Posts Tagged ‘Barrel (unit)’

Political agreement on the distribution ratio of oil revenues among citizens

Posted: January 30, 2013 in Iraqi Dinar/Politics
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Haider Ali Jawad – 01/30/2013

The parliamentary Finance Committee announced the existence of an agreement between the political blocs to allocate 25 per cent of the surplus sale and distribution of oil and between citizens.

A member of the Committee, Haitham al-Jubouri said “there is a consensus within the Finance Committee on the introduction of a proposed Liberal bloc to allocate funds within the budget surplus distributed to the people,” noting that “the Finance Committee is considering the request now and Stdmenh in the draft budget.” (more…)

Specialists: drop in oil prices would disrupt next year’s budget

Posted: October 31, 2012 in Iraqi Dinar/Politics
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10/31/2012 12:00 am

Enemy of $ 90 a barrel .. «Bullish»

showed a number of specialists in the economic fears of the possibility of lower oil prices globally, which can lead to confusion of Iraq’s budget for next year, which was built on the basis of calculating the price of $ 90 a barrel, which would cause, according to the views of specialists to increase the budget deficit, and therefore having to reduce the total capital expenditures and operating, or borrowing, as happened during the global financial crisis in 2008, and whilst reducing the Ministry of Finance of the risks it mentioned that he came after increasing public expenditure of the state, expressed Monetary Fund and the World Bank their reservations on the process of calculating the value of a barrel of oil in the next budget, especially with the foggy scene production and export of Petroleum Iraqi could drop due to a variety of factors affecting it, particularly the security factor. (more…)

Iraq Ministry of Finance doesn’t place much weight on IMF, World Bank objections on oil pricing

Posted: October 28, 2012 in Iraqi Dinar/Politics
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The Ministry of Finance reduce the importance of objection Monetary Fund and the World Bank to raise the price of a barrel of oil in the budget
25 October, 2012 07:15:00

Reduce the Ministry of Finance of the importance of an interception Monetary Fund and the World Bank to raise the price of a barrel of oil in the federal budget, indicating that the addition of five dollars on the price of a barrel came as a result of increased expenditures in the budget. (more…)

Finance Committee: IMF rejected the price of a barrel of oil in the budget of 2013

Posted: October 26, 2012 in Iraqi Dinar/Politics
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FRIDAY, OCTOBER 26 1 / OKRUDOLF 2012 08:36

announced parliamentary Finance Committee, Friday, kept the International Monetary Fund on the price per barrel of oil in Iraq’s budget for next year, as the government promised determine the price “Bullish”.

Said a member of the Finance Committee MP Najiba Najib said in an interview for ” Twilight News “that” the International Monetary Fund had a reservation on the price per barrel of oil in the budget in 2013. ” (more…)

US Dollar hits low against Iraqi Dinar

Posted: October 25, 2012 in Iraqi Dinar/Politics
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U.S Dollar plummets to new record low against Iraqi Dinar in the Iran and Kurdistan’s markets, PUKmedia reports, as an economic specialist links the decline to the augment of Iraqi oil exports. (more…)

Iraqi oil production at its highest in twenty years

Posted: June 30, 2012 in Iraqi Dinar/Politics
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On: Wednesday 27/06/2012 20:11

Reported Bloomberg spokesman told the British Deputy Prime Minister for Energy, Hussain al-Shahristani, Prince Abdul Ilah Al Qasim as saying that Iraqi crude oil production has risen to its highest level in twenty years with the escalation of oil production Halfaya field. (more…)

Iraq’s March oil sales highest since 1989

Posted: April 23, 2012 in Iraqi Dinar/Politics
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ERBIL, April 22 (AKnews) – Iraq’s oil sales of more than $8bn last month were the highest since 1989, with exports totaling almost 72 million barrels of oil.

