OPEC Output Falls on Libya, Iraq Turmoil

By John Lee.
OPEC crude output hit a four-month low in July as unrest and conflict in Libya and Iraq disrupted supplies, a Reuters survey found on Wednesday.
Supply from the organization averaged 30.25 million bpd, down from 30.38 million bpd in June, and the lowest since March 2013 when the group pumped 30.18 million bpd, the survey of shipping data and sources at oil firms, OPEC and consultants found.
The survey further illustrates that internal strife is undermining supplies from African OPEC producers and putting a brake on the plans of Iraq, OPEC’s second-largest producer, to expand exports – propping up oil prices.
In July, involuntary curbs by Iraq and Libya have outweighed extra crude from top OPEC exporter, Saudi Arabia, which industry sources say has refined more crude and sent more to domestic power plants to meet demand for air conditioning.
The most notable drop in OPEC output has come from Libya. Protests at oilfields and terminals have cut supply further to around 1.15 million bpd.
Iraq’s exports have slipped to 2.25 million bpd in July, according to shipping data. Iraq’s Sunni insurgents are targeting its northern pipeline, while technical problems in the south have also weighed on supply.
The world’s fastest-growing exporter in 2012, Iraq is at risk of seeing its output decline this year.
(Source: Reuters)

Source: Iraq-BusinessNews.com.

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Source: Iraq-BusinessNews.com.

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UN Sec-General Concerned About Iraq Security

On July 29, the United Nations Secretary-General Ban Ki-moon expressed alarm about the deterioration of the security situation in Iraq. *”The Sectretary-General condemns, in the strongest terms, the acts of terrorism and the heightened sectarian violence, which are aimed at ripping apart the country’s social fabric,” Ban’s spokesperson said in a statement. “The killing of at least 50 people in a wave of car bombings, in predominantly Shiite areas, is just the latest occurrence of the kind of heinous violence which is becoming all too commonplace.
According to Reuters, the Islamic State of Iraq*and the Levant, an Al Qaeda affiliated group,*said it orchestrated the wave of car bombings in revenge for the mistreatment of the country’s Sunni community.
The Secretary-General extended his deepest condolences to the families of the victims and the Government of Iraq, and wished the wounded a speedy recovery. The Secretary -General also urged the Iraqi authorities to bring the perpetrators of these attacks to justice.
“Iraq is at another crossroads,” Ban’s spokesperson said. “Its political leaders have a clear responsibility to bring the country back from the brink, and to leave no space to those who seek to exploit the political stalemate through violence and terror. The Secretary-General urges Iraqi political leaders to address the legitimate grievances of all Iraqi communities by entering into a serious dialogue with a spirit of compromise, and by passing overdue legislation without further delay.”
The statement also added that the United Nations stands ready to assist the Government and people of Iraq in overcoming the crisis.
(Source: UNAMI)

Source: Iraq-BusinessNews.com.

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Calik to Supply 1/8 of Iraq’s Power

By John Lee.

According to a report from World Bulletin, a new 750-megawatt (MW) power plant in Mosul city is planned to be completed and operating by September 2013.
Build and run by Turkey’s Calik Energy [Calik Enerji], it will be Iraq’s fourth-largest power station; the company’s other plant at al-Khairat in Karbala is the country’s largest, currently generating 1000 MW electricity with eight turbines, but due to increase to 1,250 when two more turbines start operation after the Ramadan holiday (Eid al-Fitr).
Calik will then be producing a combined total of 2,000 MW from the two plants, representing about one-eighth of Iraq’s production.
The Mosul plant employed 110 engineers and 1000 employees, and cost $388.5 million to build.
(Source: World Bulletin)

Source: Iraq-BusinessNews.com.

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Genel Energy Closes Day on High

By John Lee.
Shares in Kurdistan-focused Genel Energy finished Wednesday up over 2 percent, as CEO Tony Hayward said there is “a lot to look forward to” in terms of oil and natural gas production from the Kurdish region of Iraq.
The shares are trading at levels not seen since early 2011.
The text of the half-yearly report follows:

Highlights

  • Net working interest production averaged 41,500 bopd (+7% from 1H 2012), generating revenue of $161 million (+31% from 1H 2012)
  • Material resource additions at Tawke and Bina Bawi confirmed by important appraisal success
  • Significant progress made in commercialising Miran and Bina Bawi oil and gas assets
  • Major exploration success in the KRI: a material new oil discovery at Chia Surkh of c.250-500mmbbls with commercial discoveries at Tawke Deep and Ber Bahr
  • Exploration and appraisal success added c.500 mmboe (50%+ increase) to contingent resources
  • Work programmes progressed across the African exploration portfolio: high impact offshore drilling programme to commence in 4Q 2013
  • Clear evidence of positive political momentum and independent KRI export infrastructure nearing completion
  • Strong first half results and financial position with $867 million of net cash at the end of the period

Source: Iraq-BusinessNews.com.

