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An oil expert determines the size of the financial losses in Iraq's oil revenues
Tuesday, 2 August 2022 4:20 PM
National News Center/ Baghdad
The oil expert, Nabil Al-Marsoumi, warned on Tuesday of the continued loss of oil revenues in Iraq, reaching more than 10 billion dollars in the coming months.
Al-Marsoumi said, in a Facebook post followed by the National News Center, that
“the volume of Iraq’s exports of crude oil last July was 3.3 million barrels per day, with a value of 10.6 billion dollars, and at a price of 103.6 dollars per barrel, and
this means that Iraq’s total production of crude oil after adding production Kurdistan and the oil destined for domestic consumption did not exceed 4.380 million barrels per day, while Iraq’s production quota from OPEC Plus for the month of July is 4.580 million barrels per day.” He added,
"Iraq is currently producing less than its production quota by about 200,000 barrels per day, meaning that the lost oil revenues resulting from Iraq's inability to produce its full production quota amounted in July to about 575 million dollars." He explained that
“the most important reasons for this decline in Iraqi oil production and exports of crude oil are attributed to the
which forced an oil company Basra to reduce pumping rates to the sidewalks by 25% from 70,000 to 54,000 barrels per hour. He pointed out that
"storage facilities in Basra, refineries and power stations are being filled, as port data showed that crude oil stocks in southern reservoirs have reached 6.8 million barrels, or 72% of the total. Its total amount of 9.5 million barrels. He pointed out that
“replacing the old shipping lines takes about two years from signing the contract, and in light of this, Iraq’s production quota within OPEC Plus will rise from the current month of August to 4.651 million barrels per day,
which will widen the gap between it and the current production to about 271 thousand barrels per day and will be reflected This is due to lost oil revenues,
which will rise to 870 million dollars per month and 10.444 billion dollars annually.
An oil expert determines the size of the financial losses in Iraq's oil revenues
Tuesday, 2 August 2022 4:20 PM
National News Center/ Baghdad
The oil expert, Nabil Al-Marsoumi, warned on Tuesday of the continued loss of oil revenues in Iraq, reaching more than 10 billion dollars in the coming months.
Al-Marsoumi said, in a Facebook post followed by the National News Center, that
“the volume of Iraq’s exports of crude oil last July was 3.3 million barrels per day, with a value of 10.6 billion dollars, and at a price of 103.6 dollars per barrel, and
this means that Iraq’s total production of crude oil after adding production Kurdistan and the oil destined for domestic consumption did not exceed 4.380 million barrels per day, while Iraq’s production quota from OPEC Plus for the month of July is 4.580 million barrels per day.” He added,
"Iraq is currently producing less than its production quota by about 200,000 barrels per day, meaning that the lost oil revenues resulting from Iraq's inability to produce its full production quota amounted in July to about 575 million dollars." He explained that
“the most important reasons for this decline in Iraqi oil production and exports of crude oil are attributed to the
- weak ability to export Iraqi oil to the south through the ports due to the old sea lines that were established in the seventies and the
deterioration of two marine lines feeding the docks from the export station,
which forced an oil company Basra to reduce pumping rates to the sidewalks by 25% from 70,000 to 54,000 barrels per hour. He pointed out that
"storage facilities in Basra, refineries and power stations are being filled, as port data showed that crude oil stocks in southern reservoirs have reached 6.8 million barrels, or 72% of the total. Its total amount of 9.5 million barrels. He pointed out that
“replacing the old shipping lines takes about two years from signing the contract, and in light of this, Iraq’s production quota within OPEC Plus will rise from the current month of August to 4.651 million barrels per day,
which will widen the gap between it and the current production to about 271 thousand barrels per day and will be reflected This is due to lost oil revenues,
which will rise to 870 million dollars per month and 10.444 billion dollars annually.