Oil Ministry spokesman Assem Jihad said sales reached $8.472bn (9.8tr IQD) and the country exported 71.8 million barrels. (more…)

GCC oil and gas reserves worth $65 trillion

Posted: March 31, 2012 in Iraqi Dinar/Politics
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Published: Mar 11, 2012 23:41 Updated: Mar 14, 2012 20:01

DOHA: The GCC’s hydrocarbon reserves are estimated to be worth around $65 trillion at current export prices, based on new analysis from QNB Capital. This is almost a third of the $200 trillion value of world oil and gas reserves.

To put $65 trillion in context, it is equivalent to 47 times the GCC’s estimated GDP in 2011, or 93 percent of global GDP. It is also 125 times the estimated $521 billion that the region’s governments received in oil and gas revenue during 2011. (more…)

Iraq: Oil output highest since 1979

Posted: March 5, 2012 in Iraqi Dinar/Politics, Top Headlines
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Top Iraqi energy officials say oil production is now over three million barrels per day, will rise to around 12 million bpd by 2017.

Middle East Online

Iraq exported 65.3 million barrels of crude in January

BAGHDAD – Iraq’s oil production is now over three million barrels per day (bpd), the country’s highest output since 1979, top Iraqi energy officials said on Monday in Baghdad.

“Oil production is now over three million barrels per day,” Hussein al-Shahristani, Iraq’s deputy prime minister for energy affairs, said in a speech at the oil ministry. (more…)

Iraq opens a new port for oil export capacity by 3.3 million barrels per day

Posted: February 12, 2012 in Iraqi Dinar/Politics
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Basra, February 12 (Rn) -

Iraq on Sunday opened a new port for the export of crude oil in the province of Basra, south of the country aims to increase export capacity by about 3.3 million barrels a day.

It was scheduled to open the port in January but the date was postponed to the end of the pipe joints and testing of terrestrial and marine sectors.

Iraq plans to implement the expansion at a cost of $ 1.3 billion to export facilities in the port of Basra on the Gulf include pipelines under the sea and under the earth and the establishment of a single float to load tankers in light of efforts to rebuild the sector after years of war. (more…)

Iraq: Visa and residency for foreign energy workers will be easier

Posted: February 11, 2012 in Iraqi Dinar/Politics
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BAGHDAD, Feb. 11 (AKnews) – Obtaining visas and residency for foreign oil and electricity workers will be sped up in a bid to boost the economy.

The government will streamline the bureaucracy foreign workers face to a mere two-week waiting period instead of months after heeding complaints from several overseas companies.

Faisal al-Abdullah, the spokesman for the Prime Minister’s Deputy for Economic Affairs, Hussein al-Shahristani, told AKnews that: “Granting visas and residence permissions may take two or three months and this causes delay in the work of companies. (more…)

International Energy Agency: Iraq’s oil production rose by 12% in 2011

Posted: January 29, 2012 in Iraqi Dinar/Politics
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SUNDAY, 29 JANUARY 2012

Said the International Energy Agency in its report that oil production in Iraq rose by 12% in 2011, while warning that the political instability inside Iraq in the development of operational and logistical constraints on the oil sector.

A report by the International Energy Agency obtained by “Twilight News”, that “Iraq’s oil production rose by 12% in 2011 compared to the previous year but this increase was not reflected in exports due to poor infrastructure.” (more…)

Iraq Oil Income Jumped by 60% in 2011

Posted: January 25, 2012 in Iraqi Dinar/Politics, Top Headlines
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Increased volumes and the higher price of crude oil pushed Iraq’s income from oil sales up by nearly 60 percent in 2011 compared to the previous year, according to AFP.

Oil ministry figures published on Monday showed that total exports of oil increased 15 percent to 790.5 million barrels of oil, or an average of around 2.17 million barrels per day (bpd), compared to 689.9 million barrels in 2010.

