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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's restrictions are being broken and the production doors are wide open.. Iraq has reached its m

    Rocky
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    OPEC's restrictions are being broken and the production doors are wide open.. Iraq has reached its m Empty OPEC's restrictions are being broken and the production doors are wide open.. Iraq has reached its m

    Post by Rocky Mon 04 Jul 2022, 10:32 am


    [size=30]OPEC's restrictions are being broken and the production doors are wide open.. Iraq has reached its maximum capacity and its exports will not reach 3.4 million barrels per day

    2022-07-04
    [/size]
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    Yes Iraq: Special

    Only next August remains, and OPEC's restrictions are completely broken, but Iraq will not have any new increase in production, because it has reached its maximum production capacity, and while Iraq exported in June 82% of its production, it is not expected that Iraq will produce more than 4.6 million barrels per day.
    According to the OPEC agreement, Iraq’s production in August will be 4.651 million barrels per day, which is the same base figure in 2018 before the imposition of OPEC restrictions, and it is not expected that Iraq will be able to pump more than this figure.
     
    The oil expert, Nabil Al-Marsoumi, says, “As of next August, OPEC Plus will cancel all production restrictions that it set in April 2020 due to the Corona pandemic, which led to the closure of the global economy and the collapse of oil prices, and the production of OPEC Plus countries will return to the levels of the base year of 2018.”
    He added, "With this, Iraq's production share with Kurdistan will become 4.651 million barrels per day, but Iraq will not currently be able to produce more than 4.5 million barrels per day due to production difficulties that led to a decline in the production of some fields, the most important of which is the Rumaila field, which suffers from huge complications and obstacles that caused the inability to From achieving the increase in production in the field to the set goal of 2.1 million barrels per day, which led to a reduction in the rate of oil production in the field to 1.4 million barrels per day.
    He explained that "this giant field needs a huge water injection program to help maintain the pressure in the tank and enhance its production, especially since the age of the field is currently between 60 to 70 years, and therefore the oil tank pressure has decreased and this is normal as the field continues to produce over these years." long period. Iraq is also currently experiencing marketing difficulties in the Asian market due to Russian competition resulting from the sale of Russian oil at reduced prices due to Western sanctions imposed on it.
    Iraq’s production in June was 4,509, of which 400,000 barrels were produced by Kurdistan, which means that Iraq, as a federal ministry, produced 4.109 million barrels, of which Iraq exported 3.373 million barrels, which means that it exported 82% of its production, meaning that it consumes 736,000 barrels per day locally.
     
    While Iraq will not be able to produce more than 4.5 million barrels per day, of which 400,000 barrels per day is the share of the Kurdistan region, which means that the Ministry of Oil, as a federal ministry, will not produce more than 4.1 million barrels per day.
     
    After the restrictions ended in August completely, the production of the Federal Ministry will be 4.1 million barrels per day, of which approximately 750,000 barrels per day are consumed locally, so its exports at that time will not reach 3,400 million barrels per day at best.
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