If you would like to ask our webinar guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.

 

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Iraq says can export extra 1 million bpd next year

Tue, 03rd Dec 2013 11:16

By Peg Mackey and Alex Lawler

VIENNA, Dec 3 (Reuters) - Iraq is planning to lift oiloutput by more than a million barrels a day to over 4 millionbpd in 2014, in what would be the country's biggest oil supplyincrease since the fall of Saddam Hussein a decade ago.

Oil Minister Abdul Kareem Luaibi said Iraq planned to liftexports to 3.4 million barrels daily, including 400,000 bpd fromthe semi-autonomous Kurdistan regional government (KRG).

With domestic consumption running at about 700,000 bpd thatwould take total Iraqi supply above 4 million bpd, up from justbelow 3 million bpd now.

That scale of production increase would raise the pressureon others in OPEC, chiefly Saudi Arabia, to curb supply toprevent oil prices falling.

But industry experts and oil company executives working onIraqi oilfield development say a 4 million bpd output targetlooks very unlikely to be achieved next year.

They expect Iraq to be able to manage only moderate outputgrowth next year because of infrastructure constraints andsecurity issues.

"Those Iraqi estimates are over optimistic. I don't thinktheir production can hit that," said Cuneyt Kazokoglu of Turkishenergy consultancy FGE. "Neither can KRG exports hit 400,000bpd. If they really push it perhaps they could do 300,000 bpd."

Luaibi said Baghdad is also close to agreeing lowerproduction targets for peak output at the giant southernoilfields of Rumaila, operated by BP, West Qurna-1, runby Exxon Mobil and Majnoon - where Royal Dutch Shell is in charge.

The new production targets are achievable and mean the oilcompanies won't be penalised for not reaching unrealistictargets.

Luaibi said the new target for Rumaila would be around 2.1million bpd, versus an original 2.85 million bpd; West Qurna-1would be around 1.6 million to 1.8 million bpd versus anoriginal 2.825 million bpd and Majnoon would be around 1 millionto 1.2 million bpd versus an original 1.8 million bpd.

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

Read more
21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

Read more
15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Read more
7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating the firm was "on a roll".

Read more
31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Read more
31 Jan 2022 07:48

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

Read more
28 Jan 2022 11:25

Shell's renewables boss steps down after less than two years

* Elisabeth Brinton leaves for new role, she says* Shell creates two new renewables leadership roles* Thomas Brostrøm to head renewables generation* Steve Hill to head energy marketingBy Ron BoussoLONDON, Jan 28 (Reuters) - Shell's head of renewable...

Read more
27 Jan 2022 16:14

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
26 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

Read more
26 Jan 2022 14:36

China's Sinopec awards fewer cargoes in recent LNG tender

By Chen Aizhu and Marwa RashadSINGAPORE/LONDON, Jan 26 (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 del...

Read more
26 Jan 2022 12:16

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

Read more
26 Jan 2022 09:33

UPDATE 2-Commodity, bank stocks lead FTSE 100 higher; Playtech drops

* Oil and banking shares top gainers* Wizz Air reports Q3 loss, expects improvement in spring* FTSE 100 up 1.3%, FTSE 250 add 1.1% (Updates to market close)By Shashank Nayar and Ambar WarrickJan 26 (Reuters) - London's FTSE 100 rose on Wednesday wit...

Read more
26 Jan 2022 09:12

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

Read more
25 Jan 2022 21:13

UPDATE 1-U.S. awards 13 mln barrel exchange of crude from strategic reserve

(Adds details on sale, background on 50 million barrel SPR plan)WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to ...

Read more
25 Jan 2022 20:10

U.S. awards exchange of 13 mln barrels of crude from strategic reserve

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies.The companies are Shell Trading US, 4.2 million ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.