Prices rose by around a third, bringing in revenue of $82.988 billion in 2011, versus $52.2 billion the previous year. (more…)

President of the Center for Economic Information: The need for multiple federal budget scenarios

Posted: January 22, 2012 in Iraqi Dinar/Politics
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On: Sun 01/22/2012 12:42

Baghdad (news) .. Prime Media Center Economic Dargham Mohammad Ali House of Representatives to take responsibility in the development of scenarios is more realistic to balance the federal is to anticipate the prospect of lower oil prices and lower production rates as well as try to reduce the deficit.

stressed Muhammad Ali in a statement (of the Agency news) on Sunday: the need to adopt a balanced federal multiple scenarios to 3 copies at different prices for a barrel of oil and the quantities of different volumes of production, as was a proposal for the 2009 budget to address all the possibilities and develop solutions prior to all the challenges and approving the budget. (more…)

Iraq postpones the fourth round of the licensing power to April

Posted: January 4, 2012 in Iraqi Dinar/Politics
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04/01/2012 14:51

Erbil, January 4 (Rn) – The Iraqi Oil Ministry said on Wednesday it was postponing the fourth round for the award of energy contracts to 11 and 12 April next, instead of the seventh and the eighth of March.

It quoted “Reuters” Abdul Mahdi al-Amidi, Director, Licensing and contracts in the ministry as saying “We have decided to postpone the bidding process to give companies more time to study the model of the final contract in response to requests from many companies.” (more…)

Iraq Expects To Be Given OPEC Presidency In 2012 – Oil Min

Posted: December 14, 2011 in Iraqi Dinar/Politics
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Iraq will be given the presidency of the Organization of Petroleum Exporting Countries, or OPEC, for 2012 at the group’s Wednesday meeting, Iraq’s Oil Minister said Tuesday.

“Yes we are having discussions with members on OPEC’s presidency next year,” Iraqi oil minister Abdul Kareem Luaiby told Dow Jones Newswires.

“We will get it,” he said.

Read More: http://bit.ly/uvaoBD

Ministry calls for U.N. support; No need for funds but planning and development

Posted: December 10, 2011 in Iraqi Dinar/Politics
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BAGHDAD, Dec. 10 (AKnews) – Iraqi Planning Ministry has officially asked for the United Nations Economic Commission for Western Asia (ESCWA) to send international experts to aid the Ministry.

Speaking to AKnews Ali Shukri, the Minister, said: “Iraq does not need funds but help with planning the services and developmental projects.”

Proposed Iraqi budget for 2012 has reached $100 billion USD (116,500 billion IQD), with a deficit of $13.5 billion USD (15,500 billion IQD). The budget is based on a set price of a barrel of oil, $85 USD (99,000 IQD).

http://bit.ly/t5EYMD

Forecast to increase Iraq’s export share in OPEC

Posted: November 28, 2011 in Iraqi Dinar/Politics
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among the oil expert suggested increasing the share of Iraq’s export of oil by OPEC, as confirmed among the parliamentary adoption of the price of $ 85 a barrel in the state budget for next year 2012.

And oil expert predicted Halim Kazem increase the share of Iraq’s export of oil during the year (2014) by the “OPEC” as a result of decline in many countries Bantegadtha oil. Kazim said, according to the Agency (news): Many oil-exporting countries in the world would fall produced oil during the year (2014), which will push the “OPEC” to increase the versions of some oil-producing countries and with an increase of local production such as Iraq and Saudi Arabia. (more…)

Economic Commission: Iraq will be linked to global oil markets

Posted: November 26, 2011 in Iraqi Dinar/Politics
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Economic Commission: Iraq will be linked to global oil markets is directly related to the fact that oil production is increasing than in the previous

A member of the Economic Commission Resan MP Abdul-Hussein Iraq’s ability to produce more than (10) million barrels of oil per day and will have an active role of world oil prices.

The Resan in a statement that Iraq could be up to the production of (10) million barrels of oil per day during the coming years and this number is normal for him, he owns oil fields, large and tours licenses with large international companies, solid addition to the projects are to improve the Iraqi oil. (more…)

Oil Expert expects increase in Iraq’s share of oil exports during the year 2014

Posted: November 26, 2011 in Iraqi Dinar/Politics
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BAGHDAD (Alakharia) .. Expected oil expert Halim Kazem increase Iraq’s share of export of oil during the year (2014) by the “OPEC” as a result of decline in many countries Bantegadtha oil.

