KTFA

  In KTFA 

Don961: Huge wealth on the way…the Iraqi oil minister announces a promising situation after a “disastrous year”

1,505 Economie 06/11/2021 18:05 Baghdad today – translation

Today, Friday, Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said that the Iraqi oil sector is “rebounding” after a disastrous year caused by the Corona virus pandemic, with major investment projects on the horizon. But he also warned that a perpetual bureaucratic culture of fear threatens to get in the way. I

Iraq is currently trading oil at $68 a barrel, which is approximately $76 that the country needs to operate without relying on the central bank to cover government expenses.

“With the sector recovering, we can now focus on other priorities,” Ismail added in his interview with The Associated Press.

He added that at the top of the ministry’s list of goals is the development of the gas sector in the country, which is a prerequisite for Iraq to be eligible for the American exemptions that allow energy imports from neighboring Iran, and to this end, Iraq looks forward to developing long-neglected gas fields and seizing flaming gas from sites oil.

Ismail said he hopes to sign contracts in the coming months to develop three major projects that could boost Iraq’s gas capacity by 3 billion standard cubic feet by 2025.

He also explained that Iraq is in the process of awarding a contract to the Chinese company Sinopec to develop the Mansouriya gas field in Diyala Governorate. The field could add 300 million standard cubic feet of gas to local production.

The ministry is also in talks with the French company Total to develop an ambitious mega project in Rattawa in southern Iraq, which will include a gas processing center from four different oil fields. .

He concluded, “Ismail said: “The most harmful corruption is the delay in making a decision, or not making a decision at all. I think this is the corruption that slows down the economy.”  LINK

Clare:  THE TITLE SAYS IT ALL!!!…imo

************

Samson:  Oil prices are expected to rise to $80 a barrel

11th June, 2021

US investment bank Goldman Sachs expects Brent crude prices to reach $80 a barrel this summer, betting that the recent rally in the oil market will continue as vaccinations boost global economic activity and demand for the commodity.

Brent crude prices reached $72.93 a barrel this week, their highest level in more than two years, buoyed by expectations of increased demand. Brent crude futures were trading at $72.21 a barrel on Friday, while US West Texas Intermediate crude was at $70 a barrel. “Higher vaccination rates are driving up mobility in the United States and Europe, where global demand is estimated to increase by 1.5 million barrels per day last month to 96.5 million barrels per day,” the bank said in a late note.

Goldman, which has long experience in the commodities sector, expects oil demand to continue to recover and sees global demand at 99 million barrels per day in August. The investment bank also said slow progress in negotiations on an Iran nuclear deal could also affect oil supplies, supporting prices.

Iran and world powers have been negotiating since April to lift sanctions on Tehran, which have hit its economy hard by cutting back its vital oil exports.

US Secretary of State Anthony Blinken said on Tuesday he expects that even if Iran and the United States return to compliance with the nuclear deal, hundreds of US sanctions on Tehran will remain in place. “Recent headlines comfort us in our expectations that a possible recovery in Iranian exports will not occur until the fall,” the bank said.

While there is spare capacity in both OPEC+ exploration and production and refining, we expect OPEC+ to lag behind the demand recovery.   LINK

Tags: /