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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


    Does the inability to increase production and the inability to dispose of the surplus stand behind t

    Rocky
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    • Post n°1

    Does the inability to increase production and the inability to dispose of the surplus stand behind t Empty Does the inability to increase production and the inability to dispose of the surplus stand behind t

    Post by Rocky Sat 07 May 2022, 6:32 am


    [size=30]Does the inability to increase production and the inability to dispose of the surplus stand behind the “joy” of oil in continuing “OPEC +” on the downsizing policy?

    2022-05-07
    [/size]
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    Yes Iraq: Baghdad

    OPEC + has not changed the rate of production increase, and has continued with a continuous gradual increase since the beginning of this year, amounting to less than 440,000 barrels per day, of which Iraq’s share will be approximately 48,000 barrels per day, so Iraq’s production in June will be 4.509 million barrels per day, which Iraq has welcomed it over the past months, as Iraq appears to be encouraging the OPEC + decision to maintain the policy of reduction and not raise production much, which is likely due to the fact that Iraq is “unable” to raise its production significantly, as well as its limited export capacity.
     
    And OPEC + said, “The production share for Iraq for the month of June was set at 4.509 million barrels per day, an increase of 48 thousand barrels per day over the month of May, which amounted to 4.461 million barrels per day, and an increase of 95 thousand barrels per day from last April,” indicating that “Iraq came The second largest producer in the organization after Saudi Arabia, and the third largest producer in OPEC + after Saudi Arabia and Russia.”
    The scheduled increase from OPEC in June will be 275,000 barrels to reach 25.864 million barrels per day, while the share of allied with OPEC will reach 157,000 barrels to reach 16.694 million barrels per day.
    This means that Iraq's production of 4.5 million barrels per day will represent 10% of the total production of OPEC + countries of more than 42 million barrels per day.
     
    For its part, the Ministry of Oil welcomed, "as usual" during the past months and previous meetings, the decision of OPEC + to keep its strategy unchanged despite the challenges facing global oil markets.
    Observers believe that the Ministry of Oil welcomes OPEC's decision to maintain production cuts, due to the fact that this decision is in the interest of the ministry, which is currently unable to raise production significantly. And the difference between the actual production and the production determined according to the OPEC + agreement.
     
    Iraq’s share in March was 4.370 million barrels per day, of which only 4.309 million barrels per day were produced, a difference of 60,000 barrels per day, while its share in April was 4.414 million barrels per day, of which only 4.397 million barrels were produced per day, which means less than its share by 17,000. barrels per day.
    While Iraq's share in this May is 4.461 million barrels per day, it is not known how much of it Iraq will produce, in addition to next June, in which production will reach 4.509 million barrels per day.
    It is worth noting that the production of the Kurdistan region is calculated within Iraq’s production, which amounts to approximately 400,000 barrels per day, which means that Iraq’s production share in June will be 4.1 million barrels per day, and it is not known whether it will be unable to meet it.
    What makes Iraq “welcome” for the decision to maintain production without a significant increase, is the limited export capacity of Iraq, as according to the admission of the Minister of Oil Ihsan Abdul-Jabbar, the export capacity of the southern ports is only 3.3 million barrels per day, in addition to about 100,000 barrels per day through the Turkish port of Ceyhan , so that the total export capacity does not exceed 3.4 million barrels per day, and Iraq will not export more than this figure, and when adding the consumption capacity of about 700,000 barrels per day, the total number will be 4.1 million barrels per day, and for more than that production, Iraq will be unable to Discharge of the increase in production, and it will store any additional production that it may produce.
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