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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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    Iraq exceeds its production quota from OPEC by 2% .. But only 75% went for export: How does Iraq con

    Rocky
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    Iraq exceeds its production quota from OPEC by 2% .. But only 75% went for export: How does Iraq con Empty Iraq exceeds its production quota from OPEC by 2% .. But only 75% went for export: How does Iraq con

    Post by Rocky Tue 12 Oct 2021, 7:39 am


    [size=30]Iraq exceeds its production quota from OPEC by 2% .. But only 75% went for export: How does Iraq consume one million barrels per day of crude?

    2021-10-12
    [/size]
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    Yes Iraq: Baghdad

    A new survey conducted by the S&P Global Platts platform showed that Iraq and Russia were the least compliant with their production quotas among OPEC + members in September, and while Iraq produced 4.18 million barrels, exceeding its share by 2%, only 75%, and 25% of its production was consumed locally.
    The platform stated in a report that the production of OPEC + countries in September amounted to 40.73 million barrels per day, after recording 40.26 million barrels per day in August.
    The 13 member states of the Organization of Petroleum Exporting Countries "OPEC" pumped 27.29 million barrels per day, an increase of 320,000 barrels per day from the previous month.
    While Russia and 8 other partners added 13.44 million barrels per day, an increase of 150,000 barrels per day from the previous month.
    And she added that despite the increases, the rate of compliance with the agreement reached 111.5%, as the 19 members - who have production quotas under the OPEC + supply agreement - were less than their allocation for this month by 570,000 barrels per day.
    It noted that both Iraq and Russia exceeded their quotas, according to the survey, and were among the least compliant members of the coalition.
    The survey found that Russia pumped 9.86 million barrels per day, above its target of 9.70 million barrels per day, while Iraq rose to 4.18 million barrels per day, exceeding its quota of 4.11 million barrels per day.
     
    The Iraqi Oil Export Company (SOMO) had said earlier, that the country's daily oil production amounted to 4.1 million barrels in this September, compared to nearly 4 million barrels per day in the previous August.
     
    According to Somo, Iraq's daily oil exports amounted to 3.08 million barrels per day, which means that more than one million barrels per day of oil production were used locally, meaning that what was exported amounted to 75% of production, and 25% was used, and Iraq consumes about 200 thousand barrels per day to operate Its electric stations, which means that another 800,000 barrels go to refining in the country's refineries to extract oil derivatives.
     
    The coalition had decided at its last meeting, which was held at the beginning of this month, to install the gradual production policy that was decided last April, to increase production by 400,000 barrels per day every month until at least April 2022 to gradually eliminate the production cut of 5.8 million barrels per day. .
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