Kazim said in a statement to the Agency (news) on Saturday: a lot of oil exporting countries in the world would fall having produced oil during the year (2014), which will push the “OPEC” to increase the publication of some oil-producing countries and with an increase of local production such as Iraq and Saudi Arabia. (more…)

Organization Opinion: You should review the licensing rounds of Iraqi oil on it before the enactment

Posted: November 25, 2011 in Iraqi Dinar/Politics
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Beirut, November 25 (Rn) – considered the “no T-F” British specialized in the development of transparency in the oil projects that oil licensing rounds Iraqi riddled with administrative problems and significant legal supposed to be addressed before the adoption of the law of oil and gas. and Iraq had signed contracts with companies a global giant in the field of energy through three rounds of licenses to develop 11 oil fields.

Although the Iraqi government expected the arrival of crude oil production to about 12 million barrels per day by 2017, but experts have questioned the arrival of the production to that goal, and said that seven million barrels per day is a reasonable figure. The director of the organization Keith Mary, told the Kurdish news agency (Rn) that “there is a need to review the terms of licensing rounds and coordinated with the draft law of oil and gas for the year 2007, including the problem of tax liabilities for capital gains resulting from the transfer of licenses, which not mentioned in the law tax adopted in Iraq. ” (more…)

Economist: Formation of a High Council for the Business has become a necessity in Iraq

Posted: November 25, 2011 in Iraqi Dinar/Politics
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Called economic expert reconcile the need to provide Secretariat, the legislative environment that meets the goals of the investment process, the ambition of the citizen and the investment companies wishing to work in Iraq.

Al-Mani said on Friday: that the reality of work in the country requires copies of legislation, which began during the period before, and which can not be adopted during the period of economic transition, the current adopted country, and work on the invitation of overseas investments to come and work in various economic sectors, pointing to the need to speed up in the formation of a higher council for business, managed by experts from various sectors of the economy, working to contain all the economic problems, and this is an important step on the road back to life the various economic sectors and attract global capital. (more…)

Parliamentary committee to disclose the daily demands for the production and exports of Iraqi oil

Posted: November 25, 2011 in Iraqi Dinar/Politics
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Baghdad, November 25 (Rn) – The Commission on oil and energy in the Iraqi Council of Representatives on Friday it made a formal request asking the Ministry to disclose daily oil production of Iraq oil exports and to promote transparency and confidence in the policy of the country’s oil.

The Iraq’s oil production is currently about 2.8 million barrels a day, the first time I had reached this level in 20 years thanks to increased investment and the decline of violence, and the issue of which about two million barrels.

A member of the Furat al-Shara told the Kurdish news agency (Rn) that “the Commission skipping and energy to see the announcement a day of Iraq’s oil production and exports are important for strengthening Balssayash Transparency International, Iraq’s oil.” (more…)

An international organization: Iraq lacks transparency on oil fields

Posted: November 24, 2011 in Iraqi Dinar/Politics
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Beirut, November 24 (Rn) – Organization said “any T-F” British specialized in the development of transparency in oil projects in Iraq is a lack of transparency in its dealings in the oil fields.

Iraq had signed contracts with international companies in the energy giant to develop 11 oil fields.

Although the Iraqi government expected the arrival of crude oil production to about 12 million barrels per day by 2017, but experts have questioned the access to the production of that goal, and they said that seven million barrels a day was a reasonable figure.

Iraq was not initiated after the law regulates the oil and gas due to differences on the management of oil wealth, even though imports of oil account for 95 per cent of the country’s financial budget. (more…)

Editorial: Challenges facing Iraq’s oil industry in 2012

Posted: November 14, 2011 in Iraqi Dinar/Politics
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On: Sun 13/11/2011 13:24
Dr. Ibrahim Bahr al-Ulum

Iraq faces a major challenge to today’s level of qualification systems, export, transport and storage to accommodate the expected increases in oil production. The coming months will be critical to the success of Iraq’s ruling to the implementation of plans to develop oil fields.

