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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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    Iraq's oil contracts preclude joining OPEC to call for a freeze production rates

    Rocky
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    • Post n°1

    Iraq's oil contracts preclude joining OPEC to call for a freeze production rates Empty Iraq's oil contracts preclude joining OPEC to call for a freeze production rates

    Post by Rocky Sat 19 Nov 2016, 2:00 am

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    One of the oil fields in Basra province
    Iraq's oil contracts preclude joining OPEC to call for a freeze production rates


    Author: AHF, HAA 
    Editor: AHF 
    11.18.2016 18:43 
    Number of Views: 2120


     
    Long-Presse / Baghdad
    Government officials revealed on Friday about the need for OPEC to Iraq exception of reducing oil production to the circumstances of the war being waged against al-operations (Daesh), as had to freeze oil production to compensate oil companies operating in the country and change the oil contract terms with the Iraqi government, described the process freeze oil production for Iraq when certain limits within OPEC agreement as "a financial blow to the country."
    The Reuters agency in a report seen by the (long-Presse), "The chances of Iraq's accession to invite OPEC to freeze production rates in order to boost oil prices will be weak and difficult to achieve because of Iraq based on industrial sources of oil and documentation oil contracts seen by the agency."
    Reuters showed that "on Iraq to compensate for international oil companies in exchange for the losses incurred if adherence to the limits of production, which in turn will lead to a decline in imports and the rate of one dollar fee for each barrel."
    On the other hand it indicated a source from the South Oil Company to "exclude get this thing because Iraq now encourages companies to increase production rather than restrained."
    In turn, a government official close to Prime Minister Haider al-Abadi said that "the OPEC said that comply with the fact that Iraq should be excluded from the state to reduce production process because the country is going through an acute situation of the war being waged against Daesh and he needed any dollars to the sustainability of standing on its own feet."
    The agency indicated that it "if Iraq acquiesces to calls for OPEC to freeze the production rates, according to the terms of the compensation provided for in the contracts with the companies, will be a financial blow to the country, shedding more oil sales needed by the returns."
    The Agency pointed out that "the agreed terms of technical service contracts between international oil companies and state-run South Oil Company states that Iraq let loose a flat fee of $ one company for every barrel of oil produced from the field."
    The agency stressed that "according to the text of the terms of the contract signed with British Petroleum, for example, it if requested by the other end of the company's adherence to a certain up of production, the parties must agree then on a mechanism whereby the company financial losses incurred and are compensated immediately or as soon as possible. this may include compensation, among other things, modify the field production dates or extend the duration of the contract or pay all the money lost by the company or part of it. "
    According to industrial sources of oil, these conditions are also provided in other companies signed contracts with Iraq, including Dutch Dutch Shell and Exxon Mobil US and Italy's Eni.
    The Organization of the oil-producing countries, OPEC agreed at its meeting in Algeria last September, to determine the total output ceiling at 32.5 to 33 million barrels per day, while the production of the organization arrived in the month of October to 33.64 million barrels per day.

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