Special / prepare a new draft law of oil and gas to activate the role of “Sumo” in oil export

BAGHDAD – Iraq Press – February 18: revealed the oil ministry for preparation of a new draft law of oil and gas being out of work now.

A spokesman for the Oil Ministry, Assem Jihad, L / Iraq Press / he “is now being prepared will be the general contours legally put the national interest above all else, while ensuring an equitable distribution of oil wealth and that is subject to the law when they discuss in the parliament for the same consensus that characterize the process of law-making in Iraq, “he said, adding,” The new version which will be a significant role for the Oil Marketing Company Sumo as a national company mission export of Iraqi oil at world prices and the conclusion of contracts with international companies as well as the representation of Iraq in the Organization of Petroleum Exporting Countries, OPEC. “

“The insistence on making SOMO primarily responsible for the export of oil as Iraq tool to implement its commitment to transparency through published monthly, which includes all data and details of the exports of Iraq’s oil, including the quantities and prices of the contracting entities to serve the strengthening of Iraq’s international status and reputation in this area especially since it is in the TI and implemented by the consequences of this membership obligations. “ Admiral ended

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Create 5 thousand a piece of land to be distributed among the staff of the secretariat of Baghdad

2/19/2015 0:00

Baghdad Haider virgins
Embarked designs circle in Baghdad Municipality create 5000 piece of residential land for the purpose of distribution among the third meal of the covered employees.
Associate Director of the real estate department at the Secretariat Engineer Jalal Kazim said in a statement the “morning”: Based on the approval of the Commission opinion on the distribution of pieces of land between Baghdad Municipality staff who had previously announced their names and entered in the calculation of the points program, was directed designs circle format 5000 piece The land to be distributed among the employees who have completed five years of actual service. He stressed that the pieces that will be configured for the purpose of distribution to those who fulfilled the required conditions on the real estate according to the guidelines previously detachment uses horizontal circle within the housing and work on the content of the book of the General Secretariat of the Council of Ministers in the number of 2/1/2/11409 04/15/2013.
Kadhim said residential land that will be distributed among covered within the different areas of the capital and is available from the uses permitted based on the basic design of the capital. He also noted that the secretion of the pieces will be an area of ​​200 square meters for each piece of financial allowance million dinars per piece, pointing out that direct distribution will be a case of land by creating designs circle According to calculate the most points then at least, respectively.

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Get ready for $10 oil

Bloomberg

An oil well is seen near Denver
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An oil well is seen near Denver, Colorado February 2, 2015. REUTERS/Rick Wilking

At about $50 a barrel, crude oil prices are down by more than half from their June 2014 peak of $107. They may fall more, perhaps even as low as $10 to $20. Here’s why.

U.S. economic growth has averaged 2.3 percent a year since the recovery started in mid-2009. That’s about half the rate you might expect in a rebound from the deepest recession since the 1930s. Meanwhile, growth in China is slowing, is minimal in the euro zone and is negative in Japan. Throw in the large increase in U.S. vehicle gas mileage and other conservation measures and it’s clear why global oil demand is weak and might even decline.

At the same time, output is climbing, thanks in large part to increased U.S. production from hydraulic fracking and horizontal drilling. U.S. output rose by 15 percent in the 12 months through November from a year earlier, based on the latest data, while imports declined 4 percent.

More from Bloomberg.com: Emerging Stocks Rise as Greek Stalemate Downplayed, Russia Gains

Something else figures in the mix: The eroding power of the OPEC cartel. Like all cartels, the Organization of Petroleum Exporting Countries is designed to ensure stable and above-market crude prices. But those high prices encourage cheating, as cartel members exceed their quotas. For the cartel to function, its leader — in this case, Saudi Arabia — must accommodate the cheaters by cutting its own output to keep prices from falling. But the Saudis have seen their past cutbacks result in market-share losses.

So the Saudis, backed by other Persian Gulf oil producers with sizable financial resources — Kuwait, Qatar and the United Arab Emirates — embarked on a game of chicken with the cheaters. On Nov. 27, OPEC said that it wouldn’t cut output, sending oil prices off a cliff. The Saudis figure they can withstand low prices for longer than their financially weaker competitors, who will have to cut production first as pumping becomes uneconomical.

What is the price at which major producers chicken out and slash output? Whatever that price is, it is much lower than the $125 a barrel Venezuela needs to support its mismanaged economy. The same goes for Ecuador, Algeria, Nigeria, Iraq, Iran and Angola.

