the price hike to an exaggerated degree, according to oil experts." And he indicated that "the negative issue is raising the price of foodstuffs in the world and its impact even on Iraq." He added, "The rise in the price of oil contributed to an increase in many things, including aviation transport and confusion in the global economy, and all of these negative influences."

[yota691]

OPEC + Maintains A Slight Increase In Production During The Month Of May

 

LAST UPDATE 03/31/2022 | 4:19 PM

Information / follow up..

A source in the “OPEC +” group said that the group’s joint ministerial monitoring committee agreed to adhere to the current oil production policy and increase production by 432,000 barrels per day in next May.

Before that, sources revealed to “Interfax”, that the Ministerial Monitoring Committee of the “OPEC +” group recommended increasing the oil production share by 432,000 barrels per day, starting from next May.

OPEC indicated that Russia and Saudi Arabia will be able to restore oil production next May to the level of 10.549 million barrels per day each.

The countries of the “OPEC +” group meet on a monthly basis to discuss the situation in the oil market and the production strategy to make adjustments to the plan, if necessary.

Last July, the countries of the “OPEC +” group agreed to increase oil production by 400,000 barrels per day until the end of the restrictions imposed on production since May 2020, when it was agreed to reduce production by 9.7 million barrels per day. finished/25h

[yota691]

OPEC production in March continues to “lack pledges to raise it”

• Time: 4/1/2022 23:32:10
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• Reading: 754 times

  

{Economic: Al Furat News} A Reuters survey concluded that the increase in OPEC oil production last March did not reach the level targeted by an agreement with allies.

The survey found that the Organization of the Petroleum Exporting Countries "OPEC" pumped 28.54 million barrels per day in March, an increase of 90,000 barrels per day from the previous month, but less than the increase of 253,000 barrels per day stipulated in its agreement with allies, including Russia.

The survey showed that the level of "OPEC" commitment to the pledged cuts rose to 151% in March from 136 percent in February

[yota691]

 

OPEC: Iraq's oil production will reach 4.461 million barrels per day

 

 2022-04-03 04:07

 

Shafaq News/ OPEC announced that the share of Iraq's oil production will reach 4.461 million barrels per day during the month of May, after OPEC + agreed to increase 400 thousand barrels per day.

The organization stated in its schedule, seen by Shafak News Agency, that "the production quota for Iraq for the month of May was set at 4.461 million barrels per day, an increase of 47 thousand barrels per day from the month of April, which amounted to 4.414 million barrels per day, and an increase of 91 thousand barrels per day over last March." Indicating that "Iraq was the second largest producer in the organization after Saudi Arabia, and the third largest producer in OPEC + after Saudi Arabia and Russia."

And she added, "The production of both Saudi Arabia and Russia was set at 10.549 million barrels per day, during the month of May, an increase of about 113 thousand barrels per day from the current month of April, and the UAE's production share increased by 34,000 barrels per day, to reach 3.040 million barrels per day during the month. next".

She noted that Kuwait set its production at 2.694 million barrels per day, and Algeria's production at 1,013 million barrels per day. 

And she noted that "the share of OPEC from the increase scheduled in May will amount to 273 thousand barrels to reach 25.589 million barrels per day, while the share of allied with OPEC will reach 127 thousand barrels to reach 16.537 million barrels per day."

And OPEC + agreed, during its meeting last Thursday, to increase its oil production by more than 400,000 barrels per day, according to the previously agreed schedule.

[yota691]

Iraq's March oil output falls as gap with its OPEC+ quota widens

By Rowena Edwards

1 minute read

A view shows Iraq's Majnoon oil field near Basra, Iraq, March 27, 2022. REUTERS/Essam Al-Sudani

April 5 (Reuters) - Iraq pumped 4.15 million barrels per day (bpd) of oil in March, 222,000 bpd short of its production quota under an agreement with other OPEC+ producers, data from state-owned marketer SOMO seen by Reuters showed on Tuesday.

Iraq's March output fell by 112,000 bpd from February, the data showed.

Iraq, like several other OPEC members, is struggling to pump more oil at a time of already tight global supply and soaring prices.

