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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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    OPEC and the oil markets threaten Iraq financially

    Rocky
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    • Post n°1

    OPEC and the oil markets threaten Iraq financially Empty OPEC and the oil markets threaten Iraq financially

    Post by Rocky Sun 12 Apr 2020, 2:04 am

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    [You must be registered and logged in to see this image.] OPEC and the oil markets threaten Iraq financially


    Iraq warned, yesterday, Saturday, of the risks facing OPEC's recent decisions to reduce oil production, foremost of which is the lack of commitment of countries outside OPEC to reduce and the continued outbreak of the Corona epidemic, while Iraq will reduce its production by 18%, equivalent to 849 thousand barrels per day.
    The Deputy Prime Minister and Iraqi Oil Minister Thamer Al-Ghadban pointed out that the demand for oil will witness a significant decline during this year mainly due to the outbreak of the Corona epidemic and the disruption of most of the economy’s movement, noting that the recovery of oil markets depends on the extent and when efforts succeed in containing and eliminating this virus.
    Al-Ghadhban stressed in press statements that the risks accompanying this agreement are that the reduction is limited only to the (OPEC) and (OPEC +) countries that took this measure and they are only those who adhere to it and others do not adhere to it and that he will benefit from shale oil and others from this measure .
    He explained that, therefore, this solution will not be sustainable, and that the other danger is the continuation of the outbreak of the Corona epidemic in industrialized and other countries and its non-recession in it, which would prolong the extent of the crisis.
    The minister revealed the most important details of the agreement reached by the emergency meeting of "OPEC +" and the countries of the "OPEC" oil producing organization and the countries allied with it last Thursday, explaining that it included a reduction in production by 10 million barrels per day starting from May 1 for a period of two months, followed by a reduction of 8 Millions per day per day for a period of six months, then a third reduction during the year 2021 and the first four months of the year 2022 by 6 million barrels.
    He stressed that the success of the agreement, which aims to restore balance and harmony to global oil markets, lies in the extent of cooperation of producing countries outside of OPEC and OPEC + in maintaining market stability, and that the recovery of markets is also dependent on the extent of control and elimination of the Corona epidemic.
    Al-Ghadban noted that the producing countries resorted to this agreement to reduce to ensure stability in the market and reduce the large storage in most countries, which reached very large quantities.
    The oil minister added that the meeting agreed that the measure for reducing oils according to members ’shares for the production of the tenth month of 2018 will be calculated according to this month. .
    The Minister of Oil pointed out that hopes are also pinned on a number of countries outside (OPEC) and (OPEC +), including America, Canada, Brazil, Norway, and other countries to reduce their production by five million barrels per day, so if this happens, the total reduction will be 15 million barrels per day, which is It would create stability and balance in world markets.
    According to the cuts approved by the OPEC meeting, the share of Iraq from the reduction will be 1.061 million barrels per day from next July until the end of the year 2020, where the percentage will be reduced to 18%, and Iraq’s share of the reduction will be 849 thousand barrels per day.
    It is reported that Iraq was required to reduce 191 thousand barrels during the OPEC + agreement, which lasted for more than three years, and the proportion of Iraq was 80%.
    Informed sources in the Iraqi oil sector said that the Ministry of Oil needs to approach foreign oil companies operating in Iraq to reduce production, and this may be on conditions.
    Iraq suffers from a severe financial crisis as a result of its dependence on oil, whose prices have fallen due to the price war that took place between Saudi Arabia and Russia, so it will reduce its exports from 3.7 million barrels during the current month to 2.6 million barrels per day.
    And oil prices had collapsed to the lowest levels in two decades due to falling demand caused by the stoppage of economic activity due to the Saudi-Russian differences over production and the outbreak of the Corona epidemic.
    The Ministry of Oil revealed in the first of the month that the country’s imports from its exported oil collapsed in half and sold at a rate of $ 28 per barrel, which is the lowest in years. .
    The ministry said that the total exports achieved for the last month of crude oil amounted to (105) millions and (102) thousand and (927) barrels, with revenues amounting to two billion and (988) million and (711) thousand dollars, while it was in the month preceding February. Last February (98) million (347) thousand and (884) barrels .. with revenues amounting to more than (5) billion and (52) million and (528) thousand dollars at an average price per barrel of (51.374) dollars.


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