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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 deepens the oil market crisis by cutting 10% of production

    Rocky
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    Iraq deepens the oil market crisis by cutting 10% of production Empty Iraq deepens the oil market crisis by cutting 10% of production

    Post by Rocky Sat 26 Feb 2022, 5:08 am

    [url=https://ultrairaq.ultrasawt.com/sites/default/files/styles/large/public/%D9%86%D9%81%D8%B7 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82 _0.jpg?itok=hnYVVA2L][You must be registered and logged in to see this image.][/url]
    Iraq deepens the oil market crisis by cutting 10% of production
    February 25 2022
    Ultra Iraq - Editorial Team
    Iraq has suspended more than a tenth of its oil production due to maintenance and protests, in another blow to the tight global supply at a time when demand is rising with a jump in prices .
    A [You must be registered and logged in to see this link.] report , translated by Ultra Iraq, stated today, Friday, that the authorities temporarily closed the West Qurna 2 oil field, with a volume of 400,000 barrels per day, in a maintenance procedure that extends to a maximum period of March 10.
    The report was based on information from government oil officials familiar with the field's operations.
    One of the officials said, "The maintenance includes working on new wells and connecting new pipelines," adding that "Iraq will compensate for the shortfall in production."
    Read also:  [You must be registered and logged in to see this link.]
    West Qurna 2 field is managed by the Russian "Lukoil" company .
    The report’s information also indicates that “Iraq has stopped another 80,000 barrels per day of oil production and exports from the Nasiriyah oil field, due to concerns related to the safety of workers, following protests organized by a number of university graduates demanding jobs in the oil sector.”
    Iraq's crude oil outage of 480,000 barrels per day accounts for approximately 0.5% of global oil supply and comes at a sensitive time for oil markets.
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    Global benchmark Brent crude rose above $105 a barrel on Thursday for the first time since 2014, on concerns that sanctions against major crude exporter Russia could disrupt supply and add to its current tightness.
    In addition, some members of the Organization of Petroleum Exporting Countries/OPEC, of ​​which Iraq is the second largest producer, have struggled to pump more crude even as prices rose to their highest level in seven years .
    The group and its allies, known as OPEC+, gradually scrapped record production cuts that were introduced in 2020 .
    It is expected that OPEC + will decide at its meeting next week to adhere to the scheduled production increase, by 400,000 barrels per day in April.
    Iraq produced 4.25 million barrels per day of crude oil in January, down 26,000 barrels per day from the previous month, according to an average of six secondary sources used by the OPEC secretariat .
     

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