Oil Minister: Iraq is preparing to export 4 million barrels per day by the end of 2023

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[size=52]Oil Minister: Iraq is preparing to export 4 million barrels per day by the end of 2023[/size]

[size=45]Translation: Hamed Ahmed[/size]
[size=45]Oil Minister Ihsan Abdul-Jabbar expected that crude oil prices in the global market will range by more than $100 per barrel during the rest of this year and will remain at this high level for several years to come, stressing that this requires continuing the efforts of the oil-producing countries within the Organization (OPEC Plus) to achieve Balance between supply and demand, while talking about a plan to achieve self-sufficiency in gasoline and stop importing it.[/size]
[size=45]Abdul-Jabbar said, in an interview with the US Energy Agency (Bloomberg), translated by (Al-Mada), “I would like OPEC to retain its tools to measure and control production and maintain the existing balance, and we will discuss this matter with our partners during the next OPEC Plus meeting on August 3.”[/size]
[size=45]And the agency stated in a report, that "the Organization of Petroleum Exporting Countries (OPEC) is working with Russia and other producers to gradually restore processing rates in line with the return of the world's economies and energy demand to its normal state after its decline during the Corona pandemic period."[/size]
[size=45]The report added, "OPEC Plus will restore all its previous production ceilings by the end of August, while the current agreement of the organization will continue to work together until the end of this year."[/size]
[size=45]He pointed out that "crude oil prices had jumped to more than $100 per barrel after the Russian invasion of Ukraine last February, and the rise in Brent crude touched the $140 per barrel mark in March, at a time when shipping companies assessed the risk of equipment failure and the possibility of imposing sanctions."[/size]
[size=45]And the report indicated that "OPEC oil ministers blamed the decline in investment and production capabilities in all aspects of energy as a reason for not being able to keep pace with the recovery in demand, although the group itself failed to achieve its own production ceilings and lagged behind the demand rate."[/size]
[size=45]Abdul-Jabbar stated, "Expectations indicate that oil market prices will remain high over the next three to four years," but he did not specify a specific price for a barrel.[/size]
[size=45]Abdul-Jabbar added, "OPEC Plus contributed to achieving stability in the oil markets and maintaining an average price of $100 per barrel," stressing that "continued cooperation between producers will help alleviate any future crisis in the energy market."[/size]
[size=45]The report pointed out that "US President Joe Biden, and to face the decrease in Russian oil supplies, especially to Europe, this week went to the Middle East with a visit to Saudi Arabia and to attend the Jeddah summit in search of guarantees of additional oil supplies that will be pumped from the region."[/size]
[size=45]The report quoted "Biden's adviser on international energy affairs, Amos Huchstein, as saying: Washington expects that the oil-producing member states of OPEC will take some steps to strengthen the oil market with supplies soon."[/size]
[size=45]In turn, Abdul-Jabbar, who attended the Jeddah meetings within the Iraqi delegation, pointed out that "the discussions that took place there in this regard focused a lot on market stability and avoiding fluctuations and fluctuations in prices, rather than addressing the issue of specific increases in production or production capabilities."[/size]
[size=45]The report confirms, “European buyers are now avoiding Russian crude oil,” and found that “the flow of oil barrels of that country to the Asian market has exacerbated the export competition from Gulf oil producers such as Iraq and Iran.” Abdul-Jabbar says, "This had a marginal impact on Iraqi crude sales to the region, and the country is looking to adhere to marketing methods or outlets."[/size]
[size=45]The report continues that "Iraq, which is the second largest oil producer in OPEC, is expanding its oil refineries and enhancing its export capabilities in order to keep pace with the rising demand for fuel and crude oil."[/size]
[size=45]Abdul-Jabbar stressed that "Iraq hopes to double its production of gasoline, which would allow it to cover local demand and stop the imports required for this fuel by the year 2025."[/size]
[size=45]Abdul-Jabbar said, "The country will start production operations of 140,000 barrels per day from the Karbala refinery by next November."[/size]
[size=45]Abdul-Jabbar added, "The first batch of fuel supplies from this project, which will eventually include gasoline, diesel and jet fuel, is expected to invade the local markets later this year, and it is also expected that the refinery will be operating at its maximum capacity during the first half of the year." Next".[/size]
[size=45]Abdul-Jabbar expected that "Iraq's crude oil export capacity will expand from its southern ports to nearly 4 million barrels per day, by the end of next year."[/size]
[size=45]Abdul-Jabbar went on to say that "crude oil sales for the month of July will be at a rate of 3.45 million barrels per day, with the exception of the Kurdistan region's oil fields."[/size]
[size=45]About: Bloomberg Agency[/size]
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