Iraq to cut oil output at Nahr Bin Omar oil field

Nahr Bin Omar oilfield is one of the controversial oilfields because of pollution. (File/AFP)
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Updated 09 February 2020

Iraq to cut oil output at Nahr Bin Omar oil field

  • The company said “has decided to cut crude oil production to minimum and to stop operating all oil wells to provide environmental protection”

CAIRO: Iraq’s Basra Oil Co. will cut crude oil output at the Nahr Bin Omar field to a minimum because of pollution and gas emissions, state news agency reported on Sunday.
The company’s Director General Ihsan Abduljabbar said: “Nahr Bin Omar oilfield is considered one of the most controversial fields because of the pollution and gas emissions.”
Abduljabbar added “it has been decided to cut crude oil production to minimum and to stop operating all oil wells to provide environmental protection.”


German economy to shrink by 5.2% this year, grow by 5.1% next year

Updated 22 September 2020

German economy to shrink by 5.2% this year, grow by 5.1% next year

  • The number of people out of work is seen rising to 2.7 million this year from 2.3 million in 2019
  • The Ifo institute cautioned that there was an unusually high degree of uncertainty attached to the forecasts

BERLIN: Germany’s Ifo institute on Tuesday said Europe’s largest economy would likely shrink by 5.2 percent this year, raising its previous estimate for a 6.7 percent drop, in the latest sign the damage caused by the COVID-19 pandemic could be smaller than initially feared.
“The decline in the second quarter and the recovery are currently developing more favorably than we had expected,” Ifo chief economist Timo Wollmershaeuser said.
For 2021, Ifo cut its economic forecast for Germany to 5.1 percent growth from its previous estimate of 6.4 percent. It expects the economy to expand by 1.7 percent in 2022.
The number of people out of work is seen rising to 2.7 million this year from 2.3 million in 2019, before edging down to 2.6 million in 2021 and then to 2.5 million in 2022.
That would translate into a jump in the unemployment rate to 5.9 percent this year from 5.0 percent last year. The rate would then drop to 5.7 percent percent in 2021 and 5.5 percent in 2022, Ifo said.
The Ifo institute cautioned that there was an unusually high degree of uncertainty attached to the forecasts. It pointed to the rising number of coronavirus infections, the risk of a disorderly Brexit and unresolved trade disputes.