Home
[You must be registered and logged in to see this image.]
A “setback” in the export of Iraqi oil because of the old pumps
Shafaq News/ An Iraqi oil source said today, Thursday, that Iraq's effort to boost oil export capacity in its Gulf ports suffered a setback due to the delay in modernizing pumping stations.
The second largest oil producer in the Organization of the Petroleum Exporting Countries aims to increase Basra's operating export capacity to 3.45 million barrels per day from 3.3 million barrels per day.
The delay means he could miss out on an additional 150,000 barrels of oil exports in the third quarter.
Although this is a relatively small level, the setback comes at a time of tight global oil supply, limited spare capacity from other OPEC+ producers, and little room to offset a major supply disruption.
Reuters reported, quoting an Iraqi oil representative, as saying that the delay in its original plan stems from a delay in obtaining the necessary approvals and in finalizing bids for modernization work.
The state-owned Basra Oil Company had planned to install new pumping stations in the Iraqi Gulf ports to reach an export capacity of 3.45 million barrels per day in the second quarter.
The Basra Oil Company now expects southern export capacity to increase to 3.35 million bpd in August and reach 3.45 million bpd by September.
"I am not sure if the Basra Oil Company can meet this deadline due to the delay in the pumping stations project," the source said, noting that without the upgrade work, Iraq's exports could remain at around 3.3 million barrels per day.
Iraq's crude oil exports from Basra averaged 3.27 million barrels per day in June and 3.24 million barrels per day in the second quarter, according to the Iraqi State Oil Marketing Organization (SOMO).
The limited export capacity may strain Iraq's ability to increase production at an accelerated pace, as the country's storage options are few.
Government figures show that the country's crude oil production has risen largely in line with its quota under the OPEC+ agreement among oil-producing countries, but its stocks have also increased every month this year.
[You must be registered and logged in to see this link.]
The second largest oil producer in the Organization of the Petroleum Exporting Countries aims to increase Basra's operating export capacity to 3.45 million barrels per day from 3.3 million barrels per day.
The delay means he could miss out on an additional 150,000 barrels of oil exports in the third quarter.
Although this is a relatively small level, the setback comes at a time of tight global oil supply, limited spare capacity from other OPEC+ producers, and little room to offset a major supply disruption.
Reuters reported, quoting an Iraqi oil representative, as saying that the delay in its original plan stems from a delay in obtaining the necessary approvals and in finalizing bids for modernization work.
The state-owned Basra Oil Company had planned to install new pumping stations in the Iraqi Gulf ports to reach an export capacity of 3.45 million barrels per day in the second quarter.
The Basra Oil Company now expects southern export capacity to increase to 3.35 million bpd in August and reach 3.45 million bpd by September.
"I am not sure if the Basra Oil Company can meet this deadline due to the delay in the pumping stations project," the source said, noting that without the upgrade work, Iraq's exports could remain at around 3.3 million barrels per day.
Iraq's crude oil exports from Basra averaged 3.27 million barrels per day in June and 3.24 million barrels per day in the second quarter, according to the Iraqi State Oil Marketing Organization (SOMO).
The limited export capacity may strain Iraq's ability to increase production at an accelerated pace, as the country's storage options are few.
Government figures show that the country's crude oil production has risen largely in line with its quota under the OPEC+ agreement among oil-producing countries, but its stocks have also increased every month this year.
[You must be registered and logged in to see this link.]
» Government reduces customs duties to 0% on machinery, equipment and raw materials
» Electricity announces completion of 75% of the Gulf power grid connection project
» Experts: Getting off the red list attracts investments and capital
» [size] ♦ The Central Bank of Iraq's foreign currency sales schedule (dollar) for Thursday 1/23/2025
» Announcement of the Central Bank’s remittance auction
» The Central Bank of Iraq
» CBI: No directives issued regarding closure of currency exchange outlets
» Prime Minister’s Advisor: Electronic customs declaration prevents smuggling and reduces corruption
» Parliamentary Oil and Gas Committee discusses Industrial files
» Al-Alaq Highlights Baghdad Dialogue's Role in Advancing Security and Development
» The President: Iraq's relations with Iran and the United States are good
» The President: Iraq will not accept any external interference
» Iraq's oil exports exceed 100 million barrels in a month
» Middle Oil Company announces the discovery of the largest oil reserve in central Iraq
» Iraqi President reveals: Factions' activity stopped as a result of government intervention
» Oil Products announces the imminent launch of the electronic distribution card
» With the participation of 145 companies from 15 countries... The Int'l Oil, Gas and Energy Exhibitio
» PM stresses Iraq's aspiration to strengthen cooperation and partnership with the US within the Strat
» US dollar exchange rate increases in Iraq
» Iraq reviews cooperation with Honeywell in energy sector
» Environment: US withdrawal from Paris climate agreement threatens Iraq
» Users having a birthday today : dcbelanger
» Central Bank: Closing the electronic platform enhances financial stability
» UGT donates feasibility study to Iraq on bringing solar energy to homes
» "Oil Money Is Not Enough" Parliament's Finance
