Oil: Revenues last September amounted to about nine billion dollars

[Artitech]

All this money they are making and their dinar is still worth less than a 1/4 of a penny! It doesn’t make any sense, whatsoever! I wished I was smart enough to know how these crooks are making money off these auctions! I still don’t understand how they are able to pull this crime off, without any problems whatsoever! JMHO 🤠

[horsesoldier]

52 minutes ago, Artitech said:

All this money they are making and their dinar is still worth less than a 1/4 of a penny! It doesn’t make any sense, whatsoever! I wished I was smart enough to know how these crooks are making money off these auctions! I still don’t understand how they are able to pull this crime off, without any problems whatsoever! JMHO 🤠

 

Clever money laundering operation to be sure.

Just a guess... some well connected folks in the WB IMF & lord knows who else probably getting a piece of the action to look the other way.

Whole world is full high up muckity mucks crooked as a dog's hind leg.

[yota691]

More than $11 billion in oil sales proceeds during the fifth month

2022.06.01 - 12:32

 

Baghdad - people   

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

  

 

  

And the ministry stated in a statement that “People” received a copy of it, (1 June 2022), that “the total quantities of crude oil exported for the month of May from oil fields in central and southern Iraq amounted to (98) million (946) thousand and (914) barrels. As for the Kirkuk fields through Ceyhan port, the exported quantities amounted to (3) million and (2) thousand and (133) barrels.   

  

She pointed out that "the average daily quantities amounted to (3) million and (300) thousand barrels per day."   

  

She added that "the average price per barrel amounted to more than (111.79) dollars." 

[yota691]

 

Iraq achieved revenues of more than 11 billion dollars from oil exports during May

 

 2022-06-01 05:11

 

Shafaq News/ The Ministry of Oil announced on Wednesday the total exports and revenues achieved for the month of last May, indicating that the value of its exports amounted to 11.436 billion dollars.

The ministry said in a statement received by Shafaq News Agency that "according to the preliminary statistic issued by the Iraqi Oil Marketing Company "SOMO", the total amount of crude oil exports reached 102 million (303) thousand and (20) barrels, with revenues of (11,436). Billion dollar" .

And she added, "The total quantities exported of crude oil for the month of May from oil fields in central and southern Iraq amounted to (98) million and (946) thousand and (914) barrels, while from the Kirkuk fields through Ceyhan port, the exported quantities amounted to (3) million. and (2) one thousand and (133) barrels.

She noted that "the average daily quantities amounted to (3) million and (300) thousand barrels per day, indicating that "the average price of one barrel amounted to more than (111.79) dollars."

Iraq exports crude oil from its southern fields through the ports of the Persian Gulf, while it exports oil from its northern fields through the Turkish port of Ceyhan and to Jordan through the basins.

[rvmydinar]

3 hours ago, yota691 said:

 

Iraq achieved revenues of more than 11 billion dollars from oil exports during May

So what with 11 billion dollars? 11 billion dollars means nothing to iraq cause iraq can't even pay debts to iran. Billion of dollar from oil revenues have gone up in smoke and stolen by the corrupt.

[yota691]

Expert: Two reasons may be behind the decline in Iraq's oil exports

2022.06.02 - 11:01

 

Baghdad - people  

On Thursday, economist Nabil Al-Marsoumi identified two reasons that may be behind the decline in Iraq's oil exports.  

  

 

Al-Marsoumi said in a blog post, followed by “Nass”, (May 2, 2022): “In the month of May, Iraq lost 80,000 barrels per day of its crude oil exports, as Iraqi exports of crude oil decreased last May to 3.3 million barrels per day after It recorded 3.380 million barrels last April.  

  

He added that "in light of the absence of official information about the justifications for this decline, those justifications can be presented with the possibilities, as the first possibility: is Iraq's loss of part of its share in Asia, especially in the Indian and Chinese markets, which are the traditional markets that import about 70% of Iraq's oil exports, as they began Russian oil exports to them are rising as a result of the price discount policy adopted by Russia, which has reached $30 a barrel.  

  

And he continued, "As the Chinese Customs Administration announced that Iraq left the 10 main oil-exporting countries to the 32 independent Chinese refineries of the private sector during the month of April of the year 2022. Iraq exports about 229,000 barrels per day to those refineries, while the part is exported. In contrast, India's purchases of Russian oil in two months more than doubled its purchases in 2021, and Indian companies submitted requests to purchase 40 million barrels from Russia."  

