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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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    Between production and export.. How much does Iraq lose as a result of its voluntary reduction in oi

    Rocky
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    Between production and export.. How much does Iraq lose as a result of its voluntary reduction in oi Empty Between production and export.. How much does Iraq lose as a result of its voluntary reduction in oi

    Post by Rocky Sat Dec 09, 2023 8:51 am

    Between production and export.. How much does Iraq lose as a result of its voluntary reduction in oil?
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    Baghdad today - Baghdad 
    Today, Saturday (December 9, 2023), the Parliamentary Oil and Gas Committee commented on Iraq’s losses due to its voluntary oil reduction, in accordance with the agreement and decisions of the “OPEC+” group.
    Committee member Ali Saadoun told “Baghdad Today” that “Iraq’s support for the OPEC+ agreement and decisions regarding its voluntary oil reduction does not entail any losses or damage and does not affect the work of any state institutions.”
    Saadoun explained that "Iraq announced a reduction in production, not exports, and it has an export surplus," noting that "this decision comes in order to stabilize oil prices on the global market."
    He pointed out that "market stability and high prices are in the interest of Iraq, which depends entirely on the sale of oil to finance all its budgets."
    Earlier, economic affairs expert Nabil Al-Marsoumi explained the reason for Iraq’s approval of the largest reduction within the OPEC+ organization, while noting that this reduction will reflect negatively on the volume of oil exports. 
    Al-Marsoumi said in a statement received by “Baghdad Today” that “the total cuts approved by the OPEC+ alliance were 2.2 million barrels per day, and that 1.3 million barrels per day was in fact an extension of previous cuts by Saudi Arabia and Russia.” 
    He pointed out that "the new reduction did not exceed 900 thousand barrels per day," indicating that "the voluntary reduction agreed upon by Iraq was the largest (210) thousand barrels, then Russia 200 thousand barrels per day, then the rest of the countries with lower numbers." 
    He stated, "This reduction will have a negative impact on Iraq's new production share, which has become only 4 million barrels, compared to 9 million barrels per day for Saudi Arabia and Russia." 
    The economist stressed that "this reduction will negatively affect the volume of oil exports and therefore the volume of oil revenues, especially in light of the significant decline in global oil prices." 
    Saudi Arabia, Kuwait, Algeria, the Emirates, Iraq, and the Sultanate of Oman announced a voluntary reduction in oil production following an OPEC+ meeting. 
    A source at the Ministry of Energy said, “The Kingdom will extend its voluntary production cut by one million barrels per day until the end of next March.” 
    He added, "This decision came in coordination with some countries participating in the OPEC Plus alliance agreement, which held a meeting last Thursday." 
    He stated that this reduction is in addition to the voluntary reduction of 500,000 barrels per day, which the Kingdom previously announced last April, and which extends until the end of December 2024.
     The source confirmed that this additional voluntary reduction comes to strengthen the precautionary efforts made by the OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
    SPA reported that Saudi Arabia's oil production will reach about 9 million barrels per day until the end of March 2024, and added, "In support of market stability, these additional reduction amounts will be restored gradually according to market conditions."
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