IRAQ'S OIL PRODUCTION: 6.5 MBD
PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.
Iraq's Cabinet on Sunday approved a five-year plan calling for the country to boost its nationwide oil production capacity to 6.5 million b/d by 2022, up from 5 million b/d currently.
Iraq is technically supposed to restrict actual production to 4.35 million b/d, under OPEC's output restraint deal agreed in late-2016, which runs through 2018.
Between state-run oil companies and international oil companies with signed technical service contracts, Baghdad itself is expected to reach the new target before 2022.
Iraq produced 4.43 million b/d in February, according to the latest S&P Global Platts survey, and has at least 280,000 b/d shut-in at Kirkuk fields due to lack of an export route.
Iraq's semi-autonomous Kurdistan region has also signed production sharing contracts with major international oil companies and is expected to double its current 350,000 b/d production over the coming 12 months.
According to the Sunday announcement by the Council of Ministers, the five-year plan has three key economic pillars: increasing the role of agriculture and industry in the currently oil-dominated economy "to reach a target economic growth rate of 7%"; the boost in oil production capacity to 6.5 million b/d; and reducing poverty while increasing "sustainable employment opportunities."
Iraq last week said it would put 11 oil fields and blocks up for auction in a rushed bidding round that is supposed to take place on April 15 and is intended to increase production from discovered but dormant or underdeveloped fields.
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МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.
PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.
U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .
REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.