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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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    OPEC + oil production is declining, and Iraq is contrary to expectations during March

    Rocky
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    OPEC + oil production is declining, and Iraq is contrary to expectations during March Empty OPEC + oil production is declining, and Iraq is contrary to expectations during March

    Post by Rocky Wed Apr 12, 2023 6:10 am

    OPEC + oil production is declining, and Iraq is contrary to expectations during March

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    Economy News _ Baghdad
    Crude oil production from the “OPEC +” alliance and other oil producers decreased by 300 thousand barrels per day during last March, with the impact of sanctions on Russian production, while Iraq violated expectations and increased its production, according to the latest survey conducted by S&P Global Commodity Insights. .
    According to a survey by Standard & Poor's, seen by Al-Iqtisad News, OPEC production decreased by 60 thousand barrels per day to 28.97 million barrels, while non-OPEC allies witnessed a decrease in production by 240 thousand barrels per day to 13.40 million barrels in last March.
    The decline came from outside OPEC, Russia, which is the largest producer in the group, by 260 thousand barrels per day to 9.6 million barrels last month.
    The reason for the reduction is due to the introduction of price ceilings for the Group of Seven and the European Union's import ban on most Russian crude and oil products, as of December 5, 2022, and February 5, respectively.
    The recovery in Kazakhstan's production was partially offset by the significant decline in Russian production on the non-OPEC side.
    In contrast, Saudi Arabia, the largest OPEC producer, saw production relatively flat at 10.45 million b/d in March, down only 10,000 b/d from February.
    The survey found that Iraqi production grew by 60 thousand barrels per day to 4.39 million barrels per day, after it was 4.33 million in February.
    Production has recovered from disruptions related to pipeline repairs following the major earthquake in Turkey and Syria, as well as the completion of maintenance on the West Qurna 2 project.
    And with many countries still struggling to increase production or even maintain it due to internal unrest or lack of investment, the OPEC+ alliance continues to significantly reduce its production quotas, even after the group agreed to reduce it by 2 million barrels per day from November 2022 until the end of 2023.
    According to the survey, overall compliance with OPEC+ among countries with quotas reached 160% in March, meaning the 22 members combined fell 2.173 million barrels per day short of their production targets.

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    Added 04/12/2023 - 10:36 AM


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