Iraq holds the second place in OPEC, despite lower production this month

01/09/2012



BAGHDAD / JD / .. A survey prepared by / Reuters / Central Iraq is still in second within OPEC Regan lower production this month.

According to the survey that Iraq has dropped its production this month by 40 thousand barrels per day to 05 .3 million barrels per day, but still high enough to keep Baghdad in second place within OPEC.

And removed the U.S. and European sanctions Iran from its traditional position as the second largest producer in OPEC to third place after Iraq, which will benefit this year from a long-awaited plan to boost export capacity.

Iraq has seen a decline in shipments of Kirkuk crude from the northern fields in August / annulled the impact of some of the increase came from new export outlets and rising production in the south.

From the other hand, the survey showed that the Iranian oil shipments rose slightly in August / from the lowest level in more than 20 years to contribute to the increase of OPEC production thanks mainly to Angola and Nigeria's exports.

The survey also revealed that Saudi Arabia and its Gulf Arab allies appreciate the members of OPEC to boost production in a short time did not يضخوا more oil this month despite calls from consuming countries to boost supply to cool prices, which rose to 113 dollars per barrel of Brent crude.

The survey, which included sources in the oil companies, OPEC officials and analysts that the average production of the organization, which includes 12 members reached 53.31 million barrels a day this month, up from 30.31 million bpd in July.

The OPEC production has dropped from 75.31 million bpd in April / April, its highest level since August / September 2008. With this increase in August pumped organized around 5.1 million barrels per day above the official production ceiling of 30 million barrels per day.

And Harry Celingerian said analyst at BNP. Paribas. "At this stage there is no unusual pressure on OPEC to raise production" because U.S. crude trader under $ 100 a barrel and Brent crude under $ 120 a barrel.

"Any additional demand for OPEC oil stocks can be met by producers, which have increased since the beginning of the year."

The trend is worth noting in August / absence of a further decline in Iran's oil exports, which fell sharply this year because of U.S. and European sanctions. Iran supplies rose 50 thousand barrels per day, according to the survey to 85 .2 million barrels per day in August.

Iranian Oil became vulnerable to import ban by the European Union from the first of July.

And prevents the ban also insurers European to provide insurance cover for exports of Iran which constitutes an obstacle to the buyers non-Europeans for Iranian oil. Sources in the survey that more Iranian oil moved in August to some customers in Asia such as Japan where he encouraged insurance on ships backed government European purchases despite the sanctions.

Exports of Angola and Nigeria in August. Angola exports amounted to its highest level in two and a half year due to additional shipments of certain raw materials and the completion of maintenance work in the oil field جيراسول It is one of the largest oil installations in the country.

However, these increases seem temporary because the download programs predict a decrease in the sizes of both countries in September / September. Libyan production rose by 20 thousand barrels per day in August / August after it was disrupted exports in some days of July due to protests from groups demanding greater autonomy for eastern Libya.

The sources said in the survey that Saudi Arabia, the largest oil exporter in the world slightly reduced production because of lower demand from some customers. But kept production close to ten million barrels a day, not far from its highest level in several decades.

A source from the company that will buy The Kingdom of Saudi oil may have turned some shipments to Europe after the European ban on Iranian oil, but there has been no overall increase in production.

And consuming countries are concerned about rising prices and producers want to do more.
He urged finance ministers of the seven leading industrialized nations oil-producing nations on Tuesday to raise production and warned that the West was ready to withdraw from strategic oil reserves to ease prices.

There was no official reaction from OPEC to invite the Group of Seven, but SCO source said that production meets demand.

"It seems that there is an adequate supply."

In spite of the high Iranian production this month it is still close to its lowest level in several years.

The total production in July, its lowest level since 1988 when Iran pumped 24.2 million barrels a day, according to figures from the U.S. Energy Information Administration.

A source in the company has been buying Iranian crude, "Iranian supplies fell sharply, they find great difficulty in marketing their oil."

Delegates said OPEC Gulf it is not likely to enhance WTO member Gulf States oil production unless demand rises.

He urged finance ministers of the seven leading industrialized nations oil-producing nations on Tuesday to raise production to ensure adequate supply in the market.

But Gulf producers in OPEC see no need for additional production and say that the market continues to receive adequate supplies.

Gulf delegate said OPEC "and promised to meet demand and that's what we do, if we determine that there is more demand there will be more production, but at the moment our customers are satisfied."

OPEC ministers decided in mid-June commitment to collective production ceiling at 30 million barrels per day, which means reducing actual production of around 5.31 million barrels per day by 6.1 million barrels per day. It was expected to bear Saudi Arabia a large part of this reduction.

But producing Gulf countries remained high. The average production of Organization of Petroleum Exporting Countries (OPEC), which includes 12 members reached 53.31 million barrels per day, up from 30.31 million bpd in July.

And a second Gulf delegate said OPEC's "There is enough crude in the market and high crude stocks so no need for additional crude."

"The rise in prices is due to political factors, I doubt we will see an increase of production in order to reduce prices."

Oil prices rose after he led Western sanctions imposed on Iran to drop supplies OPEC member state by one million barrels per day.

The price of Brent crude futures for October delivery / October 71 cents to $ 25.113 a barrel on Thursday, while U.S. light, sweet crude fell 11 cents to $ 38.95.

The director expressed the International Energy Agency, which represents 28 oil-consuming nation on Tuesday strong opposition to the withdrawal from emergency stocks.

The second Gulf delegate said "pump more oil into the market is not the solution to reduce energy prices and the Agency understands this very well now". / End / agencies /



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