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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


    Reuters: Two Iraqi reasons constitute a "new blow" to global oil supplies

    Rocky
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    Reuters: Two Iraqi reasons constitute a "new blow" to global oil supplies Empty Reuters: Two Iraqi reasons constitute a "new blow" to global oil supplies

    Post by Rocky Fri 25 Feb 2022, 1:59 pm

    Reuters: Two Iraqi reasons constitute a "new blow" to global oil supplies

    [ltr]2022.02.25 - 22:03[/ltr]


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    Baghdad - people  
    On Friday, Iraq was forced to suspend more than 10% of its oil production due to maintenance operations and protests, which constitutes a new blow to global supplies at a time when demand is increasing and prices are rising .  
      
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    Two government officials told "Reuters" (February 25, 2022), that "Iraq has temporarily closed the (West Qurna 2) southern field, with a production of 400,000 barrels per day, and that the closure will continue until the second of next month, but it may continue until the tenth day of the month. the same month."  
    An official said, "The maintenance work includes working on new wells in addition to connecting new pipelines, but he pointed out that Iraq will compensate for the shortfall in production."  
      
    On Friday, the Dhi Qar Oil Company decided to close the site due to the demonstrations and sit-ins surrounding the site, which have become a danger to its workers, she said.  
    The company explained in a statement that Nass received a copy of it (February 25, 2022), that it "has stopped work in the Nasiriyah gas isolation plant, as well as stopped oil production operations there, after the employees and affiliates were unable to enter to carry out their tasks, due to the continuing state of prevention and harassment and the amount of pressure exerted." And the challenges facing the working national cadres, especially the process of closing the oil site due to demonstrations and sit-ins by some of those around it, especially since these practices have become a danger and a real obstacle to the sustainability of work in this national economic joint.  
    The company’s management also decided to hand over the site to the Oil Facilities Protection Police, emphasizing the extent of the damage caused by such a forced measure to all of Iraq’s interests, as the forced closure process will have significant harms, including:  
      
    Stopping the production and export of 80,000 barrels of crude oil per day, which will cause great financial losses to the national economy in a delicate circumstance that our honorable people are going through.  
      
    - Stopping the supply of gas to the South Gas Company and the negative effects it will have on the operations of processing this substance for citizens at the national level.  
      
    - Stop supplying the gas power plant with the gas it needs for operation, which will cause a decline in electrical production operations, and we are heading into the summer season.  
      
    - Having to lay off a large part of the national workforce working in the field, due to the inability to pay their financial dues by the company, and what this forced procedure will leave on them and their families.  
      
    - It also has very negative effects in the short and medium term, especially in the halting of development operations that are currently taking place in this field, which affects a national company working to serve all the Iraqi people.   
      
    According to Reuters, the disrupted production will reach 480,000 barrels per day of Iraqi oil, which is equivalent to 0.5% of global supplies at a difficult time for oil markets after prices rose above $100 for the first time since 2014 for fear of a further decline in supplies as a result of the Ukrainian crisis.  
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