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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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    An oil expert explains the damages of Iraq's survival in the OPEC Plus agreement

    Rocky
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    An oil expert explains the damages of Iraq's survival in the OPEC Plus agreement Empty An oil expert explains the damages of Iraq's survival in the OPEC Plus agreement

    Post by Rocky Wed 07 Jul 2021, 6:38 am

    An oil expert explains the damages of Iraq's survival in the OPEC Plus agreement

    •  Time: 07/06/2021 23:31:35
       
    •  Reading: 741 times

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    {Economist: Al Furat News} The economic expert, Nabil Al Marsoumi, explained the damages of Iraq's survival in the OPEC Plus agreement.
    The useful summary.. In important news, you can find it in the Euphrates News channel on the telegram.. [You must be registered and logged in to see this link.]
    Al Marsoumi said; For the “Al-Mastra” program broadcast by Al-Furat satellite channel this evening, “There is a major dispute within OPEC Plus that led to the failure of the last meeting caused by the Emirati-Saudi dispute over the UAE’s request to increase its production quota by 700,000 barrels per day, and its refusal to extend from April until the end of 2022.”
    He called on Iraq to "take a decision like the UAE's and increase its production with the increase in global demand for crude oil," noting that "Iraq's commitment to the decisions of OPEC Plus was unjustified by exporting more than one million and 66 thousand barrels per day, even though it was living in a difficult financial and economic circumstance; but with The improvement in prices managed to cross the $6 billion barrier. 
    Al-Marsoumi added, "The Iraqi position follows the Saudis and is not in the interest of the country, and perhaps the latest agreement will not deter the rift, especially if the UAE increases its production. Yesterday, prices rose to 77 dollars per barrel, and today the price of the barrel fell to 73 dollars for fear of the UAE's behavior."
    And he indicated that "the Iraqi position with Saudi Arabia is with a gradual increase by 400,000 barrels per day and demanded to extend the reduction until the end of 2022, and the fear of the uniqueness of the UAE being the most powerful opponent, especially its production of more than 4 million barrels per day, and its departure from OPEC Plus harms prices, especially since there is a global demand for oil." raw.” 
    Al-Marsoumi suggested that “a barrel of oil tends to reach $80 in the coming months, and Iraq is restricted by OPEC’s decisions, so it is forced to pay profitable wages to companies,” adding that “the price war is very difficult, especially in light of the presence of American shale oil, and then there is a global demand for crude oil, up to 95 million barrels.” Daily". 
    He continued, "Some foreign companies threaten to withdraw from Iraq's fields to obtain concessions, and the share of the government partner was reduced to zero in 2015, and ExxonMobil is the only one that threatened to withdraw and alternatives exist from the national sector and is able to engage in foreign business."
    Al-Marsoumi explained, "The licensing contracts in Article 28 approved the assignment of rights for the benefit of others and not the sale of shares and promotion of this issue stems from ignorance or service to foreign companies under this name."
    Wafaa Al-Fatlawy
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