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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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    SOMO: Iraq's production may be affected by the oil-for-gas agreement

    Rocky
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    SOMO: Iraq's production may be affected by the oil-for-gas agreement Empty SOMO: Iraq's production may be affected by the oil-for-gas agreement

    Post by Rocky Sat Jul 15, 2023 5:54 am

    SOMO: Iraq's production may be affected by the oil-for-gas agreement



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    2023-07-15 02:13
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    Shafaq News/ A source from the state oil marketing company, SOMO, said that Iraq's oil production may be affected by an agreement to pay for Iranian gas imports by bartering fuel oil and crude oil from Baghdad, even as the second largest oil producer in OPEC is struggling with the continued suspension of oil. North. 



    Iraqi Prime Minister Muhammad al-Sudani said in a live press conference on July 11 that Iraq and Iran signed an agreement to swap crude oil and fuel from Baghdad for gas and electricity imported from Tehran due to difficulties in paying the country under US sanctions.
    He said SOMO would handle the sales of crude oil and fuel to the nominated companies from Iran.
    And according to Standard & Poor's Global, quoting a source in SOMO, in a report seen by Shafaq News Agency, although the implementation of the oil and gas barter deal will take time, Iraq will likely try to increase production from its huge southern fields to compensate for the loss of production and the continuation of Suspension of exports through the Turkish port of Ceyhan.
    The source said that SOMO has not yet received details about the start of the barter deal, the amount of crude oil and fuel oil that will be exported to Iran, or the crude grades that will be sold.
    Besides the suspension of oil exports from the north, the source said, rampant power outages in the Federal District due to reduced Iranian gas supplies have plunged large swaths of the country into darkness, affecting oil production.
    The source said production at the giant Zubair fields in the south, operated by Eni, and Rumaila, operated by BP, was affected by the power outage that began at the end of June.
    Once Iran's gas supplies are fully restored, the source said, the power outages will likely stop and help restore production in the southern fields to normal levels.
    Iraq pumped 3.985 million bpd in June, less than the 4.22 million bpd of OPEC+ quotas.
    This is slightly higher than the 3.955 million bpd it pumped in May, when Iraq joined several OPEC+ countries in implementing a total of 1.66 million bpd of voluntary cuts that will continue through the end of 2024.
    These voluntary cuts come on top of the 2 million bpd OPEC+ restrictions that began in November and will continue through the end of 2024.
    Three former US officials told Reuters that swapping Iranian natural gas for Iraqi oil under the deal announced by Iraqi Prime Minister Mohammed Shia al-Sudani earlier this week would violate US sanctions against Tehran unless the United States issued a waiver to do so.
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