80054
Iraq Says Crude Production Capacity Near 5 Million bpd
Iraq Says Crude Production Capacity Near 5 Million bpd

Iraq Says Crude Production Capacity Near 5 Million bpd

Iraq Says Crude Production Capacity Near 5 Million bpd

Iraqi Oil Minister Jabar al-Luaibi said on Saturday the OPEC member’s oil output capacity is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies.
Luaibi said the supply cut agreement between OPEC and non-OPEC producers should continue despite a rise in oil prices, Reuters reported.
 “The market now is not 100% stable,” he said at an industry conference in Abu Dhabi, the UAE, adding that current oil prices could be sustained, but there might be some fluctuations.
For the week, Brent crude rose 3.3%, while US West Texas Intermediate crude jumped 4.7%, having hit its strongest since late 2014 at $64.77 on Thursday.
The deal between the Organization of Petroleum Exporting Countries and Russia to cut 1.8 million barrels per day of crude, which started in January 2017, is due to last until the end of 2018.
Luaibi said currently Iraq’s oil production is about 4.3 million barrels per day.  Despite the increase in oil production from the United States, “so far there is a balance” in the oil market, he said.
“We are watching the market and the market is okay in terms of supply and demand balance. There is still a gap, inventories are still high. The inventory level will decrease gradually and we will see how things will go,” he told reporters.
Luaibi also said that his ministry plans to conclude three contracts with international gas companies by mid-2018 to utilize gas from Basra, Maysan and Nassiriyah southern provinces.
He said that by 2021, the country plans to “reach zero gas flaring”.
Iraq is forced to flare some of the gas produced alongside crude oil, as it lacks the facilities needed to capture and process it into usable fuel.
The country has just one gas processing company, the Basrah Gas Company, a joint venture between Iraq’s state-run South Gas Company, Shell and Mitsubishi.
OPEC’s second-largest crude producer after Saudi Arabia, Iraq is seeking to increase its oil and gas income, which account for nearly all its public budget.

 

Short URL : https://goo.gl/FkXAhV
  1. https://goo.gl/Z5wWBB
  • https://goo.gl/eeUZGf
  • https://goo.gl/AYRq6z
  • https://goo.gl/K2mRGa
  • https://goo.gl/4WzrPJ

You can also read ...

Oil futures are sliding on expectation of higher Russian and Saudi production.
US President Donald Trump's unilateral decision to withdraw...
1st Platform of Iran's South Pars Phase 22 Installed
In line with plans to boost gas output from South Pars Gas...
Aramco IPO Likely In 2019
Saudi Aramco’s much-hyped initial public offering is “most...
Japan Refiners Undecided on Iran Import
Japanese oil refiners will likely take a few months to decide...
Record Conformity Level in OPEC, Non-OPEC Output Cut
The 24 OPEC and non-OPEC producing countries participating in...
Iranian Crude at $76.6 pb
Iran's crude oil prices continued to advance in the week to...
The Iranian government provides power firms’ with the US dollar  at  42,000 rials.
Iran’s rial devaluation against the US dollar is not expected...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus