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[size=36]Iraq.. Plans to compensate for the production cut and raise the ceiling of oil exports[/size]
political| 03:53 - 11/16/2022
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Baghdad - Mawazine News
The Oil Marketing Company (SOMO) identified, on Wednesday, the current volume of Iraq's total oil production, and while it revealed plans to compensate for the production cut, it referred to seeking to raise the ceiling of oil exports.
The director of the company, Alaa Al-Yasiri, said, "Iraq currently produces 4 million and 650 thousand barrels per day of crude oil, including the shares of the federal government and the Kurdistan region," noting that "Iraq is the second largest producer in OPEC after Saudi Arabia, and it has a great weight in the energy market." .
Al-Yasiri added, "Given the economic repercussions in which the world is living after the Corona pandemic, represented by the sharp rise in inflation rates, the increase in interest rates for global central banks, and the rise in unemployment rates, the OPEC + decision came to reduce production by two million barrels per day, as a preemptive solution to any path that might happen." lead to an imbalance in supply and demand or push towards an economic recession.
He pointed out that "the rates of reduction agreed upon by OPEC + were distributed unanimously to the reference production rates of the member states, and countries with high production rates such as Saudi Arabia and Russia received the largest share of the reduction, followed by countries with lower rates, respectively."
He pointed out that "the Ministry of Oil's plan confirms commitment to the production ceiling specified for Iraq by maintaining the current rates of export and consumption of refineries, and benefiting from the maintenance period of electric power stations, on the basis of which the withdrawal rates of crude oil will be automatically reduced to operate those stations."
And he continued, "The Ministry of Oil seeks to increase production rates and raise the ceiling of exports, in accordance with the requirements of the global market for crude oil and the decisions of OPEC," pointing out that "a delegation headed by the Deputy Prime Minister and Minister of Oil will attend the ministerial meeting on the fourth of December for the current year." To discuss developments in the energy market and to find continuous cooperation mechanisms to maintain the stability of the oil market
The Oil Marketing Company (SOMO) identified, on Wednesday, the current volume of Iraq's total oil production, and while it revealed plans to compensate for the production cut, it referred to seeking to raise the ceiling of oil exports.
The director of the company, Alaa Al-Yasiri, said, "Iraq currently produces 4 million and 650 thousand barrels per day of crude oil, including the shares of the federal government and the Kurdistan region," noting that "Iraq is the second largest producer in OPEC after Saudi Arabia, and it has a great weight in the energy market." .
Al-Yasiri added, "Given the economic repercussions in which the world is living after the Corona pandemic, represented by the sharp rise in inflation rates, the increase in interest rates for global central banks, and the rise in unemployment rates, the OPEC + decision came to reduce production by two million barrels per day, as a preemptive solution to any path that might happen." lead to an imbalance in supply and demand or push towards an economic recession.
He pointed out that "the rates of reduction agreed upon by OPEC + were distributed unanimously to the reference production rates of the member states, and countries with high production rates such as Saudi Arabia and Russia received the largest share of the reduction, followed by countries with lower rates, respectively."
He pointed out that "the Ministry of Oil's plan confirms commitment to the production ceiling specified for Iraq by maintaining the current rates of export and consumption of refineries, and benefiting from the maintenance period of electric power stations, on the basis of which the withdrawal rates of crude oil will be automatically reduced to operate those stations."
And he continued, "The Ministry of Oil seeks to increase production rates and raise the ceiling of exports, in accordance with the requirements of the global market for crude oil and the decisions of OPEC," pointing out that "a delegation headed by the Deputy Prime Minister and Minister of Oil will attend the ministerial meeting on the fourth of December for the current year." To discuss developments in the energy market and to find continuous cooperation mechanisms to maintain the stability of the oil market
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