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2016-10-10 18:45:00

IRAQ WANTS MORE

IRAQ WANTS MORE

According to REUTERSIraq's oil minister has urged oil and natural gas producers operating in the country to continue increasing output next year, the oil ministry said in a statement on Sunday.

Jabar al-Luaibi's comments came as OPEC nations are trying to implement an agreement to curb oil output for the first time since the 2008 financial crisis, in order to push up crude prices.

The ministry's statement quoted remarks Luaibi made to a meeting of Iraq oil industry executives in the southern oil city of Basra to review the ministry's oilfields' development plans.

It made no mention of the decision by the Organization of the Petroleum Exporting Countries on Sept. 28 to reduce output to a range of between 32.50 million barrels per day and 33.0 million bpd.

OPEC's production stood at around 33.6 million bpd in September, according to a Reuters survey that put Iraq's output at 4.43 million bpd.

The minister "has affirmed the need to proceed forth with increasing oil and gas production through enhancing the national effort and those of the licensed companies for the remainder of 2016 and also for 2017," the statement said.

Foreign companies' oil output targets "should be reached within the assigned periods," the ministry quoted Luaibi as saying.

The ministry also aims to increase associated gas output by adding 350 to 450 million cubic feet a day to the nation's production in 2017, Luaibi said.

Natural gas output levels in Iraq's southern region are tied to crude production levels as the two are produced from the same reservoirs.

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Earlier:  

IRAQ WANT 5 MBD 

IMF BOUGHT IRAQ 

IRAQ SUPPORTS THE FREEZE 

IRAQ & KURDISTAN DEAL 

IRAQ SUPPORTS PRICES

 

Tags: IRAQ, OIL, PRODUCTION, PRICES,

Chronicle:

IRAQ WANTS MORE
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

IRAQ WANTS MORE
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

IRAQ WANTS MORE
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

IRAQ WANTS MORE
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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