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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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    OPEC production is close to returning to pre-restriction levels... and Iraq does not have more to pu

    Rocky
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    • Post n°1

    OPEC production is close to returning to pre-restriction levels... and Iraq does not have more to pu Empty OPEC production is close to returning to pre-restriction levels... and Iraq does not have more to pu

    Post by Rocky Fri 01 Jul 2022, 5:23 am


    [size=30]OPEC production is close to returning to pre-restriction levels... and Iraq does not have more to pump

    2022-07-01
    [/size]
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    Yes Iraq: Baghdad

    Iraq is close to being outside the scope of developments and raising production in OPEC and is not interested in it, as Iraq has approached the maximum capacity of its oil production and will be unable to raise more production according to the OPEC agreement.
    Russian Deputy Prime Minister Alexander Novak said that “OPEC +” decided to increase oil production next August by 648,000 barrels per day, noting that “the next meeting of the “OPEC +” group will be held in early August and the decision to increase production will achieve It balances the oil market and fully supplies consumers with products.
    He added, "The decisions taken by (OPEC +) to increase oil production allow us to say that the global oil market will be balanced."
    Thus, the “OPEC +” group has decided to increase oil production by 648,000 barrels per day in the month of August, as was scheduled at the group’s previous meeting.
     
    According to the new OPEC agreement, Iraq's production in July rose to 4.580 million barrels per day, an increase of 71 thousand barrels per day from June.
    As for in August, Iraq's production share will rise to 4.651 million barrels per day, which is the same level of production as the base year in 2018, on the basis of which the OPEC Plus cuts were made.
    Accordingly, it means that Iraq has one month to return production to its normal state according to the maximum capacity, amid expectations that Iraq will not be able to raise its production to this level, and at a rate not exceeding 4.4 million barrels per day, including the production of the Kurdistan region, meaning that the maximum production capacity of Iraq will be equivalent to Less than his available share by about 16%.
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