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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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    Because of Iraq and two other countries.. OPEC + production decreased by 80 thousand barrels

    Rocky
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    Because of Iraq and two other countries.. OPEC + production decreased by 80 thousand barrels Empty Because of Iraq and two other countries.. OPEC + production decreased by 80 thousand barrels

    Post by Rocky Sat 11 Mar 2023, 5:15 am

    Because of Iraq and two other countries.. OPEC + production decreased by 80 thousand barrels



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    2023-03-11 03:14
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    Shafaq News / OPEC + production decreased by 80,000 barrels, after the decrease in the production of Iraq and two other countries last February.



    According to a survey conducted by Global Commodity Insights and seen by Shafaq News Agency, "OPEC's 13 members pumped 29.03 million barrels per day in February, down by 60,000 barrels per day from January, while the bloc's partners led by Russia added 13.64 million barrels per day, down 20,000 barrels a day.
    He pointed out that "the decline came despite a slight increase in Russian production from 10,000 barrels per day to 9.86 million barrels per day, as the main ally in OPEC continued to show its ability to withstand Western sanctions targeting the oil sector, although the vice president Minister Alexander Novak said that volumes in March are likely to be reduced by 500,000 bpd.
    And she explained, "Saudi Arabia, which is considered the largest producer, increased its production to 10.46 million barrels per day, while Nigeria recorded its highest production volume in a year, at 1.45 million barrels per day, with higher loadings per month."
    And she indicated that "the downward pressure on OPEC production came from Iraq and Angola, as Iraqi production decreased by 150 thousand barrels per day to 4.33 million barrels per day, as flows from the port of Ceyhan were suspended for a few days during the repair of the pipeline as a result of the February 6 earthquake that occurred." It hit Turkey and Syria, and maintenance in the West Qurna 2 project reduced production.
    And she pointed out that "Angolan production also decreased at 70 thousand barrels per day as a result of maintenance in the Dalia oil field."
    The survey indicated that "production is still below February 2022 levels of 10.11 million bpd but much higher than the wartime low of 9.14 million bpd in April."
    And she added, "Production from outside OPEC was also supported by Bahrain, which increased production by 40,000 barrels per day to 190,000 barrels per day in February."
    And she pointed out that "the increases from Russia and Bahrain were met with a significant decline in production from Kazakhstan, the second largest non-OPEC producer. Its production decreased by 50,000 barrels per day to 1.55 million barrels per day due to weather-related disturbances in the Caspian Sea pipeline consortium, and the impact of the earthquake on Baku-Tbilisi-Ceyhan Pipeline.
    According to the survey, "total compliance with OPEC+ among countries with quotas reached 153% in February, which means that the 22 members combined fell short of 1.91 million barrels per day from their production targets."
    The OPEC+ Monitoring Committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet on April 3, followed by a full OPEC+ ministerial meeting scheduled for June 3-4.
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