Saudi Arabia requires a price of more than $90 to fund its budget. But it has $726 billion in foreign currency reserves and is betting it can survive for two years with prices of less than $40 a barrel.

Furthermore, the price when producers chicken out isn’t necessarily the average cost of production, which for 80 percent of new U.S. shale oil production this year will be $50 to $69 a barrel, according to Daniel Yergin of energy consultant IHS Cambridge Energy Research Associates. Instead, the chicken-out point is the marginal cost of production, or the additional costs after the wells are drilled and the pipes are laid. Another way to think of it: It’s the price at which cash flow for an additional barrel falls to zero.

Last month, Wood Mackenzie, an energy research organization, found that of 2,222 oil fields surveyed worldwide, only 1.6 percent would have negative cash flow at $40 a barrel. That suggests there won’t be a lot of chickening out at $40. Keep in mind that the marginal cost for efficient U.S. shale-oil producers is about $10 to $20 a barrel in the Permian Basin in Texas and about the same for oil produced in the Persian Gulf.

Also consider the conundrum financially troubled countries such as Russia and Venezuela find themselves in: They desperately need the revenue from oil exports to service foreign debts and fund imports. Yet, the lower the price, the more oil they need to produce and export to earn the same number of dollars, the currency used to price and trade oil.

With new discoveries, stability in parts of the Middle East and increasing drilling efficiency, global oil output will no doubt rise in the next several years, adding to pressure on prices. U.S. crude oil production is forecast to rise by 300,000 barrels a day during the next year from 9.1 million now. Sure, the drilling rig count is falling, but it’s the inefficient rigs that are being idled, not the horizontal rigs that are the backbone of the fracking industry. Consider also Iraq’s recent deal with the Kurds, meaning that another 550,000 barrels a day will enter the market.

While supply climbs, demand is weakening. OPEC forecasts demand for its oil at a 14-year low of 28.2 million barrels a day in 2017, 600,000 less than its forecast a year ago and down from current output of 30.7 million. It also cut its 2015 demand forecast to a 12-year low of 29.12 million barrels.

Meanwhile, the International Energy Agency reduced its 2015 global demand forecast for the fourth time in 12 months by 230,000 barrels a day to 93.3 million and sees supply exceeding demand this year by 400,000 barrels a day.

Although the 40 percent decline in U.S. gasoline prices since April 2014 has led consumers to buy more gas-guzzling SUVs and pick-up trucks, consumers during the past few years have bought the most efficient blend of cars and trucks ever. At the same time, slowing growth in China and the shift away from energy-intensive manufactured exports and infrastructure to consumer services is depressing oil demand. China accounted for two-thirds of the growth in demand for oil in the past decade.

So look for more big declines in crude oil and related energy prices. My next column will cover the winners and losers from low oil prices.

More from Bloomberg.com

http://finance.yahoo.com/news/ready-10-oil-230002605.html

Financial agree to provide Anbar government banks with cash

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Date: 02/16pictures / news / img / uyhdujhgbb.jpg
announced Mayor of the city of Ramadi DLF Qubaisi, on Monday, that the Ministry of Finance expressed its formal approval to provide government banks that are located in areas that are subject to the control of the federal government in Anbar with cash.
He Kubaisi told / information / “The Ministry of Finance expressed formal approval to provide government banks in the areas under the Federal government in Anbar to control cash flow after providing security protection crisis for the banks involved. ”
He added that “the local government in Anbar, in collaboration with the security forces and provided security protection crisis for all banks covered by the filing.”
And that “transfer of financial liquidity of the capital, Baghdad, Anbar province, the process will be done by private jet prepared for this purpose”, he underlined that “the next few days will witness the arrival of the first plane loaded with cash sent from Baghdad to Anbar province,” a 12 .anthy

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Abdul-Mahdi: Iraq need to convert the oil and gas to the engine for sustainable economic development

Submitted by Big Sekz

Tuesday February 17, 2015 13:01
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confirmed Oil Minister Adel Abdul Mahdi, on Tuesday, required Iraq to transfer oil and gas to the engine for sustainable economic development, noting that Iraq has reserves of natural gas heat both its and the accompanying an estimated 132 trillion cubic feet, a record. He said Abdul-Mahdi said in a statement “Alsumaria News” received a copy of “Iraq’s reserves of conventional oil if the oil explorations and surveys completed in the country will exceed 200 billion barrels,” noting that “he is third or fourth globally.”

