Iraq Economic News and Points To Ponder Sunday Afternoon 5-26-24
Oil Expert: Iraq Is Capable Of Producing 5 Million And 700 Thousand Barrels Per Day
Time: 05/25/2024 18:38:18 Read: 1,261 times {Economic: Al-Furat News} The oil expert, Hamza Al-Jawahiri, confirmed today, Saturday, Iraq’s ability to produce 5 million and 700 thousand barrels per day after working on 18 or more oil fields.
Al-Jawahiri said {to Al-Furat News} that:
“There was an increase in Iraq’s oil production, which does not mean that it will be pumped to the markets or produced because it is committed to OPEC’s decisions.” He added,
“Iraq currently has a production capacity of one million and 500 thousand barrels that can be added due to the work being done on 18 or more oil fields, and
it can raise its production from 4 million and 200 thousand barrels of oil per day to 5 million and 700 thousand barrels per day.”
Al-Jawahiri added, “With regard to the issue of gas production, we find seriousness from the government towards this matter and we hope for its success, if work continues at this pace.”
The Minister of Oil, Hayan Abdul Ghani, announced in his speech during the launching ceremony of the fifth supplementary licensing round and the sixth round, that 29 promising projects were proposed within these licenses to advance industry and gas wealth. He explained that
the licensing rounds have an impact by adding two million barrels of oil to national production, while stressing the imminent announcement that Iraq’s oil reserves will rise to 160 billion barrels.
https://alforatnews.iq/news/خبير-نفطي-العراق-قادر-على-إنتاج-5-ملايين-و700-الف-برميل-يومياً
The New Refineries Stop Iraq’s Import Of Diesel.. Has The Purchase Of Gasoline Increased In Return?
Economy 05-17-2024, 19:00 |Baghdad today – follow-up Commercial data revealed that Iraq stopped importing “diesel” or “kerosene” according to long-term contracts, due to achieving sufficiency as a result of the development of refineries.
However, the data indicated an increase in the import of gasoline according to futures contracts for this year compared to last year, in contrast to the Ministry’s data.
Oil imports decreased by 8 million barrels per day after the opening of the Karbala refinery, it says.
According to a report published by Bloomberg and followed by “Baghdad Today,”
Iraq suspended diesel import contracts after the modernization of some refineries contributed to enhancing local production, which put the country on the path to achieving self-sufficiency in fuel, as
Iraq ended purchase deals at the end of last year and did not buy fuel. Under long-term contracts so far in 2024, according to traders participating in the market.
Market data provider Vortexa indicated that the country had purchased three shipments of diesel this year, but traders said they were spot shipments.
Fixed Term Deals
However, Iraq is still buying gasoline under fixed-term deals, according to traders who requested anonymity because the information is not public, according to Bloomberg.
The country aims to stop imports of fuel used to operate cars as soon as this year.
Hamed Younis, Undersecretary of the Ministry of Oil for Refining Affairs, said last February that the country is working to renovate the refineries that were damaged during two decades of war, with the North Refinery restarting in 2024, with other refineries to follow.
Benzene
Iraq imported 2.83 million barrels of diesel last year, or about 7,800 barrels per day, according to Vortexa.
It also held a tender to purchase about 55,000 barrels per day of gasoline on average until the end of this year, according to traders, and
this represents an increase from about 43,000 barrels. of seaborne gasoline was saved daily on average last year, according to Vortexa.
Baghdad buys gasoline from the trading units of Saudi Aramco, Reliance Industries, and Omani state energy company OQ, among other companies, according to traders and Vortexa ship-tracking data.
Traders said that these companies supply under long-term contracts, which Iraq continued this year.
Oil Expert: Iraq Is Capable Of Producing 5 Million And 700 Thousand Barrels Per Day
Time: 05/25/2024 18:38:18 Read: 2,197 times {Economic: Al-Furat News} The oil expert, Hamza Al-Jawahiri, confirmed today, Saturday, Iraq’s ability to produce 5 million and 700 thousand barrels per day after working on 18 or more oil fields.
Al-Jawahiri said {to Al-Furat News} that: “There was an increase in Iraq’s oil production, which does not mean that it will be pumped to the markets or produced because it is committed to OPEC’s decisions.”
He added, “Iraq currently has a production capacity of one million and 500 thousand barrels that can be added due to the work being done on 18 or more oil fields, and it can raise its production from 4 million and 200 thousand barrels of oil per day to 5 million and 700 thousand barrels per day.”
Al-Jawahiri added, “With regard to the issue of gas production, we find the government is serious about this matter and we hope for its success, if work continues at this pace.”
In his speech during the launching ceremony of the fifth supplementary licensing round and the sixth round, Oil Minister Hayan Abdul Ghani announced that 29 promising projects were proposed within these licenses to advance industry and gas wealth.
He explained that the licensing rounds have an impact by adding two million barrels of oil to national production, while stressing the imminent announcement that Iraq’s oil reserves will rise to 160 billion barrels. LINK
Iraq’s Oil Exports To America Increased Within A Week
Energy Economy News _ Baghdad The US Energy Information Administration announced on Sunday that Iraq’s oil exports to America rose during the past week.
The administration said in a table seen by Al-Iqtisad News, “The average US imports of crude oil during the past week from eight major countries amounted to 5.241 million barrels per day, a decrease of 406 thousand barrels per day compared to the previous week, which amounted to 5.647 million barrels per day.”
She added, “Iraq’s oil exports to America amounted to 239,000 barrels per day last week, an increase of 116,000 barrels per day from the previous week, which amounted to 123,000 barrels per day.”
The administration indicated that “the majority of America’s oil revenues during the past week came from Canada at an average of 3.495 million barrels per day, followed by Saudi Arabia with an average of 486 thousand barrels per day, followed by Brazil with an average of 315 thousand barrels per day, and from Colombia at an average of 215 thousand barrels per day.”
According to the table, “the amount of American imports of crude oil from Mexico was at a rate of 184 thousand barrels per day, from Ecuador at a rate of 163 thousand barrels per day, and from Nigeria at a rate of 144 thousand barrels per day.” 05/26/2024 – https://economy-news.net/content.php?id=43733
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Provoking Thoughts and Points to Ponder on Money
To make money, buy some good stock, hold it until it goes up, and then sell it. If it doesn’t go up, don’t buy it. – Will Rogers
What some people mistake for the high cost of living is really the cost of living high. – Doug Larson
The wretchedness of being rich is that you live with rich people. – Logan Pearsall Smith
Definition of the upper crust: A bunch of crumbs held together by dough. – Anonymous
Money can’t buy happiness, but it will certainly get you a better class of memories. – Ronald Reagan
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