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Iraq joins his competitors and increase its oil exports by OPEC meeting
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Baghdad ,
according to sources in the oil sector, on Monday, that Iraq will issue five million barrels of additional crude oil to its customers in June to join it to other producers in the area of the Middle East to strengthen its market share days prior to the meeting ofOPEC this week. Reuters quoted, for on the order of three sources familiar with , say, the Iraqi oil Marketing company ( SOMO ) has allocated five million additional barrels of crude Basra light load in June for partners in upstream activities, including PetroChinaand Eni and Lukoil.
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[You must be registered and logged in to see this image.]Abdul-Mahdi explains the mechanics of oil selling for global companies
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[You must be registered and logged in to see this image.]Iraq is expected to increase "very modest" in oil production by 2016
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The foreign companies get oil dues under contracts for technical service with SOMO but payments were delayed after that caused the decline in oil price to put pressure on Iraq 's budget. He said the source of the oil sector in the Gulf , said the extra oil wasdecided "because of the contractors technical service pressures, adding that Iraq also committed to pay the dues of contractors under the terms of a loan from theinternational Monetary Fund. comes additional supplies as a result of the expansion of the fields Allhis and Alortaua in southern Iraq, and wants Iraq to increase oil production by up to one - third by 2020. a source in one of the three companies that got the oil that a million barrels additional Basra light crude sold after two hours of notification of sumo, which indicates demand for Iraqi crude strength amid expectations of higher official selling prices in July.[/size]
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