Government official: Iraq plans to boost its oil exports by 150,000 barrels

POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

[size=52]Government official: Iraq plans to boost its oil exports by 150,000 barrels[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]A high-ranking government official stated that Iraq intends to raise the level of its oil export capacity by about 150,000 barrels from the south in the middle of next year, and talked about efforts to include some of the fields in maintenance procedures to avoid a severe shortage in production.[/size]
[size=45]A report by the American (Platts) Energy Agency, translated by (Al-Mada), stated that "Iraq's representative to the Organization of Petroleum Exporting Countries confirmed that Iraq plans to abide by its low share of oil production according to the (OPEC Plus) agreement."[/size]
[size=45]The report added, "This is done by reducing the quantities of crude oil supplied to refineries and increasing the quantities of imports of petroleum products."[/size]
[size=45]He pointed out, "Iraq is at the same time conducting field maintenance work instead of the strict cuts in production from some oil fields."[/size]
[size=45]"Our oil goal or policy is clear. We adhere to the quota set by (OPEC Plus) by reducing production while we try to maintain export rates," said Iraq's representative to OPEC, Muhammad Saadoun. Saadoun continued, "Iraq is also reducing the quantities of oil sent to refineries, and if we have any shortage of oil products derivatives, we increase the quantities of imports."[/size]
[size=45]The report stressed that “the oil ministers of OPEC Plus countries had agreed during their meeting on the fourth of this month to maintain production rates and adhere to the ceiling of reducing production at a rate of 2 million barrels per day, which was implemented last November and will continue until end of 2023.” And he expected, "Iraq will abide by its crude oil production rate of 4.431 million barrels per day, from November to the end of 2023, according to the (OPEC Plus) agreement."[/size]
[size=45]The report quotes information from the state oil marketing company, (SOMO), confirming that Iraq's oil production, according to the agreed reduction in (OPEC Plus), witnessed a decrease of 4.8% of production during the month of November, to reach 4.430 million barrels per day.[/size]
[size=45]And he talked about, “The decrease in Iraq’s production share to 4.431 million barrels per day, in November, compared to the average production of the month before October, which was about 4.651 million barrels per day.”[/size]
[size=45]He explained, "The latest field survey conducted by (Platts Agency) on November 7 on the movement of the global oil market showed that Iraq pumped in the month of October 4.58 million barrels per day of crude oil, which was less than its share of 4.651 million barrels per day."[/size]
[size=45]And the report indicated, "The Iraqi Prime Minister, Muhammad Shia' al-Sudani, had said on November 15 that Iraq was seeking to obtain a higher production share in OPEC Plus to increase its oil imports."[/size]
[size=45]While Oil Minister Hayan Abdul-Ghani was quoted as confirming, at a later time, the country’s commitment to abide by the current reduction of OPEC’s share of production, which amounts to two million barrels per day.[/size]
[size=45]And the report continued, that “Iraq tried hard to adhere to its production quota when the (OPEC Plus) group reduced production quotas for the year 2020-2021 during the height of the Corona pandemic infections and the decrease in oil demand, which forced the group to make a historic reduction in production that reached 9.7 million barrels per day, as of Mid 2020". And the report added, “Saadoun, who also holds the position of deputy director of SOMO for Oil and Gas Affairs, said that Iraq reduced its refinery production capacity in November by 15 to 20% and will continue on the same approach in December and January.”[/size]
[size=45]Saadoun pointed out that "Iraq sees, in general, a decrease in the domestic consumption of oil products in the winter compared to the hot summer months that require the consumption of large quantities of diesel to operate power stations."[/size]
[size=45]And Saadoun goes on, “Iraq plans to introduce a section of the oil fields into maintenance procedures to avoid a severe shortage in production from some oil reserves, for the purpose of adhering to the current (OPEC) share of reducing production.”[/size]
[size=45]Saadoun pointed out, "The possibility of controlling this matter through production from specific fields, and this depends on the quality of the crude produced, whether it is light, medium or heavy." Saadoun stressed, “Field maintenance work depends on the policy of the Ministry of Oil and what product is required for local consumption or export, and that also depends on market needs.”[/size]
[size=45]Saadoun noted, "It is expected that Iraq will enhance its oil export capacity from the south at a rate of 100,000 to 150,000 additional barrels per day, to reach 3.45 million barrels per day."[/size]
[size=45]Saadoun went on to say, "This will be done in the second half of 2023 through the maintenance of loading docks, which currently number four."[/size]
[size=45]For: The American Platts Agency[/size]
[size=45][You must be registered and logged in to see this link.]