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Iraq begins to reduce oil production measures
1/11/2017 0:00
[rtl]Jihad for the morning: to Atotar to increase exports to the OPEC agreement
BAGHDAD / Farah pumice
It prevailed with fears and doubts the atmosphere after a drop in oil prices, due to the US announcement of sale of 8 million barrels of crude oil, Iraq embarked on implementation of the Convention states from within and outside OPEC to reduce production year, to contain the global supply glut.
This came at a time when oil minister Ali Jabbar Hussein defect called Sunankol Angolan company to resume work in the development of fields Qayyarah and star in Nineveh province.
Reduction procedures
, detection and oil minister for higher exports from Iraq 's southern ports to 3,000,510 thousand barrels per day for the month of December, the highest export rate is unprecedented achieved from the middle and south fields, stressing at the same time Iraq 's commitment to the decision of reduction in order to achieve common goals for the producers control a glut of crude in the international markets.
It was Iraq 's production is estimated at 4 million and 800 thousand barrels during the month of December 2016.
As defect announced the start of the Iraq ( the second largest producer OPEC) measures the reduction with effect from the beginning of the new year, according to the decision - producing countries from inside and outside "OPEC", where he arrived quantities rate which have been reduced from national production of crude oil to 160,000 barrels per day, stressing that Iraq will arrive in reducing rates of 210 thousand barrels a ceiling for Iraq later this month.
The spokesman of the ministry , Assem Jihad , in a statement the "morning": that "Iraqi exports stated by the minister recently will not affect cartel agreement and therefore have no effect on oil prices, especially that those exports were calculated within the last year in 2016".
Jihad also pointed out that the ministry had to notify the concerned authorities to reduce the general output of Iraq earlier this year in 2017, according to the agreement of the countries inside and outside OPEC.
Meanwhile, fears of a drop in oil prices still exist after it issued a US Department of Energy memorandum for the sale of the amount of crude oil from the strategic petroleum reserves. Emergency reserves , according to the Department of Energy will be bidding to eight million barrels of light oil and low oil sulfur, no later than January 17, especially as the sales process is part of the decision to sell crude oil worth up to 375.4 million dollars in the fiscal year 2017, to finance improvements in the field of operation of the infrastructure , which includes emergency reserves. The hot crude oil prices once again on concerns that undermine the record exports high of Iraqi crude and increase US production of OPEC efforts to contain the oversupply on world markets, where futures for US crude declined by $ 2.03 at $ 51.96 a barrel, while closed Brent Low $ 2.16 at $ 54.94 a barrel, while OPEC basket containing recorded on 13 types of crude to $ 52.85 a barrel. The development of fields for his part called on the oil minister during a meeting with Executive Director of the company Sunankol Angolan Edison Santos, direct the company to work in the fields Qayyarah and star, in a period not to exceed the end of next February. The minister pointed to the importance of the development of these fields after their liberation from the control of "Daesh" gangs of terror, adding that the ministry is working to provide facilities for oil companies operating in Iraq and to overcome all the obstacles and difficulties faced by their work, urging at the same time Sunankol company need to start and resume work in the fields of Qayyarah and the star in order to provide a suitable environment to work in them and the stability of the security situation, and that the technical and engineering teams for the North oil company and entities chock have succeeded in controlling most of the wells sparked by the terrorist gangs, and that businesses are under way to rehabilitate oil facilities and refinery and power station in Qayyarah. Preparations work to that Santos praised the company was ready to start work in the fields of Qayyarah and star and move towards the achievement of the set objectives. The Sunankol Angolan company that won the contract to develop the fields Qayyarah and star within the oil licensing rounds have withdrawn from work after the deterioration of the security situation in the province.[/rtl]
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