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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Report: Iraq is the fifth in the world oil reserves

    Rocky
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    Report: Iraq is the fifth in the world oil reserves Empty Report: Iraq is the fifth in the world oil reserves

    Post by Rocky Mon 16 Oct 2017, 1:59 am

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    Report: Iraq is the fifth in the world oil reserves


     Baghdad - New York / Range - Reuters 

    Iraq ranked fifth in terms of proven oil reserves worldwide, with 142.50 billion barrels. According to a study prepared by the site, "Insider Manki," and published recently, Iraq came in fifth place with a reserve of 142.50 billion barrels, ahead of Kuwait and the UAE. The report is based on data from the annual statistical bulletin of OPEC, the US Energy Information Administration, the World Bank and the annual publication of BP.
    Venezuela topped more than 300 billion barrels of proven oil reserves, followed by Saudi Arabia with more than 266 billion, Canada with 169.71 billion barrels, Iran with 158.4 billion, Iraq with 142.50 billion, Kuwait then the United Arab Emirates with 97.8 percent. The study also noted that unlike the top 10 countries, Nigeria, Kazakhstan, China, Qatar, Brazil and Algeria were in the 11th to 16th respectively. Iraq is the second largest oil producer in OPEC after Saudi Arabia, producing fields The southern region where most of the Iraqi oil and recorded exports During the month of December last record high. On the other hand, the oil markets tend to regain their balance, supported by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) in cooperation with independent producers, as well as some international tensions that support prices.
    Oil majors in the oil sector told Reuters the global oil market was regaining its balance with support from OPEC-led production cuts, although the prospect of further price increases next year or so seemed unlikely, Do not continue. The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia are cutting oil supplies by about 1.8 million bpd to get rid of the glut of global supplies of crude and refined products. 
    Oil stocks in industrialized countries are falling, although they remain above the five-year average. Brent crude rose to $ 57 a barrel, but remained at half of its mid-2014 level, and Brent fell to near $ 27 a barrel in January 2016, its lowest level in 12 years.
    "I think the market is on the right track, you can see the start of restoring balance, but it's a gradual decline, so I do not think we expect to see a huge drawdown of inventories," said Alex Bird, head of Glencore's oil unit at the Reuters Global Commodities Summit this week. Or a significant rise in prices. " 
    Baird said he expected oil to rise slowly, and Brent was likely to reach $ 60 by the end of the year.
    Marko Donand, chief executive of Mercuria, said near-maturity prices could be approaching $ 60, supported by lower inventory levels, but the five-year futures contract would have to be around $ 50 to $ 55, Production for American rock oil companies. "The last quarter should record a global deficit," he said. "The price is probably approaching $ 60, the nearest price, but there is no reason in particular for the forward price to move." He said he might expect a scenario where oil moves above $ 60 next year as a reaction to geopolitical events, but not for a sustained period. The president of Vitol, the world's largest oil trading company, also does not expect a surge in prices, telling the summit prices will remain "tight and tight" at between $ 50 and $ 60 a barrel next year.
    "There have been some major drawdowns from stocks globally this year, and the situation looks much better than it did a year ago," Ian Taylor said. "While the market is in short supply and moving towards further inventory shortfalls, I do not fully believe that the market is convinced that this will continue for a long time." 
    Turbion Tornquist, chief executive of Janover, said Opec could not "afford to give up" production cuts as supplies from abroad increased next year and he did not expect a big jump in price. Asked about his price forecast for the next 12 to 18 months, Turnkwest said Brent could remain "almost at the top of the $ 50 ... (if) OPEC maintains some discipline." Demand has increased by 1.5 million barrels per day (bpd) or by the current year's rate.
    US crude futures averaged more than $ 49 a barrel since the beginning of 2017, well above last year's average of $ 43.47 a barrel. US crude settled yesterday at 85 cents, or 1.68 per cent, at $ 51.45 a barrel, after hitting its highest level since the end of September, with a weekly gain of 4 per cent. 
    Some exploration and production companies cut their investment plans for 2017 over the past few months, after crude prices fell in May to below $ 50 a barrel. But it is still planning to spend more money this year than last year.
    US production is expected to rise to 9.2 million bpd in 2017 and to a record 9.9 million bpd in 2018 from 8.9 million bpd in 2016, according to a federal energy sector estimate released this week. The International Energy Agency said this week it expects US crude production to grow by 470,000 bpd this year and 1.1 million bpd in 2018



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