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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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    Including Iraq... a list of OPEC countries that maintain the largest oil surplus

    Rocky
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    Including Iraq... a list of OPEC countries that maintain the largest oil surplus Empty Including Iraq... a list of OPEC countries that maintain the largest oil surplus

    Post by Rocky Wed 31 Jan 2024, 4:44 am

    [size=35][size=35]Including Iraq... a list of OPEC countries that maintain the largest oil surplus[/size][/size]
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    Economy

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    01-31-2024 | 04:07
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    Alsumaria News - Economy

    Reuters reported on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC), such as Iraq, Saudi Arabia, the Emirates and Kuwait, still controls almost all of the surplus crude production capacity in the world.


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    The agency stated that “excess energy is idle production that can be provided in times of crises, wars and natural disasters.”

    She pointed out that "OPEC's total surplus capacity amounts to 5.1 million barrels per day, including 3.2 million barrels per day in Saudi Arabia, one million barrels in the UAE, 400 thousand barrels in Iraq, and 300 thousand barrels per day in Kuwait."



    She indicated that "the largest producers in OPEC, as well as some of their allies, possess surplus capacity as a result of their decisions to reduce supplies to the global market due to the increase in production from non-allied producers such as the United States, Brazil and Ghana."

    The agency pointed out that “HSBC Bank, in a report last week, explained that OPEC’s above-average surplus capacity will compensate for the impact of unrest in the Red Sea and increasing geopolitical risks, with the possibility of the price of Brent crude remaining between $75 and $85 per barrel in the long term.” "average".

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