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17/12/2016 0:00
[rtl]Expert: Basrah compete strongly in the global markets of
Baghdad / follow - up to the joy of pumice
at a time hastened when Iraq to sell more crude oil to the largest customers «Aonepk Chinese», expanded its position in the global market ahead of the start of the implementation of agreed production cuts with OPEC and other producers , the government began to harvest the fruits of an output cut by touching them to increase fiscal revenue, and develop plans to maintain production and improve it through an agreement with international companies agreement.
This comes as oil expert predicted for the morning { »increased demand for Iraqi oil after the recent agreement between Baghdad and Erbil, and investment fields , which is extracted from the oil of high quality.
In light of new deals with refiners Indian and American, the increase in contract volume with the commercial arm of the largest refiner Asian Corporation (Sinopec) means that it will be on Baghdad to reduce the supply destined for other clients in order to meet their commitment to reduce production of 210 thousand barrels per day of 2017.
The news Reuters news agency three informed sources as saying that he «was signing a contract (Aonepk) such as the Organization of Petroleum exporting countries agreement (OPEC) , which occupies Iraq seats out with the other producers led by Russia to cut up to 1.8 million barrels a day in an effort to reduce the glut of global supply and raise the prices".
They said that the Iraqi Oil Marketing Company (SOMO) increased Basra crude futures sales to (Aonepk) three percent to between 40 and 60 million barrels a quarter per year from 435 to 652 thousand barrels per day in 2017
and said a trader who specializes in crude is sent to China: «if Iraq increased its sales to China , while others were forced to reduce their size or keep a stable Iraq will gain in the end a new stake in the oil market is arguably the most important».
And Iraq 's second - largest producer in OPEC after Saudi Arabia , currently ranks third among the largest suppliers of crude to China - after Russia and Saudi Arabia - where he scored a jump of 15 percent year on year to about 723 thousand barrels per day between January and October.
One source said: that is expected within the framework of the extended Chinese deal to carry (Aonepk) two million barrels of Basrah heavy in a single quarter.
One trader said last buy Iraqi crude: »Basrah Khama became recognized and stable quality and supply to be reliable.»
She (Aoanbug): It does not comment on specific deals.
According to a source familiar with the preliminary agenda for downloads January oil, the (SOMO) also westward Basrah heavy on fixed - term to Exxon Mobil, Chevron and India 's Essar Oil refiner new contracts.
And contribute to a jump in the contracts expected to Basra exports to 3.53 million barrels per day in January 2017 , which would be the largest size since June, according to loading schedules showed.
In India 's crude imports from Iraq have increased 24 percent in the first ten months of this year to 784 thousand barrels per day to become Iraq 's second - largest supplier of crude after Saudi Arabia.
Iraqi crude exports also increased to the United States more than doubled in the first nine months of 2016 compared with the same period a year ago to about 350 thousand barrels per day , with the decline in Venezuelan supplies as shown by data from the Energy Information Administration.
Hurried Oil Minister Ali Jabbar and coffee to hold talks with the two Kocaz to develop oil production and investment optimization for gas.
He and coffee during the meeting that « the ministry attaches great importance to the development of the gas industry through the optimum use of gas associated with oil extraction operations», demanding Kocaz company «make greater efforts to reach common goals».
He added that « the ministry is working to create an appropriate environment for the work of companies operating in Iraq to implement projects that develop the Iraqi oil sector and push the wheel of economic growth and prosperity».
For his part , CEO of the Korean Kocaz confirmed the company was willing to move forward to achieve the desired goals and increase production.
Also it studied the oil minister with the CEO (Exxon Mobil) Brad Corson on opening new horizons for the work to develop the oil industry.
He Laibi: The «ministry is looking to develop a relationship with (Exxon Mobil) to promote the oil and gas sector in Iraq», saying « the ministry has sought to move forward in the development of joint action will reflect positively on this vital sector».
For his part, he stressed the CEO (Exxon Mobil) , according to the statement that his company is seeking to open new horizons to work with the ministry to develop work and move towards the achievement of planned objectives.
The center of this picture, predicted oil expert from Basra Hussein Marzouk , an increase in the demand for Iraqi oil due to its high quality recent agreement between Baghdad and Erbil.
It's Mrozk {Sabah »that Baghdad and Erbil agreement will support guarantee a fixed quota for Iraqi oil on the world market, as well as the possibility of opening new markets.
He also said that «Iraqi oil, especially Basra oil, proved to the world its quality, so the demand has become the high compared Balnfot other», calling on those in charge of this sector to «more investment in high - quality fields, because the global market is looking for good products and competition Brent ».
He pointed out that «Iraq began selling crude oil since the agreement (OPEC) between 46-48 dollars , and this is higher than the price set in the budget , which means that the government has begun to reap the fruits of what he worked for a long time».
Oil prices rose on Friday on growing evidence that the producers in the Middle East have notified the customers coming supply cuts as part of a coordinated effort to drain the global supply glut.
According to Reuters, futures for Brent crude rose nine cents from the previous settlement to $ 54.11 a barrel. And increased US crude West Texas Intermediate 18 cents to $ 51.08 a barrel.[/rtl]
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