  

He pointed out that "Russia became India's fourth largest oil supplier in April, as low prices stimulated demand from the third largest consumer and importer of oil in the world, as Russia's share of India's oil purchases rose to about 277,000 barrels per day, after it was about 66,000 barrels." Daily".  

  

He pointed out that " the second possibility is the bad weather conditions and dust storms that Iraq has been subjected to recently, which led to the suspension of all maritime operations in the docking and departure of incoming ships and the operations of loading and unloading as a result of the dust storm, and perhaps this affected the movement of oil exports from Basra ports, as more than 97 % of Iraq's oil exports go south by sea.  

  

He said that "the third possibility is the decline in Iraqi oil production last May, which negatively affected the volume of oil exports. If this possibility is correct, this means the ineffectiveness of foreign investments in oil licensing fields, which produce about 85% of Iraqi oil and cost Iraq 13 billion dollars annually."  

  

And he indicated that the fourth possibility is the weakest and is linked to an increase in domestic consumption of crude oil as a result of the increase in Iraqi refineries' production of oil products to cover domestic demand.  

 

 

 

 

[yota691]

 

The increase in Iraq's oil financial revenues to more than 5.5 billion dollars on an annual basis

 

 2022-06-14 06:36

 

Shafaq News/ Iraq's oil financial revenues rose in May to reach $11.436 billion, an increase of 93.27% on an annual basis, from $5.917 billion during the same period in 2021.

According to the data of SOMO, which was reviewed by Shafak News Agency, the export rate also increased in May, reaching 3,300 thousand barrels, at a rate of 13.83%, compared to the same month last year, in which the export rate amounted to 2.899 million barrels per day.

The selling prices of crude oil in May amounted to an average of $111.79, an increase of 69.79% compared to an average price of $65.84 for the same month last year 2021.

Iraq benefited from the surge in oil prices, in obtaining large financial revenues, which supported its budget for the current year 2022, supported by the rise in demand for crude and the decline in supply due to the war on Russia.

[yota691]

Iraq's oil revenues rose to 11.4 billion dollars last May

 

energy
   

Iraq's oil financial revenues rose in May to reach $11.436 billion, an increase of 93.27% on an annual basis, from $5.917 billion during the same period in 2021 .

According to the data of SOMO, which was reviewed by Shafak News Agency, the export rate also increased in May, reaching 3,300 thousand barrels, at a rate of 13.83%, compared to the same month last year, in which the export rate amounted to 2.899 million barrels per day .

The selling prices of crude oil in May amounted to an average of $111.79, an increase of 69.79% compared to an average price of $65.84 for the same month last year 2021 . According to Shafak News.

Iraq benefited from the surge in oil prices, in obtaining large financial revenues, which supported its budget for the current year 2022, supported by the rise in demand for crude and the decline in supply due to the war on Russia .

 

 

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80 . views

Added 06/14/2022 - 1:41 PM

Update 06/14/2022 - 4:12 PM

[6ly410]

Oil Minister: Iraq's production will reach 8 million barrels per day in 2027

Posted 11 seconds ago

 

وزير النفط: إنتاج العراق سيصل إلى 8 ملايين برميل يومياً في عام 2027 - اخبار العراق (iraqakhbar-com.translate.goog)

 

news source /Iraqi News Agency ( INA )

