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Future plans to sustain and increase oil production
Economical 09/17/2023
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Baghdad: the mainstay of the emirate
The Ministry of Oil has set future plans aimed at increasing and sustaining production, including searching for more new exploration blocks, indicating that the oil market is promising, and that Iraq is dealing wisely with the requirements of the global market, indicating at the same time that the government gives the highest priority to gas investment, whether The accompanying or free, and that the tours launched by Iraq recently aim to maximize national gas production, and transform exploratory patches and sites into productive fields.
The rise in global oil prices represents a positive turning point in the general budget, as it is expected that these rises will contribute to closing the hypothetical deficit gap and lead to increased financial returns, especially after “black gold” prices exceeded the $90 per barrel barrier, while the Oil Committee suggested Parliamentary Gas, in a previous statement to Al-Sabah, stated that oil prices continued to rise globally, attributing the reason to the decline in supplies of “black gold” as a result of the positions of Saudi Arabia and Russia, which decided to reduce their oil production.
The official spokesman for the Ministry of Oil, Assem Jihad, told “Al-Sabah”: “The planning carried out by the Ministry does not only aim to increase production, but also that the oil fields that contain wells that carry large quantities of oil have a default lifespan, and that the size of the rates and quantities are controlled.” The age of the wells, stressing that sustaining and increasing production requires drilling more wells to compensate for the wells that are depleted, which is what the Ministry is working on continuously.”
Jihad pointed out that OPEC's limits are for a specific period, and according to what circumstances impose. In recent years, during the economic collapse and the Corona pandemic, which affected the oil market and led to a surplus that negatively affected the producing countries, which led to the collapse of the oil markets, OPEC+ worked to It dealt with the situation and began to deal according to the oil market data, and it succeeded greatly in that, indicating that the organization works to reduce production if there is a surplus and vice versa in the event of a shortage, as OPEC + has become an important part in stabilizing the global oil markets, and in creating a state of balance between supply. And demand, which reflected positively on the producing countries.Jihad believes that the matter is not related to the importance of increasing production, as this represents a factor in the collapse of oil prices, and that the currently produced quantities have led to achieving much higher revenues than before, as monthly oil sales revenues range between 7-9 billion, stressing that future plans focus on Sustaining and increasing production, pointing out that the oil market represents a promising market, and that Iraq deals wisely with the requirements of the global market.
Jihad explained that the government and the ministry gave top priority to gas investment, as projects to invest in associated or free gas or power generation took a large part of the government’s interests, indicating that the tours launched by Iraq recently aim to increase the national production of gas, and transform the patches and exploratory sites into Productive fields. In a related context, Basra crude achieved significant weekly gains after prices witnessed a rise last week.
Basra Heavy crude closed in its last session yesterday, at an increase of $1.61, reaching $91.71, and recorded weekly gains of $4.31, equivalent to 4.93 percent.
While Basra Average crude closed in its last session at an increase of $1.61, reaching $94.66, and also recorded weekly gains of $4.30, or 4.77 percent.
As for Brent crude, it closed in the last session at an increase of 73 cents, reaching $93.93, and recorded weekly gains amounting to $3.27, or 3.61 percent.
US West Texas Intermediate crude closed in its last session yesterday, Friday, also rising by 61 cents, reaching $90.77 a barrel, and recorded weekly gains of $5.22, or 6.1 percent.
Oil prices rose last week with continued supply shortages in the markets against the backdrop of production cuts by Saudi Arabia and Russia.
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