MOSCOW (MRC) -- Iraq plans to increase oil production to eight million barrels per day (BPD) by the end of 2027, reported Reuters with reference to Iraqi Oil Minister Ihsan Abdul Jabbar's statement to the Iraqi news agency (INA).
The oil ministry's spokesman, Assem Jihad, also told INA that oil-producing countries reconsidered their plans because of the challenges facing the oil market.
"The increases have become calculated according to the variables and developments of the oil market, and that it is not possible to predict what the oil market will be like," Jihad said.
As MRC wrote before, Indian Oil Corp (IOC) , the country's top refiner, has loaded its first cargo of Iraq's newly introduced Basra Medium crude grade. IOC loaded the cargo onto Minerva Kalypso, a suezmax-sized vessel, which left Iraq's southern port of Basra on Jan. 4, 2021. The ship was expected to arrive at Chennai port in southeastern India for IOC's subsidiary Chennai Petroleum Corp (CPCL) around Jan. 14.
We remind that IOC is expanding its petrochemical capacity by more than 70% from its current 3.2 million tonnes a year. It is also new technologies that reduce the cost of the producrion of petrochemicals. The project will add a 500,000 metric tons/year of polypropylene (PP) unit as well as a 235,000 metric tons/year lube oil base stock plant.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and PP, respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.