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Iraq returns as world’s fastest growing oil exporter

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Iraq returns as world’s fastest growing oil exporter

Unread postby Graeme » Thu 06 Mar 2014, 17:39:01

Iraq returns as world’s fastest growing oil exporter

Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving Opec market share rivalries down the road.

Despite worsening violence due to spillover from the war in Syria, Iraq — already Opec’s second-largest producer — is likely to post one of the biggest annual output jumps in its history as BP, Exxon Mobil and other companies tap its southern fields, which are untouched by the unrest.

With many export bottlenecks now cleared at the southern Basra terminals — from which almost all of Iraq's crude is shipped — Baghdad is expected to keep up, or even exceed, the rapid pace of oil sales reached in February — at 2.8m barrels per day (bpd), a 500,000 bpd rise on the previous month.

"Iraq is doing its best to export as much as possible and directionally things are improving," said a senior oil executive from a major oil company at work in Iraq.

So much so that, after momentum slowed last year, many in the industry expect a significant increase in 2014 from the country that holds the world's fifth-biggest oil reserves.

"We think the average for the year is probably going to be about 2.9m bpd, so maybe in the latter part of the year there will be a little bit more than that," said a Western oil executive from another company working in Iraq.

If Baghdad can sustain oil sales of 2.8m bpd, its revenue could swell to more than $100 billion at $100-a-barrel oil. Average exports of just under 2.4m bpd last year earned Iraq $89bn.

So far, the leap in Iraqi shipments has yet to weigh on oil prices and is being welcomed by other members of the Organization of the Petroleum Exporting Countries (Opec), as it is making up for outages in Libya and reduced exports from Iran due to Western sanctions.

"As long as Brent is $100-$110 there is no problem for Opec and the higher volumes from Iraq are welcome," said a Gulf Opec delegate. "Their crude is required."


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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Pops » Thu 06 Mar 2014, 17:53:56

an increase of 100kbopd over 26 years doesn't impress me much, LOL

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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby rockdoc123 » Thu 06 Mar 2014, 19:04:47

a
n increase of 100kbopd over 26 years doesn't impress me much, LOL

I think what you should be looking at is the increase from the last Gulf War in 2003 to recent which is about 1.3 Mbpd.
Given all the problems that occurred as a consequence of the war and the continual lack of security and related lack of growing foreign investment it is an achievement. Foreign companies are still leaving due to the lack of security ....one wonders what could have happened had all the above ground challenges been sorted out in short order after Saddam was captured.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Tanada » Fri 07 Mar 2014, 05:34:30

rockdoc123 wrote:a
n increase of 100kbopd over 26 years doesn't impress me much, LOL

I think what you should be looking at is the increase from the last Gulf War in 2003 to recent which is about 1.3 Mbpd.
Given all the problems that occurred as a consequence of the war and the continual lack of security and related lack of growing foreign investment it is an achievement. Foreign companies are still leaving due to the lack of security ....one wonders what could have happened had all the above ground challenges been sorted out in short order after Saddam was captured.


Look at it from the other side, if Sadaam had thrown open his arms to the weapon inspectors and the UN had lifted sanctions in 2003 instead of authorizing invasion where would we be? He wasn't a nice guy, but he had his population motivated to sell oil.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby ralfy » Fri 07 Mar 2014, 10:29:25

They would have probably come up with another false flag, if only to justify military spending.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Kristen » Sat 08 Mar 2014, 04:30:55

The oil in Iraq is flowing amidst the Kurds controlling the north and the largest US embassy looming in over the capital Bagdad.... What does it all mean?
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby sjn » Sat 08 Mar 2014, 09:45:10

Tanada wrote:
Look at it from the other side, if Sadaam had thrown open his arms to the weapon inspectors and the UN had lifted sanctions in 2003 instead of authorizing invasion where would we be? He wasn't a nice guy, but he had his population motivated to sell oil.

UN weapons inspectors were in Iraq prior to the invasion!

Dr Hans Blix via the BBC wrote:Asked about the inspections he oversaw between November 2002 and 18 March 2003 - when his team was forced to pull out of Iraq on the eve of the war - he said he was "looking for smoking guns" but did not find any.

While his team discovered prohibited items such as missiles beyond the permitted range, missile engines and a stash of undeclared documents, he said these were "fragments" and not "very important" in the bigger picture.

"We carried out about six inspections per day over a long period of time.

"All in all, we carried out about 700 inspections at different 500 sites and, in no case, did we find any weapons of mass destruction."

Although Iraq failed to comply with some of its disarmament obligations, he added it "was very hard for them to declare any weapons when they did not have any".

http://www.bbc.co.uk/news/uk-politics-10770239
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby dolanbaker » Sat 08 Mar 2014, 11:08:18

Had the above ground problems not slowed down extraction, i would imagine that below ground issues would be kicking in by now.

All they are doing is catching up on lost production.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby sjn » Sat 08 Mar 2014, 12:30:34

dolanbaker wrote:Had the above ground problems not slowed down extraction, i would imagine that below ground issues would be kicking in by now.

All they are doing is catching up on lost production.

This is what I was saying at the time. It seemed the meme amongst those agitating for war that Iraq was sitting on vast untapped reserves, presumably by taking OPEC reserve figures at face value. Even now, it's hard to let go of this belief when so much blood has been spilt and treasure wasted.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Graeme » Sat 29 Mar 2014, 17:11:06

Russia's Lukoil opens giant Iraq oil field, adding to crude glut

Russia's Lukoil has opened a giant untapped oil field in Iraq that will play a major part in driving up production to new highs in the Middle Eastern country and potentially force down the price of crude.