 

Brent crude futures last month touched their highest since 2008 at $139 a barrel. While prices have since fallen, they remained above $100 on Tuesday. read more

Iraq's March production fell following field outages in the south, which halted a tenth of the country's oil output. read more

The 400,000 bpd West Qurna 2 oilfield was offline for 12 days of maintenance which ended on March 8, and the 80,000 bpd Nassiriya field was shut for seven days until March 4 due to protests.

 

Upgrade work on Iraq's Gulf ports, which lasted for most of 2021 and is scheduled to be finished in the current quarter, has also prevented Iraq from pumping larger volumes. read more

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According to data for the month of March, Iraq produces less than its quota in OPEC

 

 2022-04-05 07:52

 

 

Shafaq News / The Iraqi Oil Marketing Company (SOMO) announced on Tuesday that Iraq's oil production last March was less than the quota set for it in agreement with OPEC by 222 thousand barrels per day.

 

According to the data announced by the company and seen by Shafak News, "Iraq produced 4.15 million barrels per day of oil last March, which is 222 thousand barrels per day less than the production quota of 4.370 million barrels per day under an agreement with other OPEC + producers."

 

The data showed that "Iraq's production in March decreased by 112,000 barrels per day from February."

 

Last February, OPEC announced that the share of Iraq's oil production would reach 4.370 million barrels per day during the month of March.

[yota691]

Iraq: “OPEC +” commitment to production quantities contributed to absorbing the oil surplus in the markets

expressive image

 April 08, 2022 06:48 PM

Mubasher: Assem Jihad, a spokesman for the Iraqi Oil Ministry, said that the commitment of the member states of the “OPEC +” group to production quantities contributed to absorbing the oil surplus in the markets, identifying 3 factors that affect the market and increase or decrease global demand.

Assem Jihad indicated in a statement to the Iraqi News Agency, "conscious", today, Friday, that the oil markets are affected by several factors, including wars, political and health tensions, and an increase and decrease in demand for oil, pointing out that the Ukrainian crisis caused an increase in demand due to a lack of supplies and therefore there is a rise in Oil or gas prices.
  
He pointed out that Iraq's crude oil exports achieved during the past month the highest rate in decades at 3 million and 244 thousand barrels per day, with revenues amounting to 11.7 billion dollars.

On the “OPEC” meetings, Jihad confirmed that the “OPEC +” meetings, which represent the producing countries within the “OPEC” member organization, as well as producers outside “OPEC” are held every month or according to the developments in the oil markets.

He pointed out that "OPEC +" has set a schedule calculated according to calculated quotas, and therefore "OPEC +" commitment to production quantities has contributed to absorbing the existing oil surplus, and it is monitoring this.

For his part, Oil Minister Ihsan Abdul-Jabbar confirmed, earlier, the existence of efforts to maximize oil revenues, while noting that there is parliamentary support to enhance Iraq's ability to export the largest amount.

He explained that the expected financial returns according to the scenarios put forward by international energy agencies and researchers will be in excess of what was approved of the price of a barrel in the budget.

The minister expressed his hope to be able to provide revenues in the appropriate amounts in order to meet the necessary need in the field of supporting the poor classes and the Ministry of Electricity and fulfilling their entitlements to its employees and imported fuel and electricity.

[yota691]

Oil prices rise, Brent hits $100 a barrel

• Time: 04/12/2022 08:07:47
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• Reading: 507 times

  

{Economic: Al Furat News} Oil prices rose, on Tuesday, as fears of falling demand in China eased after Shanghai eased some restrictions related to Covid-19, while OPEC warned that it would be impossible to increase production enough to compensate for lost Russian supplies.

Brent crude futures rose $1.72, or 1.75 percent, to $100.20 a barrel, and US West Texas Intermediate contracts rose $1.76, or 1.87 percent, to $96.05 a barrel at 04:50 GMT. Both contracts were down about 4% on Monday.

Shanghai said on Monday that more than 7,000 housing units were classified as low-risk areas after no new infections were reported for 14 days, and its districts have since announced which specific complexes can open.

The partial easing of lockdowns in Shanghai has lifted some of the downward pressure that he is beginning to feel concerned about Chinese demand for oil, it added.

The rally in oil markets also came on Tuesday, following a warning from the Organization of the Petroleum Exporting Countries (OPEC) that about 7 million barrels per day of Russian oil and other liquids exports could be lost due to sanctions or voluntary measures, and that it would be impossible to replace those volumes.