Home
[You must be registered and logged in to see this image.]
OPEC raises production quotas for its members.. Observers: Iraq may be unable to reach its quota
Shafaq News/ The meeting of the OPEC + alliance on production, which was highly anticipated last Thursday, confused the market, with oil prices closing high after the decision.
The alliance agreed to increase production by 648,000 barrels per day for the months of July and August, and the decision will help ease the market entering the summer driving season in the northern hemisphere, while the European Union ban on Russian oil imports is scheduled to be implemented in stages, leading to a shutdown About two million barrels per day of production by the end of 2022.
It raised some doubts about the organization's ability to achieve the increases in full, given that it is distributed across member states, many of which struggled to increase production, including Iraq.
Most OPEC+ countries will not be able to meet the higher quotas, constrained by their lack of upstream investment or domestic instability, which would leave Saudi Arabia and the UAE able to benefit from any significant spare capacity of the two members.
Saudi Arabia has about 820,000 b/d of higher production that can be tapped, while the United Arab Emirates has about 800,000 b/d, according to Platts analysis.
A report by the Oil Price platform stated that Iraq is currently only able to produce about 4.1 - 4.3 million barrels per day, but this shortage is largely due to the interruption of fields in the south for maintenance reasons, especially the halt of the West Qurna 2 field of 400,000 barrels per day. For 12 days of maintenance, and to continue developing the work in progress on the export infrastructure.
Iraq's production rate during the month of April reached 4.230 million barrels per day, and therefore this production is less than the quota set for it in OPEC for the month of April, which amounts to 4.414 million barrels per day.
[You must be registered and logged in to see this link.]
The alliance agreed to increase production by 648,000 barrels per day for the months of July and August, and the decision will help ease the market entering the summer driving season in the northern hemisphere, while the European Union ban on Russian oil imports is scheduled to be implemented in stages, leading to a shutdown About two million barrels per day of production by the end of 2022.
It raised some doubts about the organization's ability to achieve the increases in full, given that it is distributed across member states, many of which struggled to increase production, including Iraq.
Most OPEC+ countries will not be able to meet the higher quotas, constrained by their lack of upstream investment or domestic instability, which would leave Saudi Arabia and the UAE able to benefit from any significant spare capacity of the two members.
Saudi Arabia has about 820,000 b/d of higher production that can be tapped, while the United Arab Emirates has about 800,000 b/d, according to Platts analysis.
A report by the Oil Price platform stated that Iraq is currently only able to produce about 4.1 - 4.3 million barrels per day, but this shortage is largely due to the interruption of fields in the south for maintenance reasons, especially the halt of the West Qurna 2 field of 400,000 barrels per day. For 12 days of maintenance, and to continue developing the work in progress on the export infrastructure.
Iraq's production rate during the month of April reached 4.230 million barrels per day, and therefore this production is less than the quota set for it in OPEC for the month of April, which amounts to 4.414 million barrels per day.
[You must be registered and logged in to see this link.]
» Iraq adopts an advanced system to combat money laundering and terrorist financing
» Increase in Euphrates River levels due to Turkish water releases
» Demands the need to legislate the capital law
» Parliament decided to extend the legislative term by one month
» A bank participating in the process of localizing the salaries of employees in the region
» Parliamentary request to the Ministry of Finance regarding defense mobilization dues/document
» Dollar prices in Baghdad and Kurdistan today
» Al-Rasheed decides to increase the ceiling for granting “construction” loans to 75 million dinars
» A government plan to expand the construction of water harvesting dams
» Frozen or banned? An Iranian official reveals the fate of Tehran’s money in Baghdad
» The Iraqi Trade Bank participates in the process of localizing the salaries of Kurdistan Region empl
» Finance confirms the Iraqi government's desire to benefit from the expertise of French companies
» After targeting its branch in Kurdistan... Dana Gas announces a decrease in its profits to $38 milli
» A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules
» Stopping the Commission’s procedures regarding the region’s elections
» Foreign oil companies violate Iraqi laws
» The position of Speaker of Parliament depends on the political agreement
» The Ministry of Finance decides to send the April salary to the Kurdistan region
» It did not reach the Council.. Parliament determines the mechanisms for dealing with the 2024 budget
» 88 projects awaiting resolution.. What will happen to the stalled laws in Parliament? - Urgent
» Al-Sudani receives the US Undersecretary of State
» It did not reach the Council.. Parliament determines the mechanisms for dealing with the 2024 budget
» Advisor to Al-Sudani: Sanctions on 32 private banks caused financial problems inside Iraq (video)
» An expert comments on the use of the Iraqi currency in commercial transactions with Iran
» Why does Iraq depend on foreign banks for dollar transfers?
