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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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    Parliamentary Committee Determines Reasons for Reducing Oil Production in Iraq

    Rocky
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    Parliamentary Committee Determines Reasons for Reducing Oil Production in Iraq Empty Parliamentary Committee Determines Reasons for Reducing Oil Production in Iraq

    Post by Rocky Sun 13 Oct 2024, 4:52 am

    Parliamentary Committee Determines Reasons for Reducing Oil Production in Iraq

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    Economy News - Baghdad
    Member of the Parliamentary Oil, Gas and Natural Resources Committee, Basem Al-Gharibawi, revealed that the reduction in Iraqi oil production came as a result of the Kurdistan Region’s excesses in production outside the Iraqi state’s accounts.
    Al-Gharibawi explained in an interview followed by "Al-Eqtisad News", that "the region's production ranges between 250 and 300 thousand barrels per day outside the official state accounts, which led to a reduction in the quantity of Iraqi exports."
    Al-Gharibawi added that "Iraq is committed to a specific production that does not exceed four million barrels per day, and exports are calculated based on this quantity." He pointed out that "Iraq currently exports about 3.45 million barrels per day, but exports have been reduced due to unaccounted production from the Kurdistan Region."
    Al-Gharibawi explained that "the reduction directly affects other producing governorates, especially Basra, which bore the burden of this reduction due to the central government's inability to control the region's production."
    Yesterday, the head of the market research department at the Iraqi Oil Marketing Company (SOMO) confirmed that Iraq reduced its oil production by 260,000 barrels last September, and is now producing less than the quota set under the OPEC Plus agreement.


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