Baghdad - INA - Wissam Al-Mulla
, Minister of Oil, Ihsan Abdul-Jabbar Ismail, confirmed today, Sunday, that oil production will reach 8 million barrels per day during 2027, while referring to the continuation of the decisions of the Federal Court related to the region's oil.
Ismail said in a statement to a number of media outlets, including the Iraqi News Agency (INA), that “Iraq is working to increase its capabilities to raise oil energy, and we have large projects to increase production, and we are committed to reaching peak production of 8 million barrels by the end of 2027,” noting that “currently We have projects underway in all oil fields, especially in Basra Governorate.”
He pointed out that "the ministry has infrastructure projects to extend Ceylon pipelines in the sea, and Iraq is committed to the decisions of the Organization of Petroleum Exporting Countries and is committed to the policy of working in it, because producers must provide oil to all investors."
On the emergency support law, Ismail explained, "The emergency support law did not meet production costs, and the Oil Ministry registered its protest with the Council of Ministers about that."
And on the companies operating in the Kurdistan region, the Minister of Oil confirmed: "We are implementing the decision of the Federal Court and all the legal and constitutional legal procedures that were able to implement this decision, and we will proceed with this step and other steps."
He added, "We believe in federal Iraq, the authorities of the regions and provinces, and the standard administration, but the principle is to implement the decision of the Federal Court, and more than that is to reach standard methods in managing the entire oil wealth throughout the country." 
He explained that "we are committed to our share in OPEC, and we achieve within 100% of this commitment," noting that "the export ceiling for the whole of Iraq for the month of June will be 3 million and 800 thousand per day, and the month of July will be 3 million and 850 thousand, including Kurdistan because it is part of Iraq."

[6ly410]

Oil Minister: Iraq's production will reach 8 million barrels per day in 2027

https://economy-news.net/content.php?id=28558

energy
   

Economy News - Baghdad
Oil Minister Ihsan Abdul-Jabbar Ismail confirmed, on Sunday, that oil production will reach 8 million barrels per day during 2027, while referring to proceeding with the decisions of the Federal Court related to the region's oil.

Ismail said in a statement to a number of media outlets, according to the official news agency, that "Iraq is working to increase its capabilities to raise oil capacity, and we have large projects to increase production, and we are committed to reaching peak production of 8 million barrels by the end of 2027," noting that "currently we have projects underway." Achievement in all oil fields, especially in Basra Governorate.

He pointed out that "the ministry has infrastructure projects to extend Ceylon pipelines in the sea, and Iraq is committed to the decisions of the Organization of Petroleum Exporting Countries and is committed to the policy of working in it, because producers must provide oil to all investors."

On the emergency support law, Ismail explained, "The emergency support law did not meet production costs, and the Oil Ministry registered its protest with the Council of Ministers about that."

And on the companies operating in the Kurdistan region, the Minister of Oil stressed: "We are implementing the decision of the Federal Court and all the legal and constitutional legal procedures that were able to implement this decision, and we will proceed with this step and other steps."

He added, "We believe in federal Iraq, the authorities of the regions and governorates, and the standard administration, but the principle is to implement the decision of the Federal Court and more than that is to reach standard methods in managing the entire oil wealth throughout the country."

He explained that "we are committed to our share in OPEC, and we achieve within the limits of 100% of this commitment," noting that "the export ceiling for the whole of Iraq for the month of June will be 3 million and 800 thousand per day, and the month of July will be 3 million and 850 thousand, including Kurdistan because it is part of Iraq."

 

 

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Views 28

Added 06/19/2022 - 7:10 PM

Update 06/21/2022 - 4:14 AM

[6ly410]

Oil Minister likely to raise Iraq's production to 8 million barrels per day in 2027

•  Time: 2022/06/19 18:33:44
•  
•  Oil minister likely to raise Iraq's production to 8 million barrels per day in 2027 - Euphrates News (alforatnews.iq)

  

Oil Minister Ihsan Abdul Jabbar Ismail said Sunday that Iraq's oil production would be raised to 8 million barrels per day (bpd) in 2027.

 

"Iraq is working to increase its capacity to raise oil capacity and we have large projects to increase production and we are committed to reaching peak production of 8 million barrels by the end of 2027, and we currently have projects under way in all oil fields, especially in Basra province," Ismail told a number of media outlets.
"The ministry has infrastructure projects to build the Ceylon pipeline at sea and Iraq is committed to OPEC resolutions and adheres to its policy of working there because producers must provide oil to all investors," he said.
"The emergency support law did not meet production costs and the Ministry of Oil registered its protest with the Council of Ministers about this," Ismail said.
"We are implementing the federal court's decision and all the legitimate legal and constitutional measures that have enabled us to implement this decision and we will proceed with this and other steps," Ismail said.
"We believe in federal Iraq, provincial authorities, provinces and standard administration, but the origin of the federal court's decision is to reach standard ways of managing the entire oil wealth across the country," he said.
"We are committed to our opec quota and we achieve 100% of this commitment," Ismail said, adding that "the export ceiling for the whole of Iraq for June will be 3.8 million and 800,000 a day and July 3 million and 850,000, including Kurdistan, because it is part of Iraq."