He said Abdul-Mahdi, that “Iraq has proven natural gas heat both its and associated reserves estimated at 132 trillion standard cubic feet (Tscf) to occupy it ranked 12 globally,” expected to “reach these reserves to 280 trillion standard cubic feet, (Tscf), with the completion of exploration, which will put him in fifth place in the world. ” He said Abdul-Mahdi said “Acts of exploration and drilling and integration of energy networks of Arab, regional and pipes, and tanks and tankers, ports and refineries many other joint ventures, is one way to develop our economies and to accommodate the workforce idle many of our countries and in the conversion of our companies patriotism of the possibilities and capabilities of technological and scientific levels and global standards that allow them to invest in our companies. ” He said Oil Minister Adel Abdul Mahdi, on Monday (February 16, 2015) It’s hard to survival prisoners to the vagaries of the market and we will face a strategy capable of confrontation, indicating that the giant companies expressed a desire to come to Iraq and open new horizons for cooperation and investment. The Iraq depends in financial revenue in the general budget on oil source and by up to 95%, and this budget was affected during the current year in 2015 due to lower global oil prices, which reached at the present time to what nearly $ 60 a barrel after reaching last year to $ 115 per barrel.

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Ibrahim al-Baghdadi: the launch of the private sector an important strategic and realistic step for the implementation of the government program Abadi

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Editor Ali Jasim – Monday, February 16, 2015 20:22
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Said the Iraqi National Business Council member Ibrahim al-Baghdadi, on Monday, the launch of the private sector as a strategic implementation of a realistic and practical special government program of economic reform, Prime Minister Haider al-Abadi, called on the government to equality between private sector companies and government companies.
Baghdadi said in a press statement, “Alsumaria News” received a copy of it, “The launch of the private sector is a strategy to implement realistic and practical special government program of economic reform and private sector support pledged by the Prime Minister at the beginning of the formation of the government.”

Baghdadi said that “this strategy may have contributed prepared with the advisers and where undp almost prepared two took with dozens of seminars, meetings and workshops in both inside and outside Iraq,” adding that “if the activation of this strategy, it will be a big turning point in the march of this vital sector, which suffers challenges and problems are many great hinder his work and thus represent an obstacle to the evolution and development of this important sector. ”

He called al-Baghdadi, the Iraqi government to “between private sector companies and government and corporate equality and consider the private sector a true partner and not just a contractor performs projects or dealer prepares contracts.”
The prime minister Haider al-Abadi, announced in (February 12, 2015), announced the launch of a strategy for the development of the private sector within the government curriculum, noting that the government is committed to working under the auspices of the state, in what was considered that Iraq will be vulnerable to international fluctuations if it continues its dependence on oil.
What was seen as Abadi office, in (February 12, 2015) ,, development of the private sector launched by the Prime Minister as are in favor of the employee strategy, as pointed out that this strategy will be extended until 2030.

Russia’s Lukoil plans to double its oil production in Iraq within three years

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Tuesday February 17, 2015 21:38

Alsumaria News / Baghdad

Announced the Russian company Lukoil, on Tuesday evening, it plans to double its oil production in Iraq within three years.
Was quoted by Interfax news agency, the head of Lukoil Russian state television as saying, “The company plans to double its production in Iraq to 100 thousand tons per day within three years.”

And the field of West Qurna -2 in which they operate in Iraq, Lukoil is the largest foreign project for the company and plans to reach peak production of 1.2 million barrels per day.

Oil Minister decides to cancel the coverage and the media to raise fuel prices

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Wednesday February 18, 2015 16:36

Decided Oil Minister Adel Abdul-Mahdi, Wednesday, cancel coverage of the media to raise fuel prices, as agreed to equip their quotas of fuel according to the official tariff and at subsidized prices.
Media Advisor to the Minister of Oil Ahmed al-Saadi said in a statement, “Alsumaria News” received a copy of it, “Oil Minister decided not to raise equipped for newspapers and national media in fuel prices,” noting that it “also decided to cancel the previous decision to double the price.”

“The media is not covered up equipped with fuel prices,” he said, adding that “the double price represents a narrowing of the financially and in particular the independent press institutions being self-financing and this is unacceptable.”
Saadi pointed out that “Oil Minister Adel Abdul-Mahdi believes that the media aims to raise awareness and dissemination of professional message and a national out of the responsibility of the fourth estate to straighten tracks and highlight the negative phenomena and help the three authorities in correcting the issues relating to the country and society in general.”
It should be noted that the media was covered by the decision to raise fuel prices, which had a negative impact on the media, especially those boring self, according to observers.