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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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    Sumo: We can increase oil production quickly to meet the demands of world markets

    Rocky
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    • Post n°1

    world - Sumo: We can increase oil production quickly to meet the demands of world markets Empty Sumo: We can increase oil production quickly to meet the demands of world markets

    Post by Rocky Wed 19 Sep 2018, 2:39 am

    Sumo: We can increase oil production quickly to meet the demands of world markets


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    During an interview with the Platts International Energy Agency with the director of the Iraqi Oil Marketing Company (SOMO), said that Iraq can increase its oil production directly and quickly to support the market before the entry of US sanctions imposed on Iran a new stage. Comments of the director of marketing company Alaa Yasiri, Where officials from the Organization of Petroleum Exporting Countries (OPEC) are to ensure the stability of the market if the sanctions imposed by US President Donald Trump on Iran enter into force in November. An analysis by Platts said Iran was expected to lose about 1.4 million barrels per day of its oil exports by the end of the year.
    "Some urgent increases in production will be achieved," Yasiri said, referring to the issue of Iraq's oil production and its contribution to filling the gap.
    Iraq pumped 4.68 million barrels per day last month, according to a survey by the Platts Agency, which kept its high production as OPEC's second largest oil producer after Saudi Arabia.
    Oil prices rose briefly last week to reach $ 80 a barrel amid concerns about the decline in Iranian exports and the lack of spare production capacity, other than Saudi Arabia, among other OPEC members to fill the shortfall.Saudi Arabia has increased its production and export rates broadly to gain more market share at the expense of Iran.
    "OPEC needs to maintain the stability of the oil market, and as a result, if there is no stability, both consumers and producers will be affected," Sumo said.
    Prior to the upcoming joint ministerial meeting of OPEC and non-Opec oil producers in Algiers on September 23, Eliasri said member countries with capacity to increase production capacity should do so as the market requires.
    "If producer countries and OPEC members conclude that processing is less than demand, there will definitely be a decision to develop alternatives by members who have the capacity to increase production to meet demand in the market," he said.
    Iraq is expected to continue to boost its oil production from fields run by international oil companies. Its output increased by an additional 100,000 barrels a day during July and August.
    Al-Yasiri said that Baghdad has plans to continue to expand its export capacity significantly, noting that the capacity of berths in the port of Basra up to 3.7 million barrels per day and work continues to maintain and expand facilities, pipes, pumps and reservoirs in the waters of FAO to increase export capacity more. He said the agreement with the Kurdistan Region for the export of oil through the Ceyhan line of Kirkuk will add an equivalent of 400,000 barrels per day to export capacity.
    "We will have an integrated plan for 2019 in terms of the amount of production and the amount of what is consumed internally to ship the remaining quantities for export, and we are ready to export any amount decided by the Ministry of Oil," Yasiri said.
    Al-Yasiri also pointed to progress in expanding the experience of joint ventures with trade arms of international oil companies in an attempt to gain more benefit from Iraq's crude oil after its sale, as well as getting a larger market share with strategic countries and increasing the international trade experience of Sumo Oil Marketing Company.
    Translation: Range

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