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| Iraq |
| Iraqi oil production records 2.5m bpd, exports 2m bpd |
| 2008-05-30 |
| (MENAFN - Kuwait News Agency (KUNA)) Iraqi Minister of Oil unveiled in remarks published on Wednesday that the Iraqi production of oil recorded 2.5 million barrels per day and the daily exports of the crude reached two million barrels. Hussein Al-Shahristani, in the remarks published by the Egyptian "Al-Ahram" daily, that Iraq benefited from the increase of oil prices on the international market, as the oil revenues amounted to USD 21.5 billion from January to April 2008. Al-Shahristani added, that this number exceeded projections by more than USD 10 billion, expecting that the export revenues would hike to USD 70 billion by the year-end. He clarified, that the US was no longer the top importer of Iraqi oil as was the case during the era of the executed leader, Saddam Hussein, and that position became occupied by China and India. Exported Iraq oil is distinguished with "the best price on the market and is sold without mediators," he said, adding that the Iraqi oil decision makers were against increasing the exports for the market was saturated with supplies. Al-Shahristani said Iraq aims towards increasing production to three million bpd. emphasis added |
| Posted by:mrp |
| #7 Crosspatch-- How long until we can expect delta? . |
| Posted by: OregonGuy 2008-05-30 23:18 |
| #6 Time to lift the Brazilian ethanol tariff, slap a regressive import tax on non-north american oil (only starts as the world price falls below $75 bbl) with an exception for Iraqi imports, start permitting nuclear plant openings, and subsidize via tax credits refinery construction, and we'll have an energy policy to drive the MME into panic selling. Fight the OPEC monopoly with a monopsony of our own. |
| Posted by: Cleting Black1202 2008-05-30 22:57 |
| #5 crosspatch, 100% on the mark. |
| Posted by: twobyfour 2008-05-30 14:54 |
| #4 OPEC isn't "cheating". Many OPEC nations are having to store oil in tankers because they can't find buyers for it. The number of tankers available for transport is declining because more of them are being rented as storage units. As the price of oil has risen, demand has fallen. This means that the supply channels are saturated with oil. The price is being driven up by speculators in the world commodity exchanges and is not a reflection of market supply/demand dynamics. In other words, the current price of oil is a "bubble" and when it bursts, there are going to be a lot of people holding contracts for high priced oil that they are going to have to unload at a loss. Based on supply/demand history, the price of oil "belongs" at about $65 a barrel. The current price is artificial and not set by the oil producers. |
| Posted by: crosspatch 2008-05-30 13:14 |
| #3 If the market is saturated with supplies, then that means OPEC is cheating. This is what OPEC did during the 1974 embargo. They claimed they weren't producing and then sold oil under the table - at a much higher price. Kind of like the WWF, only with turbans. |
| Posted by: Frozen Al 2008-05-30 12:15 |
| #2 And the world's daily production of oil is??? |
| Posted by: Anguper Hupomosing9418 2008-05-30 11:27 |
| #1 and is sold without mediators Sorry, UN. |
| Posted by: Grenter Protector of the Geats4975 2008-05-30 10:29 |