Oil markets have been affected by financial market challenges, inflation, and the war in Ukraine. Nevertheless, Arab Gulf countries remain resolutely optimistic, evidenced by new refinery and storage plans being developed in Iraq and the UAE.
Iraq plans to open 7 new small-and-medium sized refineries.UAE oil hub Fujairah has seen increased transit flows and demand for crude and product storage.
The refinery expansion strategy comes at a time when Iraq is still struggling to adhere to its OPEC quotas. State-owned Iraqi oil marketeer SOMO reported that in February 2023, Iraq produced around 4.34 million bpd, a small change from the previous month, and still 92,000 bpd below official OPEC quota levels. In January 2023 production levels also were around 100,000 bpd below OPEC production quota, while December 2022 levels were at 4.43 million bpd.
Through implementation and observation of the performance of phase 1 of the Tawke field Enhanced Oil Recovery project, 11.7 MMbbls out of 23.3 MMbbls were moved from 2C resources into 2P reserves. And at its Sarta concession Genel’s estimate for gross 2P reserves is 9 million barrels at the end-2022 mark following production of 1.7 million barrels after evaluation of results from appraisal wells and pilot production.
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