The above mentioned rates are subject to change due to fluctuations of ocean freight and commodity in the market.

Wataniya bitumen price

In the following, we tend to talk about the Wataniya bitumen price

and the variables that can affect the market. Respectively, the Basra oil

terminal (formerly Mina al-Bakr) is in the Persian Gulf. In 2012, Iraq

exported about 1.5 million barrels of oil per day through this port. It’s also

worth noting that Iraq has five smaller ports in the Persian Gulf, all of

which are operating at less than full capacity. In fact, they limit

Iraqi oil production due to a lack of export capacity.

Wataniya bitumen price and Iraq

To solve this problem, Iraq began the Phase 1 development of its oil exports

with the construction of three floating terminals (SPM – single point

mooring systems) with a capacity of 850,000 barrels per day, which was

about to increase Iraq’s oil export capacity to 4.5 million. Barrels per day increase. The first two berths were completed in 2012; however, due to some

technical problems in this sector, Iraqi oil exports have increased far

less than expected.

Natural gas and Wataniya bitumen price

As a matter of fact, they burned most of the natural gas produced in Iraq in

the burners so that in 2010; the country ranked fourth in the world in the

burning of mobile gases. Iraq is taking steps to reduce the burning of

associated gases and the use of natural gas to generate electricity,

as well as re-inject it to increase recycling from oil fields. As of January 1,

2013, Iraq’s proven natural gas reserves amounted to 112 trillion cubic

feet (about 3.172 trillion cubic meters), according to the International Oil

and Gas Journal. Besides, twelfth among the countries with the largest

natural gas reserves in the world.

To be more specific, over 60 percent of these reserves are in southern Iraq,

and three-quarters of Iraq’s natural gas resources are natural gas along with oil. Most non-associated natural gas in Iraq is focusing on various fields

in the country’s north, including Ajil, Bai Hassan, Jambur, Kramar,

Al-Ahmar, Al-Qaeda, Mansoura, Khashem and Jamjamal.

Wataniya bitumen 60/70

Gas production and the Wataniya bitumen price

As you might know, Iraq’s gross natural gas production increased from 81

billion cubic feet in 2003 to 660 billion cubic feet in 2011. In other words,

Iraq’s gross natural gas production increased from 6.3 million cubic meters

per day in 2003 to about 51.2 million cubic meters per day in 2011. Part of

this gas is to generate electricity, and they used another part of it for

re-injection to increase oil recovery. However, most of the gas produced in Iraq

is burned in the rigs. According to the World Bank, Iraq loses billions of

dollars annually from burning gas in burners.

Generally, mobile gas is a type of natural gas that comes out of wells with oil. Respectively, some countries cannot contain this gas because of a

lack of technology and equipment, and as a result, they burned an

enormous amount of associated gas in the mast burners.

As the last point, losses from the flare-up of oil-related gases in Iraq account

for over 60 percent of the natural gas produced in the country’s fields (about 28.3 million cubic meters per day).