» Deputy: The fuel smuggling map in Iraq has “radically changed” from what it was years ago
» Petroleum Products announces a decrease in gasoline imports by about 8 million liters
» Government advisor: Collections will shift almost completely to electronic payment in the middle of
» Complete decisions of the Council of Ministers session
» Al-Sudani chairs the first meeting to restructure the government apparatus
» The National University holds its second international scientific conference with the participation
» Parliamentary proposals to extend the legislative term of the House of Representatives to resolve th
» Hanoun: We are working on preparing a six-year strategy to combat corruption based on technology
» The Ministerial Council for the Economy decides to stop the import of 6 crops due to their abundance
» Minister of Industry: He turned to Chinese companies to supply Iraq with spongy iron ores
» A foreign report reveals the existence of an undeclared Iraqi-British agreement regarding asylum see
» “Fares Issa” visits the Ministry of Finance and Economy in the Kurdistan Region
» Nechirvan Barzani: We want to address all problems with Iran and begin a new phase of relations
» The position of Speaker of Parliament.. Representatives confirm: “There is no amendment to the bylaw
» Demands to put an end to foreign workers
» Iranian official: We do not have frozen funds in Iraq
» Entering 31 countries in the world without a visa.. A look at the Iraqi passport during 2024
» An Iranian plan to export goods to Iraq worth $3 billion
» The Board of Commissioners decides to suspend the technical and financial procedures for the Kurdist
» Baghdad Governorate approves the two paths of the development road
» Mawazine publishes the full decisions of the Council of Ministers at its session today
» Asaib: The Sunnis are accustomed to having an external actor leading them
» The Iranian ambassador in Baghdad: The Sudanese government enjoys the support of the Shiite and Sunn
» Politician: Representatives of Taqadum “hurt” Al-Halbousi and their party
» “Deficit” is the password.. Parliamentary Finance decodes the budget delay
» Al-Sudani: The tourism sector will be a substitute resource for oil in the coming years
» Finance confirms the Iraqi government's desire to benefit from the expertise of French companies
» utube 5/4/24 MM&C Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules -
» utube MM&C 5/7/24 Iraq Dinar- IQD Update - Regional Trade - A Progession of Reforms - A Global Bac
» After a break of more than 9 years.. the resumption of a government trade meeting between Iraq and A
» A deputy in finance expects the Council of Ministers to approve the budget schedules in today’s sess
» A deputy resolves the controversy over the “transfer supplement” in two ministries
» Al-Halbousi’s “vacant” seat.. Will the coordination framework end the “Taqaddum” dream of an allianc
» The Federal Government issues a state order to stop the Commission’s work procedures regarding the K
» Including the freedom to choose the bank and withdraw the salary for “free”... “My Account” features
» The Central Bank sells more than $250 million during its daily auction
» Al-Sudani receives a delegation from the Union of Arab Banks
» Iraq and the United States of America hold trade meetings in Washington
» In pictures... The activities of the Union of Arab Banks conference in Baghdad, “Day Two”
» The Director General of Ports announces the completion of berths (3) and (4) in Al-Faw Grand Port
» The Council of Ministers holds its regular session headed by Al-Sudani
» Parliament publishes the agenda of its session for next Thursday
» A government measure to reduce "money laundering" using the buying and selling of real estate in Ira
» Iraq proposes establishing a specialized council to combat corruption in Arab countries
» Al-Mawarid intends to establish infrastructure and investment projects for the water sector in Iraq
» The Federal Court issues a decision regarding postponing the election of the Speaker of the House of
» A government meeting to discuss financing and implementation mechanisms for the Development Road Pro
» Al-Sudani: Iraqi banks are on the right track with financial transfers
» Al-Khazali: The Turkish side is still imposing its conditions on Iraq
» Rights: We refuse to amend the bylaws of Parliament under political influence and desires
» Nechirvan Barzani: We want to address all problems with Iran and begin a new phase of relations
» Today, Iraq and Iran signed the minutes of a joint meeting related to trade
» KPMG International begins auditing the revenues of telephone companies operating in Iraq
» Oil: The seventh batch of equipment for the gas manufacturing project in the Nasiriyah and Gharraf f
» Al-Sudani assures the French ambassador of Iraq’s openness to “fruitful” partnerships
» Government move to install gold screening devices at 4 airports
» Sudanese Advisor: The oil sector is witnessing a rapid renaissance
» Opening offices specialized in employing people with disabilities
» Infrastructure and investment projects for the water sector in Iraq
» Adopting the electronic system in the next census
» Al-Sudani chairs the first meeting to restructure the government apparatus
» Business Council: Efforts to open a branch of the Chinese Bank in Iraq
» Iraqi diplomacy is balanced openness
» The head of the Integrity Commission told Al-Sabah: We are the people’s eyes on the government and s
» Baghdad Provincial Council: The capital is facing a new urban and service phase
» Customs, security and economic aspects
» Central Governor: We face “increasing challenges” in complying with international laws
» Payment of end-of-service benefits to employees referred to retirement for the month of May
» Billions “evaporated”.. What is the truth about closing the “theft of the century” file in Diyala?
» The Minister of Labor approves the extinguishment of debts owed by transgressors from the families o
» How did Washington comment on Nechirvan Barzani's visit to Tehran?
» The honeymoon is over and the salary crisis continues. Baghdad and Erbil exchange accusations, but s
» Why has Iraq not submitted a file to stop burning gas over the past years?