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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Unofficial oil refineries threaten Iraq's plan to increase production

    rocky
    rocky
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    Unofficial oil refineries threaten Iraq's plan to increase production Empty Unofficial oil refineries threaten Iraq's plan to increase production

    Post by rocky Sun 04 Dec 2022, 6:21 am

    [size=47]Unofficial oil refineries threaten Iraq's plan to increase production[/size]


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    Baghdad

    Ahmed Eid

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    December 04, 2022
    [You must be registered and logged in to see this link.][url=https://www.addtoany.com/share#url=https%3A%2F%2Fwww.alaraby.co.uk%2Feconomy%2F%D9%85%D8%B5%D8%A7%D9%81-%D9%86%D9%81%D8%B7%D9%8A%D8%A9-%D8%BA%D9%8A%D8%B1-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9-%D8%AA%D9%87%D8%AF%D8%AF-%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%84%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC&title=%D9%85%D8%B5%D8%A7%D9%81 %D9%86%D9%81%D8%B7%D9%8A%D8%A9 %D8%BA%D9%8A%D8%B1 %D8%B1%D8%B3%D9%85%D9%8A%D8%A9 %D8%AA%D9%87%D8%AF%D8%AF %D8%AE%D8%B7%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82 %D9%84%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9 %D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC][size=32]Share[/size][/url][/size]
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    Iraq is the second largest oil producer in OPEC (Muhannad Falah/Getty)
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    Although [You must be registered and logged in to see this link.] acknowledged benefiting from the stability [You must be registered and logged in to see this link.] at high levels in global markets, after the recent “OPEC +” decision, the member states of the coalition cut production by two million barrels per day this November, but it believes that this reduction will not last, especially with the return of The global economy is revitalized, making it ready to increase production beyond the current rates of 4.65 million barrels per day.
    However, there are obstacles bothering Baghdad regarding moving forward with increasing production, which Oil Ministry officials have said on more than one occasion that it will reach 6 million barrels per day by the end of 2027, most notably smuggling, as economists and officials in the oil sector point to the proliferation of informal refineries in the region. Kurdistan, in the north of the country, receives about one million barrels per day unofficially.

    The Iraqi economist, Abd al-Rahman al-Sheikhli, believes that Iraq's reduction in oil production based on the "OPEC +" decision carries losses for Iraq in terms of external marketing, but he considers, in an interview with "The New Arab", that these losses can be compensated internally through more investment. From one million barrels per day by subjecting the unofficial refineries in the Kurdistan region of Iraq to control, as they operate illegally, and through them the products are taken abroad and sometimes returned through other outlets as imported for local consumption.
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    [size=12]energy

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    Al-Sheikhli criticizes the authorities responsible for the energy file in Iraq due to mismanagement and the absence of oversight, which has led to unofficial refineries operating illegally and not subject to Iraqi national controls and instructions.
    Iraq is the second largest oil producer in OPEC after Saudi Arabia, and currently produces about 4.65 million barrels per day of crude oil, including the shares of the federal government and the Kurdistan region.

    In light of the differences resulting from the lack of cooperation between the central government and the Kurdistan Regional Government in the field of oil and gas, the Federal Supreme Court ruled last February that the region’s oil and gas law was unconstitutional, but its authority is considered to be the competent organization and management of all its natural resources, and its ministry supervises operations Extraction and sale. The Minister of Natural Resources in the region shall license petroleum operations that include exploration, production, marketing, transportation, refining, storage and sale.
    Accordingly, the Ministry of Oil in Baghdad announced, in a statement it issued on May 23, 2022, its intention to establish a new entity to manage oil resources in the Kurdistan region in a new attempt to pressure the Erbil authorities to implement the agreements and rulings issued against them regarding the proceeds of energy sales. Specialized reports estimate the number of unofficial refineries in Erbil alone at about 80 refineries.
    Last February, the Federal Supreme Court ruled that the region's oil and gas law was unconstitutional
    The Iraqi Ministry of Oil seeks to compensate for the production cut by responding to the recent “OPEC +” decision with alternative plans through which the current rates of export and refinery consumption can be maintained. The price of a barrel of oil is currently in the range of 90 dollars per barrel in the global markets.
    And the director of the Iraqi Oil Marketing Company (SOMO), Alaa Al-Yasiri, specified, in press statements recently, that the “OPEC +” decision issued last month to reduce production by two million barrels per day for this November came as a preemptive solution to any path that might lead to an imbalance in the oil market. Supply and demand or push towards an economic recession.
    He pointed out that the rates of reduction agreed upon were distributed, as countries with high production rates such as Saudi Arabia and Russia obtained the largest share of the reduction, followed by countries with lower rates successively, pointing out that the Ministry of Oil’s plan confirms commitment to the production ceiling set for Iraq by maintaining rates. current for export and consumption, and benefit 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.
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    [size=12]Arab economy

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    In the context, the economic researcher, Omar Al-Halbousi, stressed in a statement to Al-Araby Al-Jadeed the importance of Iraq's readiness for any future increase in production, without which Iraq could be in trouble unless it works to increase its daily production capacity, which will negatively affect its revenues. Oil, especially since it is considered a rentier country based on its oil production.
    In turn, a member of the Oil, Gas and Natural Resources Committee in the Iraqi Parliament, Bassem Al-Gharibawi, said that the recent decision to reduce production did not reflect negatively on the Iraqi economy, but rather has positive returns, stressing that the amount of production remaining at a high level reduces the price of a barrel of oil in the global market according to the principle (Increased supply lowers the price level).
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