The Kuwait Oil Company said, in a statement, that the new Jurassic Production Stations 4 and 5 are expected to begin operation in early 2024.
The completion rate, the Al-Jarida daily said quoting the KOC sources, in the two stations had reached “nearly 70 percent,” at a time when oil price is declining due to the impact of the banking sector turmoil on sentiment, and it stated that the production of each of the two stations amounts to 50 thousand barrels of light oil, and 150 million cubic feet of free gas.
In global markets, oil prices were downward yesterday morning, with the turmoil that has been ravaging the banking sector for more than a week continuing to affect market sentiment.
Brent crude futures for May delivery fell 71 cents, or 1 percent, to $ 73.08 a barrel, and West Texas Intermediate crude futures fell 74 cents, or 1.1 percent, to $ 66.90 a barrel.
In the previous session, both Brent and WTI fell by about $3 a barrel before closing higher. The US crude contract for the month of April expired on Tuesday, and May is the most active contract for that crude.
Officials from the Group of Seven major industrialized nations said it was unlikely the group would revise the $60 ceiling imposed on Russian oil as planned.
The European Commission told EU ambassadors over the weekend that there was no urgency among the group for an immediate review. OPEC +, which includes the world’s largest oil exporters and allies including Russia, is scheduled to hold a meeting on April 3.
The group agreed in October to reduce oil production targets by two million barrels per day until the end of 2023. The OPEC agreement contributed to addressing the challenges facing global oil markets.
In the context, the Iraqi Ministry of Oil quoted the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais said that the organization’s agreement to reduce production contributed to addressing the challenges and difficulties facing the global oil markets.
Al-Ghais added during his visit to Baghdad that the most important objectives of the OPEC agreement is to achieve stability and balance between supply and demand. The largest cut in November, the OPEC + alliance, which includes OPEC members along with Russia and other allies, decided to reduce its production by two million barrels per day in light of the decline in oil prices.
This was the largest cut since the early days of the Covid-19 pandemic in 2020, and the same cut will apply to all of 2023. The ministry quoted Al-Ghais as saying,
“The OPEC agreement is one of the most important historical decisions taken by the members of the organization to face the various challenges facing the global oil markets.” Al-Ghais is visiting Iraq with celebrations scheduled in the country this year on the occasion of the 60th anniversary of the founding of «OPEC» in Baghdad in 1960. The celebration was postponed more than once due to the Covid-19 pandemic.
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