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


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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Iraq’s oil rating fell to negative B, the second OPEC producer cuts its exports to a quarter, oil fa

    Rocky
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    Iraq’s oil rating fell to negative B, the second OPEC producer cuts its exports to a quarter, oil fa Empty Iraq’s oil rating fell to negative B, the second OPEC producer cuts its exports to a quarter, oil fa

    Post by Rocky Fri 01 May 2020, 5:41 am


    [size=41]Iraq’s oil rating fell to negative B, the second OPEC producer cuts its exports to a quarter, oil falls to $ 26

    2020-05-01
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    Follow Iraq:
    Reuters said that oil prices fell to about $ 26 a barrel today, Friday, with weak demand due to the coronary virus crisis and an increase in the market, even as OPEC and its allies began a record cut in production, this comes as Fitch returned Modify the evaluation of Iraq according to Pearl Petroleum and place it in the "B-" field.
    Brent crude, the world record for oil, fell 60% in 2020 and reached its lowest level in 21 years, as the Corona pandemic pressed demand, before reaching a new supply-reduction agreement that started on Friday.
    Production cuts of 9.7 million barrels per day by the Organization of Petroleum Exporting Countries, Russia and other producers began on Friday. Reflecting these efforts, the imbalance between supply and demand is expected to halve in May, according to Rystad Energy.
    Analysts at JBC Energy said, "Demand is likely to be underperforming, which offsets the efforts of producers to tackle the supply glut."
    “Demand for crude oil will likely disappoint even disappointment even if more optimistic expectations are achieved to recover the demand for end-user consumption, due to higher stock pressure that has accumulated over the past month or so,” JBC said.
    Industry sources said that "Iraq emphasizes the difficulties that some producers will face in fulfilling their obligations and will strive to meet its share of production cuts by about a quarter. Iraq is the second largest producer in OPEC.
    The US Energy Information Administration said that crude inventories rose by 9 million barrels last week, which is less than analysts' expectations for a rise of 10.6 million barrels, and this reflects a global fear of falling prices to more severe levels.
    Fitch reviewed the Iraq oil market rankings of Pearl Petroleum Limited to reach B- on April 16, according to the weak operating environment in Iraq and the credit to the Kurdistan Regional Government.
    The companies operating in the oil and gas industry in Kurdistan recently announced delays in oil payments from the Kurdistan Regional Government of Iraq for the delivery that took place between November 2019 and February 2020.
    Despite late payment, Pearl LPG Company sells to the private sector and to private sector companies in recent months after selling condensate to the Kurdistan Regional Government, while LPG and condensate sales are supported by pre-deposits, as the company says that the risks to customers in these transactions are still high , Especially given the current fluctuations in the oil market and the liquidity constraints of smaller companies operating in this sector, which reinforces negative expectations.
    Negative outlook on Iraq: Fitch reviewed the IDR-Iraq outlook to negative from stable due to the impact of low oil prices on public and external finances for Iraq, short-term uncertainties about the sovereign financing plan and restrictions on policymakers' ability to respond to the crisis Finance. We know that lower oil prices will also have a significant negative impact on the KRG's ability to pay regional oil and gas companies.
    Pearl Natural Gas provides the Kurdistan Regional Government with the main fuel that represents 75% of electricity generation in Kurdistan, despite the deteriorating government financial conditions, the risks facing Pearl from delayed payments have been offset to some extent by lower overall sales to the Kurdistan Regional Government, which It represents about 25% of the total revenue.


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