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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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    The "double" reduction comes into effect... Iraq faces two options that will affect the 2024 budget

    Rocky
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    The "double" reduction comes into effect... Iraq faces two options that will affect the 2024 budget Empty The "double" reduction comes into effect... Iraq faces two options that will affect the 2024 budget

    Post by Rocky Wed 03 Jan 2024, 4:24 am

    [size=35][size=35]The "double" reduction comes into effect... Iraq faces two options that will affect the 2024 budget[/size][/size]
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    Economy

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    01-03-2024 | 03:29
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    Al-Sumaria News - Economy

    It is hoped that Iraq has begun implementing its voluntary "double" reduction in oil production, which it decided last November, which begins from this January and for a period of 3 months, that is, until the end of next March.


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    The new voluntary reduction came at 211 thousand barrels per day, to be additional to the previous voluntary reduction of the same amount, bringing the voluntary reduction to more than 420 thousand barrels per day, and thus [You must be registered and logged in to see this link.]’s production will be from the beginning of the current year until the end of March, that is, during the next 90 days, Only 4 million barrels per day.



    But this reduction and the current oil production figure will carry behind it many questions and ambiguous indicators about the fate of Iraqi oil exports in the next budget 2024, as well as oil refining in Iraqi refineries.

    The production of 4 million barrels of oil per day will include all parts of [You must be registered and logged in to see this link.], including the [You must be registered and logged in to see this link.] region. In contrast, the quantities of oil fixed in the budget are 3.5 million barrels per day, and if [You must be registered and logged in to see this link.] actually succeeds in achieving this export figure, in contrast, only half a million barrels per day will be available. For refining in refineries, whether in [You must be registered and logged in to see this link.] or other Iraqi refineries.

    In [You must be registered and logged in to see this link.], the refining capacity in the northern, central and southern refineries is 700 thousand barrels per day, in addition to more than 120 thousand barrels per day that [You must be registered and logged in to see this link.] is refining, which means that between the more than 800 thousand barrels that were being refined daily in the Iraqi and [You must be registered and logged in to see this link.] refineries, there will be only 500 thousand barrels per day. Available for refining in refineries.

    Accordingly, [You must be registered and logged in to see this link.] will have to reduce oil exports for 3 months, and it is not known whether this voluntary reduction will be extended, and [You must be registered and logged in to see this link.]’s exports will then be 3.3 million barrels or less in exchange for maintaining refining capacity in the refineries.

    Or for [You must be registered and logged in to see this link.] to maintain its budgeted daily oil exports at 3.5 million barrels per day, in exchange for reducing refining in refineries by about 40%, which will lead, as a result, to an increase in [You must be registered and logged in to see this link.]’s import of oil derivatives due to the decrease in refining in refineries.


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