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OPEC Again Excludes Iraq from Oil Quotas

By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.*
The Iraqi Ministry of Oil affirmed that Baghdad’s share in oil production will not be part of the OPEC specified quotas for 2014. The ministry said it was likely for Iraq to reach the required export rate in the next year.
Iraq is one of the founders of OPEC, an organization that brings together 12 oil exporting countries. Iraq’s production quota — which was 3.8 million barrels a day — was suspended during the invasion of Kuwait as part of imposed international sanctions.
Assem Jihad, the spokesman for the Iraqi Ministry of Oil, told Al-Monitor, “The exclusion of Iraq from the ministerial decision of OPEC in regard to reducing production came as a result of the fact that Iraq already exports less than its quota requires.”
Jihad explained, “OPEC announced reducing the production of raw crude to 1.5 million barrels a day,” clarifying that Iraq will not be impacted because it “exports the oil outside the framework of specified quotas and it does not have a fixed share.”
Jihad added, “The Iraqi current crude production does not match the official reserve estimated at 115 billion barrels, since Iraq was banned for years after the Gulf War and the UN blockade on Iraq from exporting oil.” Jihad pointed out that the production rates “have not improved post-2003; therefore, Iraq remained far from achieving its real production capacity, even if the development in the oil sector continued at a normal pace.”
Talking about the production ceiling under normal circumstances, Jihad noted, “OPEC experts decide on it according to the reserve of each country,” and “even if Iraq was able to produce 4 million barrels a day by next year, as expected, its share will remain less than what OPEC would have specified if Iraq’s oil industry developed normally.”

Source: Iraq-BusinessNews.com.

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OPEC Output Falls on Libya, Iraq Turmoil

By John Lee.
OPEC crude output hit a four-month low in July as unrest and conflict in Libya and Iraq disrupted supplies, a Reuters survey found on Wednesday.
Supply from the organization averaged 30.25 million bpd, down from 30.38 million bpd in June, and the lowest since March 2013 when the group pumped 30.18 million bpd, the survey of shipping data and sources at oil firms, OPEC and consultants found.
The survey further illustrates that internal strife is undermining supplies from African OPEC producers and putting a brake on the plans of Iraq, OPEC’s second-largest producer, to expand exports – propping up oil prices.
In July, involuntary curbs by Iraq and Libya have outweighed extra crude from top OPEC exporter, Saudi Arabia, which industry sources say has refined more crude and sent more to domestic power plants to meet demand for air conditioning.
The most notable drop in OPEC output has come from Libya. Protests at oilfields and terminals have cut supply further to around 1.15 million bpd.
Iraq’s exports have slipped to 2.25 million bpd in July, according to shipping data. Iraq’s Sunni insurgents are targeting its northern pipeline, while technical problems in the south have also weighed on supply.
The world’s fastest-growing exporter in 2012, Iraq is at risk of seeing its output decline this year.
(Source: Reuters)

Source: Iraq-BusinessNews.com.

Post your commentary below.

Frontier Travel Insurance – Opportunities for Affiliates

Advertising Feature

Frontier Travel Insurance is the first online insurance travel facility that is specifically aimed at the high risk and frontier markets. It provides all the essential cover that travellers will require when visiting challenging locations throughout the world. This cover is now just a few clicks away.
Joining our affiliate programme is a simple process and you can begin to earn commission quickly and easily. Simply add one of our banner or text adverts to your website and earn commission each time a policy is sold. The scheme is facilitated through the leading affiliate network Sharesale.com and all sales are tracked and the commission is credited to your account without any work from you.
If you are interested in becoming part of one of the fastest growing sectors in the travel insurance market go to the link below and register as an affiliate.
http://www.frontiertravelinsurance.com/affiliates
We look forward to welcoming you as part of our team!

Source: Iraq-BusinessNews.com.

Post your commentary below.

UN Sec-General Concerned About Iraq Security

On July 29, the United Nations Secretary-General Ban Ki-moon expressed alarm about the deterioration of the security situation in Iraq. *”The Sectretary-General condemns, in the strongest terms, the acts of terrorism and the heightened sectarian violence, which are aimed at ripping apart the country’s social fabric,” Ban’s spokesperson said in a statement. “The killing of at least 50 people in a wave of car bombings, in predominantly Shiite areas, is just the latest occurrence of the kind of heinous violence which is becoming all too commonplace.
According to Reuters, the Islamic State of Iraq*and the Levant, an Al Qaeda affiliated group,*said it orchestrated the wave of car bombings in revenge for the mistreatment of the country’s Sunni community.
The Secretary-General extended his deepest condolences to the families of the victims and the Government of Iraq, and wished the wounded a speedy recovery. The Secretary -General also urged the Iraqi authorities to bring the perpetrators of these attacks to justice.
“Iraq is at another crossroads,” Ban’s spokesperson said. “Its political leaders have a clear responsibility to bring the country back from the brink, and to leave no space to those who seek to exploit the political stalemate through violence and terror. The Secretary-General urges Iraqi political leaders to address the legitimate grievances of all Iraqi communities by entering into a serious dialogue with a spirit of compromise, and by passing overdue legislation without further delay.”
The statement also added that the United Nations stands ready to assist the Government and people of Iraq in overcoming the crisis.
(Source: UNAMI)

Source: Iraq-BusinessNews.com.

Post your commentary below.

Calik to Supply 1/8 of Iraq’s Power

By John Lee.

According to a report from World Bulletin, a new 750-megawatt (MW) power plant in Mosul city is planned to be completed and operating by September 2013.
Build and run by Turkey’s Calik Energy [Calik Enerji], it will be Iraq’s fourth-largest power station; the company’s other plant at al-Khairat in Karbala is the country’s largest, currently generating 1000 MW electricity with eight turbines, but due to increase to 1,250 when two more turbines start operation after the Ramadan holiday (Eid al-Fitr).
Calik will then be producing a combined total of 2,000 MW from the two plants, representing about one-eighth of Iraq’s production.
The Mosul plant employed 110 engineers and 1000 employees, and cost $388.5 million to build.
(Source: World Bulletin)

Source: Iraq-BusinessNews.com.

Post your commentary below.