High Income From Oil Export in April

Iraqi Dinar 123 News:- Despite the suspension of the export across the line of Kirkuk, the export of the oil and increased for the month of April, said Assem Jihad the spokesman of the ministry of oil. The Kirkuk pipelines were damaged in terrorist attack and the supply through Kirkuk province was badly damaged. This was not the first time when Kirkuk was attacked by terrorists. Kirkuk remained under attack several time in the history but restored with the better management by Kirkuk staff.

Iraq earned 75882, seven billion five hundred and eighty two million dollars by exporting 75.3, seventy five million three hundred thousand barrels through Kirkuk oil fields. Furthermore the export from southern ports was recorded two million five hundred and nine thousand barrels that is also the highest volume of export through this port. Iraq is going right towards its predefined targets. Iraq is implementing five years policy to gain the final goal. Iraq wants to reach 7.9 million barrels per day by 2017 through this economic policy. Iraq wants to be par with its competitor Saudi Arabia in the region. This can be possible with the continuous production and export of crude oil in the market.

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Iraq’s Increasing Oil Production to Strongly Impact Other Exporting Countries, KPC

Iraqi Dinar 123 News :- According to the Kuwaiti Petroleum Company also known as KPC, the increasing production of Iraqi oil will deeply impact the oil exports of all the exporting countries in the gulf region. KPC considers Iraqi oil as its strong competitor in the international market that can reduce its oil export revenue to a sufficient level. During the past one and a half year, oil production has significantly increased in Iraq and the country is hoping to recover its falling economy with this increased production of oil. Apart from the oil sector, other non-oil sectors are also making great progress and shows a silver lining to those who have hugely invest in Iraqi dinar.

KPC global marketing Managing Director, Nasser Al-Mudhad said in a statement ‘ the strong influence from Iraq cannot be ignored as it’s fully capable of becoming the strongest contender in the region because of price and huge quantities. Iraq’s oil minister Abdul Karim Abdan said that they are planning to increase the oil exports up to 3.4 million barrels / day. It would also include 400 thousand barrels from Kurdish oil fields.

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Record Exports from Iraq Southern Port

Three countries are nominated by the Organization of Petroleum Exporting Countries (OPEC) for the excess of oil production for the month of March. The total export of OPEC was recorded to 29 million barrels per day that is the highest level of production of OPEC in the last 6 months. The major contributor in this production was Iraq according to OPEC that increased its production by 160,000 barrels per day. The other countries that increased their oil production are Angola and Saudi Arabia. Iraq made this record export through southern ports.

The Kirkuk pipeline was destroyed last month, yet the production of oil remained at same level. It was all because of the management of Iraq that made it possible. One year later, the total production of crude of Iraq was 2.6 million barrels that has reached to 3.25 million barrels per day now. This is all because of successful five years economic policy of Iraq that monitors the whole crude oil production attentively. Iraq can get its currency value back in the market, if the volume of export increases by 5 million barrels per day. It is achievable and Iraq will achieve this goal hopefully by 2017.

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Oil is The Future of Iraq

None of the person can deny the importance of cured oil for Iraq and its economy. Iraq economy is 90% depended on its crude oil that adds 70% in the total GDP of the country every year. Including the bureaucracy and weak infrastructure and many other problems, the Iraq seeks to increase the energy production continuously. Iraq has one of the largest oil fields in the world and ranked second for its oil reserves after Saudi Arabia.

The future of Iraq is no doubt depends on the production and export of crude oil in the international market. The Iraq made five years policy to enhance the production and export of the crude oil that worked so well and providing continuous positive results for country. The per day oil export of the country is more than 3 million barrels per day that Iraq want to enhance by 6 million barrels per day that is a so difficult task. According to five years economic policy, Iraq will achieve this target by the end of 2017. If Iraq could do this, it will be par with giant Saudi Arabia in the international oil market. To achieve this goal, Iraq will have produce oil double in the quantity.

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Ceyhan Port to be Fully Functional By Next Year

It is so appreciating news that Baghdad and Erbil agreed on the export of oil from Cyhan through Turkey to the other countries of the world. The oil will be transported from Kurdistan via pipelines to the Turkey where it will be available for further sales in the international market. This rout is equally favorable for all the stakeholders, Baghdad, Erbil and Turkey. The contract is signed between three of the regions two years ago.

According to oil and power ministry of Turkey the Cyhan oil fields will be fully functional by the next May. The oil and energy minister of Iraq also verified this news. The tension between Kurdistan and Baghdad is become so deep rooted with the every passing day. Baghdad will have to take steps to resolve issue between both of the regions. Kurdistan is rich in the oil and wants to sell its oil without any interference of Baghdad. It also wants to define its own prices for oil and gas in the international market, but Baghdad is not ready for this. It considers it as rebel activity from the part of country. Iran is ready to play its role as arbitrator for this issue but Iraq will never accept this offer.

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Oil Exports Touch 8 Billion Dollars Figure Previous Month

According to the statistical final issued by Iraqi oil marketing company, the revenue from the export of oil in the world market is estimated to $8 billion after export of 4 million and three hundred thousand barrels crude oil. The oil was exported through the lines of Ceyhan Kirkuk. As compare to the last February, the quantity exported and the revenue generated declined for this month. The experts believe that the exported quantity in March is satisfactory as per security situation of Iraq.

The Kirkuk pipelines were damaged by recent terrorist attacks and the supply of crude oil stopped for number of days. The revenue generated by Iraq in this situation is sufficient but it needs to be improved. Furthermore Iraq is also improving its non oil sector to maximize the revenue of the country. The 73 oil wells are under operation and development as announced by oil ministry of Iraq. The total oil reserves in theses well are estimated to 16 billion barrels of which 4 wells are recoverable at the moment in the addition to large quantities of natural gas. The first well was drilled in the area in 1976.

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The Record Oil Export From Southern Iraq in April

The oil ministry of Iraq has announced that they have recorded a record oil export from southern port in April. The data loading and source in oil sector also confirmed that they have achieved their goal for oil export set by oil ministry. It shows that Iraq is going smoothly towards its goal and working on five years economic plan. The World Bank also showed trust in the Iraq oil policy and appreciated the growth rate of Iraq that is higher than all other Middle East countries.

The law and order situation is the major obstacle for economic development of Iraq and number of oil shipments often get late due bombing in different cities of Iraq. The shipment of oil is parked at Kirkuk due to recent bombing that stopped the overall flow of oil in Kirkuk. In the twenty one days of April, the export from southern ports of Iraq amounted to 2.55 million barrels per day as data shows. In the last month, the total oil export was recorded 2.5 million barrels from same place. The poor law and order situation of Iraq could not stop the pace of economic growth that’s why the growth rate of Iraq is considered higher in the region.

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