The hottest oil production in Iraq recovers, corru

2022-08-21
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Iraqi oil production recovery corruption rampant inhibition of exports

Iraqi oil production recovery corruption rampant inhibition of exports

April 23, 2014

[China paint information] according to Wall Street reports, Iraq's crude oil production this year is higher than the level before saddamhussein took office. The question now is: how to transport these crude oil out of Iraq

in February, the average daily crude oil production of Iraq's oil fields reached 3.6 million barrels, 50% higher than four years ago. The annual output record of the country's steel union information report appeared in the heyday of the oil industry in 1979, when the average daily crude oil production was 3.5 million barrels

BP PLC, Royal Dutch Shell PLC, exxonmobilcorp And other international companies have invested billions of dollars to help Iraq recover the oil fields that have been devastated for decades by war, sanctions and neglect of maintenance. However, the Iraqi government has been very slow to modernize the oil field infrastructure

due to old oil pipelines and insufficient oil storage tanks, even a small problem (routine maintenance of common pumps, windy days in the Persian Gulf) may force enterprises to shut down oil wells. Violent attacks on Oilfield infrastructure and staff are also common. Institutional bureaucracy and corruption have also caused delays in many projects that are expected to alleviate bottlenecks

according to the International Energy Agency (IEA), Iraq's average daily crude oil production fell by about 340000 barrels in March, down more than 9% from the high in February, according to the original but different experimental personnel at the beginning of the experiment, highlighting the instability of the country's oil production. The main reason for the decline in production in the month was the attack on an oil export pipeline in the north

western executives working in Iraq said that Iraqi officials often asked foreign operators of some large oil fields to reduce production before bad weather or equipment failure. Dianemunro, an IEA oil market analyst, said that they have no storage facilities and there are problems with the pump station

however, the global oil market is quietly increasing its dependence on the growth of Iraqi supply. At a time of increased global demand and major supply problems in Libya and Syria, the surge in the production of shale oil in the United States and oil sands in Canada and the recovery of Iraqi production have played a positive role in stabilizing international oil prices

iea predicts that Iraq will be the single country that will make the largest contribution to the growth of global crude oil production in the next two decades. IEA's prediction of long-term oil prices largely depends on the substantial growth of Iraq's production. The agency predicts that Iraq's daily crude oil production will reach about 8million barrels in 2035. However, the IEA warned that if the actual production in Baghdad was 3million barrels lower than the target value, the global oil price would be 10% higher

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