Spigots in the West Qurna-2 field, Iraq’s second-biggest, were opened officially over the weekend in a move that will release 120,000 barrels per day of crude oil onto international markets. The field in Southern Iraq near Basra will eventually pump out 1.2m barrels-per-day (bpd) of oil.

Iraq’s oil minister Abdul Kareem Luaibi has said that West Qurna-2 will enable the country to hit its target of pumping 4m bpd by the end of the year. Already the second-largest producer in the Organisation of Petroleum Exporting Countries (Opec) after Saudi Arabia according to Reuters, Iraq pumped 3.5m bpd last month.

However, the sharp rise in Iraq’s oil production is likely to spark tensions within Opec, which controls the world oil market. Baghdad currently operates outside the cartel’s quota system, which helps to maintain oil prices above $100 per barrel, the figure seen by most of its members including Saudi Arabia as vital for their economies to function.

The resurgence of Iraq’s oil production comes amid hopes that neighbouring Iran will soon boost production if sanctions are lifted. Hussain al-Shahristani, Iraq’s Deputy Prime Minister for Energy, said earlier this year that Baghdad and Tehran were cooperating on petroleum strategy in a move that has challenged Saudi’s dominance of the 12-member group.


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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby vtsnowedin » Sat 29 Mar 2014, 17:53:41

If Iraq is the fastest growing exporter that means everybody else is either stable or in decline. The fact that this war torn terrorist plagued country is the best we've got is quite troubling.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Tanada » Sat 29 Mar 2014, 18:01:46

Graeme wrote:Russia's Lukoil opens giant Iraq oil field, adding to crude glut

telegraph


They need to put down the Crack pipe, growing oil glut? What planet are they reporting from cause it sure isn't this planet Earth!
I should be able to change a diaper, plan an invasion, butcher a hog, design a building, write, balance accounts, build a wall, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, pitch manure, program a computer, cook, fight efficiently, die gallantly. Specialization is for insects.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Plantagenet » Sat 29 Mar 2014, 19:00:24

Iraq plans to almost triple its oil production capacity by 2020 to 9m bpd, which if achieved could flood world markets with crude.

That would be interesting to see. 8)
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby ROCKMAN » Sat 29 Mar 2014, 19:36:39

"Flood the market". Okie-dokie...lets look at the dynamics of the last Great Flood. Since 2002 the global market has been flooded with an additional 15+ million bopd...70 mm bopd to 85+ mm bopd. And that was accompanied with a 400% price increase from $25/bbl to $100/bbl. Gotta wonder how high oil prices will rise with next "storm surge". LOL. It just amazing that after the BLACK AND WHITE FACTS we just witnessed in the last decade that anyone would equate higher production with lower oil prices. And that's with the basic concept of supply and demand slapping us upside the head daily. LOL.
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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Graeme » Sun 01 Jun 2014, 18:20:19

Iraq Says Crude Oil Exports Rise Slightly in May

Iraq's crude oil exports increased slightly in May despite constant militant attacks that have left a vital oil pipeline idle, the Oil Ministry said Sunday.

The oil exports averaged 2.582 million barrels a day last month, an increase from the 2.510 million barrels per day in April, ministry spokesman Assem Jihad said. Jihad said the sales grossed $8.068 billion, based on an average price of $100.08 per barrel. April's revenues stood at $7.582 billion.

He added that all the oil was exported through the country's facilities on the Persian Gulf as the pipeline which goes to Turkey's Mediterranean port of Ceyhan has been idle since March because of terrorist attacks. The pipeline, which pumps 300,000 to 400,000 barrels a day and traverses restive Sunni-dominated areas of northern Iraq, has been a favorite target for militants.

Iraq holds the world's fourth largest oil reserves, some 143.1 billion barrels. Insurgent attacks, infrastructure bottlenecks and disputes with the northern self-ruled Kurdish region over rights to develop natural resources have been the main obstacles to Iraq increasing oil production and exports.


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Re: Iraq returns as world’s fastest growing oil exporter

Unread postby Tanada » Tue 01 Nov 2016, 07:15:39

Pops wrote:an increase of 100kbopd over 26 years doesn't impress me much, LOL

Image


In comparison things have not changed a whole lot in the last two years either, despite the theory that every OPEC members is pumping as fast as they can to make as much as they can at low oil prices. Twelve months ago they made it to almost 3 MM/bbl/d but were not able to sustain it.

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I should be able to change a diaper, plan an invasion, butcher a hog, design a building, write, balance accounts, build a wall, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, pitch manure, program a computer, cook, fight efficiently, die gallantly. Specialization is for insects.
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Iraq Unveils Plan To Diversify Away From Oil

Unread postby AdamB » Wed 04 Apr 2018, 15:56:20


Iraqi Prime Minister Haider Al Abadi on Sunday unveiled an ambitious plan to end its dependence on oil through building up its private sector over the course of just five years. The plans are reminiscent of Iraq’s earlier plans to shift away from oil and towards the industrial sector, which were discussed in mid-2013. At the time, the plan faced many headwinds, including political discord and disruptive sectarian violence. “The government made a decision to focus on other sources in the country instead of oil, so the new plan will basically focus on industry instead of oil,” said Hussain al-Shahristani deputy prime minister for energy affairs, said at the time. Today, 90 percent of Iraq’s total revenue comes from the oil sector. This time around, the plan is to shift away from oil and toward agriculture—a move that if successful, would insulate Iraq from


Iraq Unveils Plan To Diversify Away From Oil
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