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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

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    The global oil market into the unknown and unofficial refineries devouring Iraqi production

    rocky
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    The global oil market into the unknown and unofficial refineries devouring Iraqi production Empty The global oil market into the unknown and unofficial refineries devouring Iraqi production

    Post by rocky Wed 07 Dec 2022, 7:02 am

    [size=38]The global oil market into the unknown and unofficial refineries devouring Iraqi production[/size]


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    December 7, 2022[You must be registered and logged in to see this link.]
    Baghdad / Obelisk: The increase in Iraqi oil production, which will reach 6 million barrels per day by the end of 2027, faces the challenge of the proliferation of unofficial refineries in the Kurdistan region in the north of the country, which receive about one million barrels per day informally of crude.
    And the Iraqi economist, Abd al-Rahman al-Sheikhli, believes, according to statements by Arab sources, that Iraq’s reduction of oil production based on the “OPEC +” decision carries losses for Iraq in terms of external marketing, but he considers that these losses can be compensated internally by investing more than one million barrels per day. By subjecting the unofficial refineries located 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.
    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.
    The French newspaper (La Tribune) said that with the entry into force of the ban imposed by the European Union on imports of Russian crude oil, as well as the imposition of a maximum price per barrel of Russian oil ($60), the global oil market is jumping into the unknown.
    The newspaper pointed out, in a report, that these measures taken by the advanced economies put the global oil market in an unprecedented situation whose consequences are difficult to predict, which prompted the Organization of the Petroleum Exporting Countries (OPEC), in what is known as the OPEC + grouping, the day before yesterday, Sunday, to announce its adherence to its agreement in October. to reduce production by two million barrels per day, starting in November.
    She continued: Caution prevailed last Sunday after the OPEC + meeting, a few hours before the application of the ban by the European Union countries on their imports of Russian crude (with the exception of some countries such as Hungary), and the imposition of a ceiling on the price of a barrel of Russian crude oil sold in the international market, which was decided by the countries. Group of Seven, to which Australia joined.
    The report pointed out that the partnership formed by OPEC and dozens of other countries exporting black gold, including Russia, prefers to wait to see how the global oil market will react and develop, adding: In fact, this is an unprecedented situation, with a possible cut in the production of one of the most important The main players in the world, pointing out that in the past year, Russia's exports of crude oil amounted to about 238 million barrels per day, or about 3.12% of the volume of oil sold internationally, and by last October, these exports had declined to reach about 7.7 million barrels per day.
    And the press release indicates that in the end, the rumors emanating from the cartel, whether those that assume an increase in production to compensate for the loss of Russian oil or a reduction in it to compensate for lower prices due to slowing demand from China, will not see the light, indicating that the members of the organization announced their commitment to the decision that was taken. In October, they decided to limit their quota of 2 million barrels per day, starting in November, but they are ready to meet at any time, and if necessary, to take immediate measures to deal with the development of the market and ensure its stability.
    The report indicated that the advanced economies, led by the United States, for their part, want to reduce Russia's revenues from crude oil while avoiding the rise in oil prices, which contributed to raising inflation for months around the world to levels not seen since the seventies of the last century.
    The report continued, saying: This is theoretically logical. Indeed, Russian crude exports decreased from 2.4 million barrels per day in January to 5.1 million barrels per day in October.
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