Although the indicators in 2011 in Iraq to increase oil production by encouraging the opening up Iraq to foreign companies. In the past nine months of this year, Iraq was able to supply the oil market, up more than their rates of 300 thousand barrels per day through the ports of North and South, and this is an indication of the activities of foreign companies and investments in rehabilitation and development of oil fields that Iraq had succeeded in signing with them in the licensing rounds, the first and the second was held in Baghdad in 2009. (more…)

Iraq is the main contributor in oil production till 2035

Posted: November 12, 2011 in Iraqi Dinar/Politics
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BAGHDAD / Aswat al-Iraq: Iraq will be the main contributor in oil production increase till 2035, according to International Energy Agency periodical report.

The report said that OPEC will achieve an increase of 2.9 b/d in the medium range, namely 23.8 million b/d in 2010 to 26.7 million b/d in 2015, to 36 million b/d in 2035.

It clarified that in case of achieving such an increase, the OPEC percentage in world production was 42% in 2010 to be increased to 51% in 2035. Iraqi oil production shall be the main contributor, whose production will be tripled from 2.5 million b/d to 7.7 million b/d, though this figure is different from Iraqi government expectations to reach 12 million b/d in 2017.

http://bit.ly/sRjmfZ

Iraq’s proven oil reserves at 143 billion barrels

Posted: November 12, 2011 in Iraqi Dinar/Politics
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United Nations confirmed in a report that Iraq has oil reserves, stressing more than 143 billion barrels and potential reserves exceeding 200 billion barrels, placing the country among a small group of countries that have a high potential for oil production and influence in global oil markets. The unit of information and analysis of inter-agency United Nations and UNDP for the organization (Yu said DBS) prepared a report on the reality of the oil and gas in Iraq, which included a complete analysis of this sector. (more…)

Researcher: The price of a barrel of oil could reach $ 102 next year

Posted: November 10, 2011 in Iraqi Dinar/Politics
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Baghdad (news) .. ills of economic researcher Hussein star caused by the rise in oil prices due to an increase in demand with the advent of winter, and expected to reach oil per barrel in 2012′s (101 or 102) dollars, in addition to the movement of countries (BRIC) sectors economic influenced indirectly to this increase.

He star in a statement (the Agency news) on Thursday said that high oil prices due to increased consumer demand it for the arrival of winter, in addition to moving the BRIC countries, namely, (Brazil, India and Russia) economic sectors in the forefront of industrial and this increases economic growth and thus has a role in high oil prices. (more…)

Iraq’s Oct. exports hit 6.87% increase

Posted: November 2, 2011 in Iraqi Dinar/Politics
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01/11/2011 15:47

Sulaimaniyah, Nov. 1 (AKnews) – Iraq exported 67.425 million bpd in October, an increase of 6.87 per cent from 63.1 million bpd the previous month

Mu’tassam Akram, undersecretary of Iraqi Oil Ministry, told AKnews Tuesday that average daily exports for OCtober hit 2.175 million bpd. (more…)

CBI: Iraq’s economy will grow 9% in the next year

Posted: October 30, 2011 in Iraqi Dinar/Politics
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30/10/2011 16:47

Erbil, October 30 / October (Rn) – A senior official of Iraq’s central bank said on Sunday that the growth of the GDP of Iraq will rise to 9% in 2012 from about 6% currently supported by an expected increase in oil production and exports.

Iraq has the fourth-largest oil reserves in the world and currently produces about 2.9 million barrels per day. And generates a rise in oil prices more than expected revenues worth billions of dollars this year.

It quoted “Reuters” is harmful to Qasim, deputy governor of Central Bank of Iraq as saying that he would not be difficult to grow the economy grew nine percent if production and exports of the oil sector.

(more…)

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