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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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    Lack of understanding with foreign oil companies to prevent Iraq's commitment to OPEC's agreement

    Rocky
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    Lack of understanding with foreign oil companies to prevent Iraq's commitment to OPEC's agreement Empty Lack of understanding with foreign oil companies to prevent Iraq's commitment to OPEC's agreement

    Post by Rocky Sat 14 Jan 2017, 1:52 am

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    Lack of understanding with foreign oil companies to prevent Iraq's commitment to OPEC's agreement


     Baghdad / term 

    Iraq began yesterday cut its oil exports by about 400,000 barrels per day, with anxiety , which affects OPEC countries, about the lack of recent ability to adhere to the oil agreement , which was concluded late last year. 

    In the meantime, an international expert stressed that Baghdad is facing problems with the foreign oil companies operating south of the country on reaching an agreement on reducing production. In turn , it called on the Ministry of Oil Angolan company, which pulled out of the province of Nineveh after the control of the organization Daesh, to resume its work to develop the fields Qayyarah and star. 
    A source in the oil sector , "Reuters", that "there are fears that the oil -producing countries from Venezuela and Iraq will not commit to cuts," adding that "Iraq initially resisted joining the cut but stressed that this week will begin to cut production." 
    Iraq plans to increase crude exports from the southern port of Basra to the highest level ever in February next at 3.6 million barrels per day , despite the entry into force of the OPEC agreement to cut production this month. But the head of SOMO , Falah al - Amiri, said that "Iraq aims to cut its oil exports in this January to a range between 3.1 and 3.15 million barrels per day from 3.51 million bpd in December the past." 
    Amiri told reporters that "Iraq 's second - largest producer in OPEC has already cut its oil exports , which now amount to 3.077 million barrels per day." 
    In the meantime, the oil minister said Jabar Luaibi, on the sidelines of an oil conference in Abu Dhabi, that "Iraq has implemented its commitment to the Convention on the reduction of production that have been reached between the major oil producers in the world in terms of reducing its export rate of up to 170 thousand barrels per day." 
    Allaibi He added that "Iraq hopes to achieve an improvement in oil prices and we look forward to up to $ 65 a barrel or asymptotic his price." 
    In turn, the US oil expert Michael McDonald , " The reduction of Iraq 's production , which is the second largest oil producer in the Organization of Petroleum Exporting theoretically easy, but it is difficult when applied, especially as the amount of reduction of 210,000 barrels per day." 
    He said the US expert , that "Iraq faces a thorny issue related to contractual obligations with international oil companies operating in the south of the country 's oil fields, and this is what is difficult for him to control the production." 
    MacDonald added that "Iraq 's problems are complicated too much , especially because of the inability of the government to the oil control who produces the north of the country , " stressing that "there is a need for an agreement between the central government and the Kurdistan region to decide who bears the brunt of the oil reduced, especially that of the Kurds prefer to be the southern oil fields are borne by the reduction , while the Baghdad government believes the opposite. " 
    He said oil expert that " the contracts concluded by the government with foreign oil companies require compensation for producers if an output cut out of the will of the producers, which is a very difficult proposal because the country is suffering from a cash crunch , " noting that "there are no clear signals from the major producers in Iraq they BP companies, Exxon Mobil, Royal Dutch Shell on Touselohm an agreement with the Iraqi government to cut production. " 
    In another context, the Oil Ministry called on Angolan company that pulled out of the province of Nineveh , after the control of the organization Daesh to resume their work to develop the fields Qayyarah and star. 
    The ministry said in a press statement received "long", " The ministry calls Sengwl Angolan company to resume work in the development of fields Qayyarah and star in the province of Nineveh," and urged " the company to proceed with work during a period not exceeding the end of next February." 
    She added that " the ministry is working on providing facilities for oil companies operating in Iraq and to overcome all the obstacles and difficulties faced by their work," stressing " the need to accelerate the development of the two fields in order to provide the appropriate environment in which to work and the stability of the security situation."
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