» "Oil Money Is Not Enough" Parliament's Finance
» Clarification of the importance of the Central Bank’s decision to ban the sale of real estate above
» Signing a memorandum of understanding with British Petroleum / BP regarding a program to evaluate th
» Al-Sudani receives in London the CEO of GE for the Europe, Middle East and Africa region
» Iraq, General Electric discuss energy initiatives
» Shell plans to increase investments in Iraq
» Iraq’s economic growth forecast for 2024: A promising path forward
» Parliamentary Finance: Banking reform enhances Iraq's global
» Localization.. Signs of positive development to support the national economy
» Experts call for activating the agriculture and industry sectors
» The Central Bank of Iraq directs banks to spread and expand their financial services
» Al-Sudani: British exports to Iraq exceeded $1 billion in 2024, and its companies concluded contrac
» Above $80.. New rise in oil prices
» Coordination Framework announces agreement to move forward with budget amendments to achieve "social
» I regret to inform you after 20 yrs of postings
» Central Bank of Iraq sells over $1.16 billion in foreign currency
» Iraq-China trade cooperation reaches $50 billion in 11 months
» Salih: Iraq ranks first in the world in the concentration of natural resources
» PM Advisor: The monetary enhancement mechanism will safeguard financial stability in the country
» Government Adviser: Non-Oil GDP Growth in 2024 Reaches Unprecedented Levels
» Parliament conforms to World Bank on the importance of government infrastructure in development
» PM: Restructuring government banks to ensure the availability of capabilities and openness with glob
» entral Bank: There is no financial problem threatening employees’ salaries and we have great capabil
» Basra crude achieves weekly gains amid rising oil markets
» The dollar falls against the dinar in Baghdad and Erbil with the closing at the beginning of the wee
» PM Al-Sudani eyes tourism as a cornerstone of Iraq’s non-oil economy
» PMF Chief: Iraq's armed forces at their strongest
» INA discusses exchange rates files, foreign transfers, and housing initiatives with the CBI governor
» Government Adviser: Non-Oil GDP Growth in 2024 Reaches Unprecedented Levels
» Parliament conforms to World Bank on the importance of government infrastructure in development
» Iraq exports oil worth over $5 billion to US in 11 months
» Iraq’s Ministry of Oil announces 2024 petroleum product sales
» US dollar exchange rate continues to decline in Iraq
» Iraq completes 400-kilometer security border wall with Syria
» Iraq collaborates with Ernst & Young on state-owned bank reforms
» Kurdistan records a significant increase in the number of imported cars during 2024
» The Ministry of Justice announces the implementation of the electronic payment system in all notary
» The Ministry of Justice counts the achievements and activities achieved during the past year accordi
» Central Bank: We have started working with the correspondent banking system
» Is the Ministry of Finance hiding the facts?.. An expert reveals the main reason for the shortage of
» Reconstruction: 2025 plan includes 70 external road projects
» Economist: The government is obligated to pay salaries as it is a matter of fate
» The Central Bank of Iraq opens new horizons in foreign transfers and enhances international financia
» Judge Zidane and Al-Sudani are the first to disclose their financial assets in 2025
» Oil Price: Trump's Team Considers 'Direct Sanctions' on Iraq That Will Hit Oil
» Parliamentary Integrity: The amounts recovered from the “theft of the century” do not exceed 5%, and
» Dinars entering the Ministry of Finance are 20% less than the amount it needs.. Iraqis start their n
» Mazhar Saleh: No salary crisis and financial reserves cover liquidity completely
» Central Bank announces major achievement in foreign transfers
» Confirmation that America is putting pressure on Al-Sudani to transform the Iraqi regime into "secul
» Warnings of the dangers of the Turkish-Zionist-American plan to destabilize Iraq
» Expert: Iraqi economy is stable despite changes in the dollar market
» Economist praises ASYCUDA automation system: A step towards achieving important resources
» More than $60 billion in Iraqi currency auction sales in 2024
» Is there a salary crisis in Iraq? Al-Sudani’s advisor explains
» The Central Bank decides to suspend withdrawals and deposits for four days
» Al-Sudani Office announces the implementation of the global ASYCUDA system to automate customs opera
» The leaders “reconciled” and the amendment of the electoral law is “a done deal”.. What does this da
» With the document .. MP Sand files a complaint against the Ministry of Finance .. for this reason
» Parliamentary Finance: The government is working to enhance non-oil revenues
» The 10 most indebted Arab countries in 2024.. This is Iraq's rank
» utube 12/27/24 MM&C MM&C Iraq Dinar News-Iraqs Wealth Fund-National Currency-Arab World Volume Tra
» utube 12/28/24 Iraq - CBI Governor Makes an Announcement, Digital Banking Expansion
» utube 12/29/24 MM&C MM&C Iraq Dinar News-Digital Transformation-Global Economic Power-USA-Imminent
» utube 12/31/24 MM&C MM&C Iraq Dinar News-Commemorative Coin?-Investment Attractive-Dollar Auction
» Al-Sudani chairs expanded meeting to review Oil Ministry projects
» Prime Minister stresses importance of investing best opportunities to maximize state revenues
» Prime Minister's Office announces implementation of ASYCUDA global system for automating customs ope
» Judiciary: Recovering 12 billion dinars for financial fraud crime
» US-Iranian Tension: Iraq Between Competition and Mediation Role After Trump’s Return
» MP confirms settlement of controversy over ministerial amendments
» National Union: Time is no longer sufficient for the dialogue on the oil and gas law to mature
» Economist: Relying on oil as a source of revenue will have serious consequences