Iraq set to get back to its pre-war Market Share

A piece of information as reported by Reuters yesterday Saturday August 27, 2016 regarding an OPEC member oil producer of importance. That is Iraq set to get back to its pre-war Market Share. Its sight is on expanding its production and would not hear of reducing it at the forthcoming September meeting of Algiers.
A general view shows a lake of oil at Al-Sheiba oil refinery in the southern Iraq city of Basra, in this January 26, 2016 file photo. Iraq set on expanding oil output to gain market share
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad. (Image: Reuters)
Iraq is willing to play an active role within OPEC to support oil prices but will not sacrifice its goal of expanding market share and will continue to ramp up output, its oil minister said on Saturday.
Jabar Ali al-Luaibi, on a visit to the southern oil city of Basra, renewed calls for local and international oil companies in Iraq to increase production and announced plans to double crude storage capacity at the country’s southern export terminals to 24 million barrels in the “coming years” from 12 million barrels currently.
“The ministry has new ambitious plans to develop the oil sector,” he told reporters. “Among them, the most important is to increase crude output to reach a level that suits Iraq’s needs; we don’t want to specify a ceiling for future production like in the past.”

Algeria’s Economic Cooperation with Russia

Algeria’s Economic Cooperation with Russia with all economic exchanges at less than $1 billion in 2015 . . .  The recent visit of Algeria’s Prime Minister followed the meeting of the 8th session of the Algero-Russian commission on economic, trade, scientific and technical cooperation, held in July 2015.  This had been sanctioned by the signing of […]

Gel de la production de pétrole

Selon France 24, quatre des plus importants pays producteurs de pétrole, l’Arabie saoudite, le Qatar, la Russie et le Venezuela, se sont mis d’accord pour geler la production de pétrole au niveau de celle de janvier afin de calmer les marchés.
L’Arabie Saoudite et la Russie, le deux premiers producteurs de brut au monde, ont discuté du prix du pétrole à Doha, en compagnie du ministre Qatari de l’Énergie et de leur homologue Vénézuelien. Ensemble, ils ont décidé de geler la production d’or noir à son niveau de janvier, a annoncé mardi 16 février le représentant du Qatar. “Nous pensons, tous les quatre, que le gel de la production à son niveau de janvier est approprié pour le marché”, a déclaré le puissant ministre saoudien du Pétrole, Ali al-Nouaïmi.