Iraq is set to reduce its oil production by 120,000 barrels at the beginning of next month

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[size=52]Iraq is set to reduce its oil production by 120,000 barrels at the beginning of next month[/size]

[size=45]Baghdad/ Firas Adnan[/size]
[size=45]Iraq is heading to reduce 120 thousand barrels of its oil production in implementation of the decision of the Organization of Petroleum Exporting Countries (OPEC Plus), while observers rule out that this reduction will cause losses, given the current rise in global markets, warning against not complying with the decisions of the international organization, as it will cause damage to Iraq.[/size]
[size=45]The specialist in energy, Furat Al-Moussawi, said, "The decision of OPEC Plus to reduce two million barrels was not surprising in general, but the change occurred only in the quantity."[/size]
[size=45]Al-Moussawi added, "Saudi Arabia requested a reduction of 500,000 barrels, while Russia requested that the reduction be one million barrels, and the discussion took place between these two numbers."[/size]
[size=45]He pointed out, "The two countries agreed to reduce two million barrels, due to a supply gap of up to one million and 700 thousand barrels."[/size]
[size=45]Al-Moussawi explained, "The goal that the organization wants to achieve is the stability of the energy market, given the existence of a global recession and a rise in the interest rate."[/size]
[size=45]And he indicated, "These reasons called OPEC to hold its meeting and take a decision to reduce production, which will be implemented next month, with periodic monitoring of energy prices."[/size]
[size=45]Al-Moussawi finds, “The decision, despite its adoption, is not final, and its enforcement will be until next year,” noting that “the organization has a team that monitors the energy market every two months.”[/size]
[size=45]He stated, "The variables depend on what will happen in the coming period, especially with the entry of the European Union into a harsh winter in which they need energy to operate heating systems, and geopolitical changes due to the Ukrainian war."[/size]
[size=45]And Al-Moussawi said, "These factors will determine the supply and demand operations for the next stage, and it is very difficult to predict what will happen."[/size]
[size=45]It is not excluded that “the monitoring team will take a new decision that modifies what was included in the previous decision, either towards increasing or decreasing the reduction, according to the general atmosphere.”[/size]
[size=45]Al-Moussawi spoke of “great political pressure on the organization, either with the aim of completely reversing the decision to reduce or reducing its percentage; Because it caused problems for countries like the United States and the European Union, which lead to higher prices.”[/size]
[size=45]He finds, "All energy issues are not without a political aspect," stressing that "all the countries of the organization benefit from the decision, including Russia, which will enhance its capabilities, which angered the United States."[/size]
[size=45]Al-Moussawi explained, "Iraq is a rentier country and a monolithic economy, and it depends completely on the price of a barrel of oil, and before this decision, its share was 4 million and 650 thousand barrels."[/size]
[size=45]He added, "Iraq's share of the reduction is 240 thousand barrels, but it will reduce 120 thousand barrels, because the actual production volume did not reach the levels set by the international organization."[/size]
[size=45]Al-Moussawi stressed, "This percentage will not be a loss for Iraq in conjunction with the rise in prices," but warned against "any decline in prices because of the loss it may cause to Iraq."[/size]
[size=45]He pointed out, "The possibility of Iraq entering into negotiations with the international organization to increase its share, given the existence of reasons, one of which is the operation of the Karbala refinery, which needs 120 thousand barrels."[/size]
[size=45]Al-Moussawi went on to say that "non-compliance with the resolution will not leave us with any positive point, and calls for withdrawal from the organization will have negative effects on Iraq, which suffers from major economic problems."[/size]
[size=45]For his part, economic researcher Hammam Al-Shamaa said that "the current changes impose on Iraq the fact that it is necessary to abandon the idea of ​​relying on oil only and to think about other sources of revenue."[/size]
[size=45]Al-Shamaa added, "The petrochemical revenues are many times what oil exports generate, with the need to benefit from natural resources such as phosphates and sulfur."[/size]
[size=45]He pointed out that "oil is an important resource for the state, but it is subject to a number of variables, including decisions issued by the international organization, so the situation of the economy should be improved, which is not difficult and can be resorted to if there is a real will."[/size]
[size=45]Al-Shammaa concluded, "The current abundance achieved by oil prices during the current year may not be repeated in the future, and we must use these amounts in the correct manner in a way that prevents them from being exposed to corruption again, as happened in previous times."[/size]
[size=45]The Ministry of Oil announced the total exports and revenues achieved for the month of last September, according to a statement issued by the Iraqi Oil Marketing Company (SOMO), that “the total amount of exports of crude oil amounted to (98) million (765) thousand and (153) barrels, with revenues amounting to ( $8.773) billion.”[/size]
[size=45]The statement added, "The total quantities of crude oil exported for the month of last September from oil fields in central and southern Iraq amounted to (96) million and (445) thousand and (421) barrels."[/size]
[size=45]He pointed out that "the Kirkuk fields' exports through the port of Ceyhan have reached (2) million and (169) thousand and (180) barrels."[/size]
[size=45]The statement pointed out that "the average daily quantities amounted to (3) million and (292) thousand barrels per day," stressing that "the average price of one barrel amounted to more than (88.83) dollars."[/size]
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