 

[6ly410]

Iraq to increase oil production to 8 million barrels per day by 2027

• Amr Salem
•  June 19, 2022
• Iraq to increase oil production to 8 million barrels per day by 2027 - Iraqi News
•  2 min

An oil facility in Iraq. Photo: AP

Baghdad (IraqiNew.com) – The Iraqi Minister of Oil, Ihsan Ismail, revealed on Sunday that oil production in Iraq will reach eight million barrels per day in 2027, stressing the need to proceed with the court decision related to Kurdistan’s oil, according to the state news agency (INA).

“Iraq is working on increasing its capabilities in relation to oil production. We are committed to reaching the peak production which is eight million barrels per day by 2027. We currently have projects in progress in all oil fields, particularly in Basra governorate,” Ismail said in a statement cited by INA.

“The Ministry of Oil is working on infrastructure projects. Iraq is committed to the decisions and the policies of the Organization of Petroleum Exporting Countries (OPEC) because producers must provide oil to all investors,” Ismail clarified.

“We are implementing the decision of the Federal Supreme Court of Iraq and following all other legal and constitutional measures that allow us to implement the court ruling, and we will proceed with this step and other steps,” Ismail elaborated.

“We believe in federal Iraq and the authorities of the governorates, but the principle is to implement the decision of the court to reach standard methods in managing the entire oil wealth throughout the country,” Ismail added.

Ismail also explained that Iraq is committed to its share in OPEC as it achieves around 100 percent of the commitment.

Ismail added that the quantities of oil exports for June will be 3.8 million barrels per day, and 3.85 million barrels per day for July, and oil produced from Kurdistan is included in these numbers because it is part of Iraq.

[yota691]

Sumo: We achieved the highest revenues in the history of Iraqi oil exports

 

money and business
   

Economy News - Baghdad
The Oil Marketing Company (SOMO) announced, on Tuesday, that it achieved the highest revenues in the history of Iraqi oil export, while it expected oil prices to remain within the range of 115 dollars per barrel until the end of this year.

The director of market research at SOMO, Muhammad Saadoun, said in an interview with the official news agency, that "we live within high prices, and so far have achieved the highest revenues in the history of Iraqi oil export by about 11 billion dollars for the past month, and we expect these rates to continue," noting that "indicators show The global oil price for this year will remain around $115.

Saadoun added: "We are in the third quarter of this year, and prices will witness more support and will stabilize during the next three months," noting that "the oil market is witnessing a challenge due to the Russian-Ukrainian war, which affected the market because Russia is one of the major oil producing and exporting countries, and the European embargo. It will remain and may affect the European market, and from this aspect, agencies expect a decrease in Russian oil production estimated between one and a half million, and this means that oil supplies lose this number, and there is another aspect, which is that this conflict affected economic growth and this is reflected in demand expectations. ".

He pointed out that "most of the international energy agencies have revised their price forecasts and increased these expectations from $95 to 120 to be the expected price for 2022, and to 115 for major international banks, and some companies expected it to reach $150 in light of the current stockpile being at its lowest levels." He pointed out that "the decision of the European Union to impose an embargo on Russian oil will be directly reflected in the expected revenues for the year 2023, which extend to 2024, with an increase to 120 dollars, and this is a large number."

 

 

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62 . views

Added 06/21/2022 - 2:29 PM

Update 06/21/2022 - 3:48 PM

[WheresmyRV?]

I wonder what's going to happen to Iraq when US automakers start to produce full blown EV cars.

[rvmydinar]

The highest oil revenues have got nothing to do with the exchange rate of one country. The highest oil revenues don't make the exchange rate of iraqi country stronger.

[horsesoldier]

4 hours ago, WheresmyRV? said:

I wonder what's going to happen to Iraq when US automakers start to produce full blown EV cars.

They'll still be arguing to pay any attention to what the rest of the world is doing...and they probably still will have a toilet paper 📜 currency.

