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Iraq says jump in Oct Basrah crude oil exports due to operational issues

Singapore (Platts)–15 Sep 2015 852 am EDT/1252 GMT

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Iraq’s State Oil Marketing Organization, or SOMO, said Tuesday a sharp jump in its planned exports of Basrah crude oil in October was largely due to operational issues.

Iraq plans to export 113.96 million barrels, or 3.676 million b/d, of crude in October, all from the southern Gulf terminals.

This represented a surge of 23.5 million barrels (757,000 b/d) from the September schedule of 90.5 million barrels (3.017 million b/d)

“The difference between the allocated volume and the projected exportable volume in October was made for operational and logistical purposes only,” SOMO said in an emailed statement.

Spot differentials for Middle East medium sour grades came under heavy pressure as trading for November-loading cargoes kicked off this week after news of the surge in Iraq’s exports in October.

Discounts for November-loading cargoes of Qatar’s Al Shaheen plunged to as low as $2.80-$2.90/b below front-month Dubai assessments as traders factored in a worsening supply glut in Asia because of the rise in Iraq’s exports.

The southern export program surprised traders as it was 640,000 b/d higher than the actual average exports over the last three months, 3.036 million b/d. Exports are expected to be around 3 million b/d in September.

Iraq’s SOMO has previously nominated more than 10% above export capacity to account for lifting delays and cancellations and to ensure the loading jetties are continually occupied. This is balanced against the risk of long queues of waiting tankers and having to pay higher demurrage costs.

The export volume includes 86.16 million b/d (2.779 million b/d) of Basrah Light crude to be exported from the Basra and Khor al-Amaya sea terminals and one of the offshore moorings.

From that volume, 35 million barrels (1.129 million b/d) will be lifted by international oil company contractors as payback oil for their dues.

The remaining 51.16 million barrels (1.65 million b/d has been allocated for term buyers. Some 27.8 million barrels (897,000 b/d) of Basrah Heavy crude, which makes up the rest of the exported crude, will be loaded from the two other offshore moorings.

From this, the oil companies have been allocated 27 million barrels (871,000 b/d) as payback payments and the remaining 800,000 barrels for term buyers.

–Gurdeep Singh, gurdeep.singh@platts.com
–Edited by Meghan Gordon, meghan.gordon@platts.com

http://www.platts.com/latest-news/oil/singapore/iraq-says-jump-in-oct-basrah-crude-oil-exports-26209420

Cash reserve ensure the stability of the dinar

9/16/2015 0:00 
BAGHDAD Mustafa al-Hashimi 

said economic researcher Firas Amer that cash reserve to cover the dinar adequate to achieve the necessary exchange rate stability for a long time. 
He said in an interview with {morning »he never Amajaov the decline in the exchange rate, explaining that the measures taken by the Central Bank and the private banks which capable of achieving exchange rate stability and returned to a normal level after he had 

witnessed a rise during the first quarter of this year because of Article 50 of the budget, 
which obliges the central bank to sell a specific amount of the dollar to the markets, which can accommodate twice the amount specified by the law. 
The Article 50 of the Budget Law for the year The current has committed to identify sales of the dollar in the auction daily currency selling ceiling not to exceed $ 75 million a day at a time when the market absorbed about $ 200 million. 
Amer said that the Governor of the Bank Dr. Ali Keywords -ouhsp what appeared in the news media -zkr that the reserves are sufficient to cover more than six months of imports, which is higher than usually required to maintain the exchange rate, noting that the budget deficit this year is likely to be less than 25 trillion dinars because of campaign reforms and public spending cuts. 
He said Amer out that there are no concerns on the value of the dinar against the dollar, stressing The measures taken by the Central Bank, which contributed significantly to the reduction of inflation volume during the last period. 
He saw the strengthening of the reserve currency basket extra amounts of gold would also be granted the dinar extra power enables it to withstand the fluctuations of world oil prices, noting that the greater the diversity of the cash reserve It said the effects of lower oil prices directly on the value of the currency. 
Central Bank of Iraq set new requirements for the purpose of providing monetary policy to the economy of market needs through foreign currency auctions and where buy or sell CBI dollar from or to the market in light of its objectives of maintaining price stability and the implementation of monetary policy (including exchange rate policies), 
as well as the management of foreign reserves and the issuance of currency management as well as regulate the banking sector to promote a competitive and stable financial system.
http://alsabaah.iq/ArticleShow.aspx?ID=100379

Abadi Office reveals near the application of the “control program” to subdue corrupt severe accounting

Tuesday 15 September 2015 21:53
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Detection prime minister’s spokesman Haider al-Abadi Office, Tuesday, closely monitor the application program and an integrated calendar to subdue the “mafias corruption” to the severe accounting, as pointed out that there are decisions and steps will be taken to complete the first reforms recently launched by al-Abadi package.
He said Saad al-Hadithi said in an interview to the Sumerian News, “There is an integrated program will be implemented during the coming period to subdue everyone to observe, calendar and therefore will be subject to severe corruption mafias accountable through the performance of regulatory and judicial institutions.”

Urgent Abadi: There are those who try to challenge the state of the abductions and robberies we will not allow them

History of edits:: 2015/9/15 21:26 • 69 visits readable
[Baghdad-where]
Prime Minister said the Commander in Chief of the Armed Forces Haider Abadi, that “there are those who try to challenge the state through kidnapping, armed robbery and crimes operations but we will not allow these and Snharabhm”.
A statement from his office received by all of Iraq [where] a copy of it for Abadi was quoted as saying in his speech at the security conference held by the Baghdad Operations Command in Taji area in the presence of security and military leaders in Baghdad, “there are those who try to challenge the state through kidnapping, armed robbery and crimes operations which our face to deal with it as it is to deal with terrorism because every criminal is an enemy of the state and the citizens. “
He said al-Abadi said “performance audit is very important in the discovery of errors and that the Baghdad operations, their role is very important and essential to maintain the security of the citizens in the capital and the center of the state,” adding that “there are those who want the state to weaken in order that extorting citizens and dominated them, but we will not allow them to do what they want and Snharabhm “.
The Prime Minister called “security and military forces to stay away from political things and be professional adoption, impartiality and loyalty to the country to work,” referring to “the importance of care Palmqatl in terms of equipment and weapons, food and clothing because he shield Iraq hippocampus and otherwise to overcome the enemy.”
He said the “psychological and media side is very important because there are those affected by it of fighters and citizens, noting that every breach offset by a thousand success but are not taken to sense this success must therefore highlight these successes and work to increase the intelligence effort to curb violations” .anthy