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Maritime traffic congestion due to tankers Atjd stores to unload oil

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Rocky


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Maritime traffic congestion due to tankers Atjd stores to unload oil



11/23/15

BAGHDAD / Obelisk: traffic jam of a unique kind, would draw a smile on the drivers, at sea.

With the abundance of large supplies, which caused the collapse of global oil prices, it is not new. As producers 'OPEC' will continue, led by Saudi Arabia, Iraq, the oil pump strongly despite low prices, while the United States produces near-record rates, which adds to the stocks that reached the sky all over the world.

But what no one knows a lot is that the problem of oversupply worsened, to the point that oil tankers have become accumulate off the US Gulf Coast, waiting to unload its contents, because of the lack of places to store carries crude oil.

Amid the glut of offers, it is likely that Iraq is increasing its production of oil in 2016, although less dramatic than this year, which will make the battle of market share raging among members of the Organization of Petroleum Exporting Countries Countries (OPEC) and their competitors from outside of a battle that was forced because of Baghdad to sell Some types of raw low price of up to $ 30 a barrel.

Jumped Iraq's production in 2015 by about 500 thousand barrels per day, equivalent to 13 percent according to the International Energy Agency, making Iraq the fastest-growing source of production in the world an important locomotive for increased OPEC production.
Rose a result, the levels of use of the so-called floating B'altkhozan 'to what nearly three times the normal level in the past week, according to the 'ClipperData', a company track the global crude oil shipments.

Description and Matt Smith, director of commodities research at the company, according to CNN what is happening as a 'traffic jam of super oil tankers.'

Smith noted the emergence of maritime traffic for the first time a month ago off the coast of Singapore, which was alarming because Asia make up a third of global oil demand.

He said: 'It is strange to see ships from buy to find the content.'

I discovered 'ClipperData' similar phenomenon off China and even in the Arabian Gulf .. He added: 'There seems to be more oil than can be dealt with, and there is no place to put it.'


And surprised Iraqi production volume growth this year, many observers. In addition, any slowdown in 2016 and the volume of production growth in Iran do not miss the thought OPEC delegates who will attend the meetings of the Organization on the fourth of December to discuss production policy size.

Iraq has all what motivates to continue production at full capacity where the actual price is less than benchmark crude prices. And at least the official price for the sale of Basra heavy crude of $ 10.40 a barrel for Brent crude for shipment in December. Sources say that the shipments are sold at a lower price dollar or two for the official selling price of no less than $ 30 a barrel.

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