[yota691]

OPEC: Iraq's oil revenues grew by 80% to reach $79.7 billion in 2021

 

energy
   

Economy News - Translation
OPEC oil revenues jumped 77% in 2021 as oil prices recovered from the slowdown caused by the coronavirus on the back of rising demand.

OPEC said in its latest annual statistical bulletin today, Tuesday, that the total value of oil exports from the countries that make up the 13-nation bloc jumped to $561 billion last year.

Saudi Arabia's oil exports rose by about 70 percent annually to $202 billion while the UAE's exports rose 75 percent to $54.5 billion. Iraq's exports grew 80 percent to $79.7 billion.

Brent crude, the global benchmark for two-thirds of the world's oil, rose about 67 percent last year. According to the national news website.

It has risen by about 48 percent so far this year as advanced economies recover from the pandemic and Russia's military offensive continues in Ukraine, where the European Union plans to ban most oil imports from Moscow by the end of this year.

Brent crude was trading up 1.78 percent to $117.14 a barrel at 3.04 pm UAE time on Tuesday. West Texas Intermediate, the gauge that tracks US crude, rose 1.65 percent to $111.38 a barrel.

 

 

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Views 378

Added 06/28/2022 - 9:30 PM

Update 06/29/2022 - 4:23 PM

[yota691]

More than 11 billion dollars

Oil announces the final statistics of exports for the month of May

2022.06.30 - 14:52

 

Baghdad - people   

On Thursday, the Ministry of Oil announced the final statistics of oil exports for the month of last May, while indicating that revenues amounted to 11 billion and 477 million dollars.  

  

  

And the ministry’s media office said in a statement, “Nass” received a copy of it (June 30, 2022), that “according to the final statistics issued by the Iraqi Oil Marketing Company SOMO, the amount of exports of crude oil amounted to 102 million and 303 thousand and 20 barrels, with revenues of 11 billion. And 477 million and 496 thousand dollars.”  

  

The statistics indicated - according to the statement - that "the total quantities exported of crude oil for the month of May from oil fields in central and southern Iraq amounted to 98,946,914 barrels, while the quantities exported from Kirkuk oil through Ceyhan port were 3 million, two thousand and 133 barrels, and that The average price per barrel was $112,191.  

  

The ministry added in its statement, that "additional revenues were achieved from selling quantities of shipments of exported crude oil at a price premium, as the total revenue amounted to 404,980,022 million dollars," noting that "the exported quantities were loaded by 35 international companies of different nationalities, from the ports of Basra and Khor. The blind and mono-buoys on the Gulf and the Turkish port of Ceyhan.  

[yota691]

Iraq announces its final oil exports for the month of May

• Time: 06/30/2022 09:06:26
•  
• Reading: 1,391 times

  

{Economic: Al Furat News} The Iraqi Oil Marketing Company "SOMO" announced today, Thursday, the total final oil exports and revenues generated for the month of May, indicating that the exported quantities were loaded by (35) international companies of different nationalities.

The company said in a statement received by {Euphrates News}, that "the final statistics showed that the amount of exports of crude oil amounted to 102 million and 303 thousand and 20 barrels, with revenues of 11 billion and 477 million and 496 thousand dollars."

And she added, "The total quantities of crude oil exported for the month of May from the oil fields in central and southern Iraq amounted to 98,946,914 barrels, while the quantities exported from Kirkuk oil through Ceyhan port were 3,2 million, 133 barrels."

And she noted that "the average price per barrel amounted to 112.191 dollars," noting that "additional revenues were achieved from selling quantities of shipments of crude oil exported at a price premium, as the total revenue amounted to 71 million dollars."

She explained that "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."

[yota691]

 

The highest monthly revenue in the country's history.. Iraqi oil announces sales of more than 11.5 billion dollars last month

 

 2022-07-01 15:33

 

Shafaq News/ The Federal Ministry of Oil announced on Friday the preliminary statistics of the exported quantities of crude oil and the revenues achieved for the month of last June, which is the highest monthly revenue in Iraq's history.

The ministry said in a statement received by Shafak News Agency; The total amount of crude oil exports amounted to (101) million (191) thousand (236) barrels, with revenues amounting to (11.505) billion dollars.

The statistics indicated that the total quantities exported of crude oil for the month of June from oil fields in central and southern Iraq amounted to (97) million (980) thousand and (589) barrels, while from Kirkuk fields through Ceyhan port, the exported quantities amounted to (2) One million (910) thousand and (887) barrels.

