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2018-01-15 09:55:00

IRAQ'S OIL PRODUCTION: 5 MBD

IRAQ'S OIL PRODUCTION: 5 MBD

PLATTS - Iraq is nearing a production capacity of 5 million b/d, though it will comply with its quota under the OPEC production cut agreement, oil minister Jabbar al-Luaibi said Saturday.

The Islamic State militant group had destroyed about 70% of Iraq's oil infrastructure in the north and set fire to 65 wells, Luaibi said, but with the militant group driven out of the country, Iraq is quickly rebounding.

"They did a lot of damage, but... Iraq's oil industry is progressing very fast," he said at an Atlantic Council energy forum in Abu Dhabi, which was webcast.

Iraq produced 4.41 million b/d of crude in December, according to the latest S&P Global Platts OPEC survey.

Some 300,000 b/d of Iraqi production in the northern Kurdistan region remains offline, in the wake of a failed independence referendum last fall.

Eventually, Iraq aims to hit 7 million b/d, he said.

Iraq is also close to signing three contracts with international gas companies, which he declined to name, to produce 950 million cubic feet, as part of the country's efforts to eliminate associated gas flaring by 2021, Luaibi said.

Iraq's December crude production figure is above its quota under the OPEC production cut agreement of 4.351 million b/d, which it has consistently exceeded, according to Platts survey data.

Nevertheless, Luaibi said Iraq is "certainly in full compliance with [its quota], and we have not deviated an inch from the declaration... We still comply with the OPEC declaration and the level that was set."

Luaibi has complained that OPEC's six independent sources used to monitor production, including S&P Global Platts, have incorrectly estimated Iraq's output levels -- first for being too low when the deal was being negotiated in late 2016 and more lately for being too high.

Iraq's State Oil Marketing Organization on Wednesday pegged Iraq's December production at 4.362 million b/d.

Luaibi said Iraq supports continuing the OPEC production cut agreement through the end of 2018, as planned, amid speculation that the organization could dissolve the pact if oil prices remain high.

Iraq's State Oil Marketing Organization on Wednesday pegged Iraq's December production at 4.362 million b/d.

Luaibi said Iraq supports continuing the OPEC production cut agreement through the end of 2018, as planned, amid speculation that the organization could dissolve the pact if oil prices remain high.

The deal calls on OPEC and 10 non-OPEC countries led by Russia to cut a combined 1.8 million b/d to stabilize oil prices.

"Overall, the results are satisfactory," said Luaibi, who had sought an exemption from the cuts as they were negotiated due to Iraq's need for revenue to fight the Islamic State.

"Iraq is in full agreement with OPEC members that the freeze should continue," he said. "The market is stabilizing but it's not 100% stable. You cannot say everything is rosy."

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Earlier:

IRAQI OIL TO CHINA
2018, January, 5, 23:40:00

IRAQI OIL TO CHINA

PLATTS - China's crude oil imports from Iraq in November surged 47.2% on year and 58.8% on month to hit a record high of 4.21 million mt or an average 1.03 million b/d, making the Persian Gulf producer its third-largest supplier, data from China's General Administration of Customs showed.

 

IRAQ'S OIL EXPORT UP TO 3.535 MBD
2018, January, 3, 15:40:00

IRAQ'S OIL EXPORT UP TO 3.535 MBD

PLATTS - Federal crude oil exports from Iraq's southern Persian Gulf terminals edged up in December to reach a new record high, averaging 3.535 million b/d, up 33,000 b/d from in November, the latest data from the oil ministry showed.

 

TURKEY NEED IRAQI OIL
2017, September, 29, 12:15:00

TURKEY NEED IRAQI OIL

The government of Turkey said it will deal exclusively with the Iraqi government on oil exports after voters in the semiautonomous Kurdistan Region of Iraq supported independence in a controversial referendum.

 

RUSSIA - KURDISTAN INVESTMENT
2017, September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

 

 IRAQI OIL TO U.S.
2017, September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

 

IMF HAS IRAQ
2017, August, 16, 09:10:00

IMF HAS IRAQ

To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

 

 IMF BUYS IRAQ
2017, August, 3, 12:25:00

IMF BUYS IRAQ

The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million. The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval of the arrangement) was approved in July, 2016 and the first review was completed on December 5, 2016.

 

 

 

Tags: IRAQ, OIL, PRODUCTION

Chronicle:

IRAQ'S OIL PRODUCTION: 5 MBD
2018, August, 15, 10:40:00

RUSSIAN NUCLEAR IN EURASIA

WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.

IRAQ'S OIL PRODUCTION: 5 MBD
2018, August, 15, 10:35:00

NORWAY'S KEY PRIORITY

BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.

IRAQ'S OIL PRODUCTION: 5 MBD
2018, August, 15, 10:30:00

ALASKA LNG: $43 BLN

PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.

IRAQ'S OIL PRODUCTION: 5 MBD
2018, August, 13, 14:05:00

OIL PRICE: NEAR $73

REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.

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