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Oil expert: Oil companies in the region are in great trouble, and oil will return to the $90 threshold
- Time: 10/05/2023 23:28:34
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{Economic: Al-Furat News} Oil expert, Furat Al-Moussawi, believes that oil companies in the region are in great trouble and oil will return to the $90 threshold.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Al-Mousawi said: For the program {Free Speech} broadcast by Al-Furat satellite channel this Thursday evening, it said: “Oil prices began to rise, reaching approximately $95 last week due to the OPEC Plus agreement and the voluntary reduction that created balance in the oil market.”
He added, "Oil is currently in a state of continuous upward demand for a barrel of oil with the entry into the winter season," explaining, "The entry into the winter season in Europe has raised the price of oil to the threshold of $90."
Al-Moussawi continued, "Until today, Iraq exports its entire oil capacity through the south and is now seeking to export it through northern Iraq. It is also seeking to gradually increase its oil share with OPEC and will start with 200,000 barrels."
He added, "The Ministry of Oil signed all licensing rounds as service contracts, but in the region they are partnership contracts with high production costs for technical matters. There are risks in exploration, as the cost of one barrel of oil reaches more than $20."
Al-Moussawi continued, "Companies operating in the region are in great trouble and are seeking to file a lawsuit in the International Court to collect their debts. Any problem with these companies tarnishes Iraq's investment reputation."
He pointed out, "Baghdad will guarantee the region's companies' dues in 2023 and before that, and the matter will be settled."
Regarding Turkey, Al-Moussawi said, “Turkey tried to exploit the technical and administrative differences between Baghdad and Erbil, and no technical or administrative agreement has been reached between the Iraqi and Turkish sides to resume oil exports through Ceyhan until now, but statements by the Turkish Energy Minister confirmed that it will resume in the coming days.”
The Turkish Minister of Energy, Alp Arslan Bayraktar, announced today, Thursday, that the crude oil pipeline from Iraq via Turkey, which has been suspended for about six months, is ready to operate as of next Wednesday, and that Ankara is preparing to begin shipments.
The Kurdistan Regional Government of Iraq announced the suspension of oil exports through Turkey after the devastating earthquake that struck the region and caused severe damage to Turkish infrastructure.
Turkey stopped flows through the oil export route from northern Iraq after a ruling issued by the International Chamber of Commerce that ordered Ankara to pay compensation to Baghdad for unauthorized exports between 2014 and 2018.
Baghdad demands that all oil exports be restricted and that those resources be managed.
Subsequently, Baghdad and the regional authorities concluded a “temporary” agreement to settle some controversial points and establish an export mechanism supervised by the federal government, although some issues remained outstanding.
The autonomous Kurdistan region exports approximately 450,000 barrels per day through Turkey, which are illegal exports in the eyes of the Iraqi federal authorities.
Wafaa Al-Fatlawi
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{Economic: Al-Furat News} Oil expert, Furat Al-Moussawi, believes that oil companies in the region are in great trouble and oil will return to the $90 threshold.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Al-Mousawi said: For the program {Free Speech} broadcast by Al-Furat satellite channel this Thursday evening, it said: “Oil prices began to rise, reaching approximately $95 last week due to the OPEC Plus agreement and the voluntary reduction that created balance in the oil market.”
He added, "Oil is currently in a state of continuous upward demand for a barrel of oil with the entry into the winter season," explaining, "The entry into the winter season in Europe has raised the price of oil to the threshold of $90."
Al-Moussawi continued, "Until today, Iraq exports its entire oil capacity through the south and is now seeking to export it through northern Iraq. It is also seeking to gradually increase its oil share with OPEC and will start with 200,000 barrels."
He added, "The Ministry of Oil signed all licensing rounds as service contracts, but in the region they are partnership contracts with high production costs for technical matters. There are risks in exploration, as the cost of one barrel of oil reaches more than $20."
Al-Moussawi continued, "Companies operating in the region are in great trouble and are seeking to file a lawsuit in the International Court to collect their debts. Any problem with these companies tarnishes Iraq's investment reputation."
He pointed out, "Baghdad will guarantee the region's companies' dues in 2023 and before that, and the matter will be settled."
Regarding Turkey, Al-Moussawi said, “Turkey tried to exploit the technical and administrative differences between Baghdad and Erbil, and no technical or administrative agreement has been reached between the Iraqi and Turkish sides to resume oil exports through Ceyhan until now, but statements by the Turkish Energy Minister confirmed that it will resume in the coming days.”
The Turkish Minister of Energy, Alp Arslan Bayraktar, announced today, Thursday, that the crude oil pipeline from Iraq via Turkey, which has been suspended for about six months, is ready to operate as of next Wednesday, and that Ankara is preparing to begin shipments.
The Kurdistan Regional Government of Iraq announced the suspension of oil exports through Turkey after the devastating earthquake that struck the region and caused severe damage to Turkish infrastructure.
Turkey stopped flows through the oil export route from northern Iraq after a ruling issued by the International Chamber of Commerce that ordered Ankara to pay compensation to Baghdad for unauthorized exports between 2014 and 2018.
Baghdad demands that all oil exports be restricted and that those resources be managed.
Subsequently, Baghdad and the regional authorities concluded a “temporary” agreement to settle some controversial points and establish an export mechanism supervised by the federal government, although some issues remained outstanding.
The autonomous Kurdistan region exports approximately 450,000 barrels per day through Turkey, which are illegal exports in the eyes of the Iraqi federal authorities.
Wafaa Al-Fatlawi
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