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2017-01-11 18:35:00

IRAQ PLANS 3.6 MBD

IRAQ PLANS 3.6 MBD

REUTERSIraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month. 

The country's State Oil Marketing Company (SOMO) plans to export 3.641 million barrels per day (bpd) of crude in February, according to trade sources and preliminary loading schedules obtained by Thomson Reuters on Tuesday, potentially beating a record of 3.51 million bpd set in December. 

The February volume includes 2.748 million bpd of Basra Light and 893,000 bpd of Basra Heavy, the documents showed. 

For January, SOMO had planned to export 2.627 million bpd of Basra Light and 903,000 bpd of Basra Heavy. 

Basra crude accounts for the bulk of oil exports from Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). SOMO could not be immediately reached for comment. 

Iraq agreed to cut output by 210,000 bpd in the first half of 2017 as part of the OPEC deal despite Baghdad's initial resistance to join the production cuts as it needed oil revenues to fund a war against Islamic State militants. 

OPEC and some non-OPEC producers agreed late last year to tackle global oversupply and support prices by reducing output. 

Iraq's oil ministry said on Tuesday it has cut oil production by 160,000 bpd since the beginning of January in line with the OPEC decision.

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Earlier: 

IRAQ REDUCES OIL 

IRAQ'S OIL WILL UP 

IRAQ'S OIL RECORD: 4.051 MBD 

IRAQ'S OIL BENEFITS 

IRANIAN - IRAQI REDUCTION

 

 

 

 

Tags: IRAQ, OIL, EXPORT

Chronicle:

IRAQ PLANS 3.6 MBD
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 PLANS 3.6 MBD
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 PLANS 3.6 MBD
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 PLANS 3.6 MBD
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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