She pointed out that the average daily quantities amounted to (3) million and (373) thousand barrels per day, and the average price per barrel amounted to more than (113.70) dollars.

[DoD]

Thanks for the articles yota, I’m gonna go out on a limb and give the common Iraqi a bunch of credit. 
With this type of revenue coming in each month and they don’t do something about the standard of living for the people, I see mass demonstrations and a lot of burning tires in the streets of Iraq….

[Theseus]

On 5/28/2022 at 11:22 AM, Artitech said:

All this money they are making and their dinar is still worth less than a 1/4 of a penny! It doesn’t make any sense, whatsoever! I wished I was smart enough to know how these crooks are making money off these auctions! I still don’t understand how they are able to pull this crime off, without any problems whatsoever! JMHO 🤠

This revenue is nothing more than the equivalency to winning the lottery. It is not long term nor is it sustainable. You can liken this to being a windfall. What is more important, is what they do with the revenue they receive from this windfall. Can Iraq turn this windfall into more revenue generation for the country? Think investment. You wouldn't change your lifestyle if after you "blow your wad" you could not keep up with that lifestyle. Okay some would. You might even be worse off than you were before you bought all the cars and fancy stuff. Which is why most winners of the lottery are not just broke but declare bankruptcy within five years of winning the lottery.  

[rvmydinar]

20 minutes ago, Theseus said:

Which is why most winners of the lottery are not just broke but declare bankruptcy within five years of winning the lottery.  

May be the winners think it is easy to win the lottery. That's why " easy to win= easy money= easy to spend like a splurge ".

[yota691]

 

To achieve record revenues and for the Eid, the Ministry of Oil is disbursing a financial “reward”

 

 2022-07-03 04:27

 

Shafaq News/ The Minister of Oil and the head of the National Oil Company, Ihsan Abdul-Jabbar Ismail, directed, on Sunday, the disbursement of (100 thousand dinars) to all workers in the oil sector.

In a statement, the Minister of Oil issued an order to disburse a financial reward of 100,000 dinars to all members of the oil sector, including owners, contracts and daily wages.

The minister's directive coincided with the approaching Eid al-Adha, and the ministry achieved record oil revenues, according to a statement issued by the ministry.

 

On Friday, the Federal Oil Ministry announced the preliminary statistics for the exported quantities of crude oil and the revenues generated for the month of June, which is the highest monthly revenue in Iraq's history.

The ministry said in a statement; The total amount of crude oil exports amounted to (101) million (191) thousand (236) barrels, with revenues amounting to (11.505) billion dollars.

[yota691]

After restrictions are lifted

Expert: Iraq will not be able to increase oil production more than 4.5 million barrels

2022.07.04 - 11:01

 

Baghdad - people  

On Monday, Professor of Economics at Basra University, Nabil Al-Marsoumi, confirmed Iraq's inability to increase its oil production by more than 4.5 million barrels per day.  

  

 

Al-Marsoumi said in a clarification followed by “Nass”, (July 4, 2022), that “as of next August, OPEC Plus will cancel all production restrictions that it set in April 2020 due to the Corona pandemic, which led to the closure of the global economy and the collapse of oil prices, and the production of the OPEC Plus countries will return to base year levels for 2018.  

  

He explained, "With this, Iraq's production share with Kurdistan will become 4.651 million barrels per day, but Iraq will not currently be able to produce more than 4.5 million barrels per day due to production difficulties that led to a decline in the production of some fields, the most important of which is the Rumaila field, which suffers from huge complications and obstacles that caused the inability to From achieving the increase in production in the field to the set target of 2.1 million barrels per day, which led to a reduction in the oil production rate in the field to 1.4 million barrels per day.  

  

And he indicated that "this giant field needs a huge water injection program to help maintain the pressure in the tank and enhance its production, especially since the age of the field is currently between 60 to 70 years, and therefore the oil tank pressure has decreased and this is normal as the field continues to produce over these years." the long period.”  

  

Al-Marsoumi indicated that "Iraq is currently suffering from marketing difficulties in the Asian market due to Russian competition resulting from selling Russian oil at reduced prices due to Western sanctions imposed on it."