April 2, 2011
Economic implications for Iraq's return a big player in OPEC
Resulted in licensing rounds organized by the Ministry of Oil since 2008 for the signing of billions of dollars in oil contracts with international companies of different nationalities. And fired these contracts and plans of the Ministry of oil in the conclusion of more of them expected to double Iraq's production several times over the years to come.
In this regard, said ministry spokesman Assem Jihad, Oil in an interview with Radio Free Iraq that the ministry is going ahead with projects to increase Iraq's production to six and a half million barrels per day by 2014.
The oil ministry hopes that this increase in production will enable Iraq to export a greater quantity, especially as oil exports now is not tantamount to a quota set by the Organization of Petroleum Exporting Countries (OPEC), also noted the spokesman, Assem Jihad, Oil Ministry.
Figures announced by the Ministry of Oil for the expected increase in oil production have raised speculation about the implications of the pumping of such amount in the global market and can be caused by an increase in supply lead to a reduction in prices and hurt revenue.
However, ministry spokesman Assem Jihad said the oil that OPEC will determine the ceiling for the production of Iraq when it was about four million barrels per day.
And the feasibility of increasing oil production if Iraq was a specific ceiling determined by the OPEC official emphasized that Iraq will demand the rights commensurate with its productivity and huge reserves.
Oil expert Farouk Mohamed noted that OPEC could allow Iraq to export large quantities to compensate for years of absence from the oil market and exported less than the quota set for him as well as the likelihood of increased global demand for oil by the year 2014.
The expert stressed the need for oil deal with Iraq at the level of OPEC to maintain prices. Even if Iraq's exports have remained within the limits of four million barrels a day, this amount is not significant Avaidadtha, as the expert said Farouk Mohammed. Oil revenues contribute about 95 percent of the budget of the Iraqi state.
The majority of these funds go for so-called operational aspects and less to invest in productive projects that can reduce dependence on one source of income is oil.
http://www.ikhnews.com/news.php?action=view&id=11006
In this regard, said ministry spokesman Assem Jihad, Oil in an interview with Radio Free Iraq that the ministry is going ahead with projects to increase Iraq's production to six and a half million barrels per day by 2014.
The oil ministry hopes that this increase in production will enable Iraq to export a greater quantity, especially as oil exports now is not tantamount to a quota set by the Organization of Petroleum Exporting Countries (OPEC), also noted the spokesman, Assem Jihad, Oil Ministry.
Figures announced by the Ministry of Oil for the expected increase in oil production have raised speculation about the implications of the pumping of such amount in the global market and can be caused by an increase in supply lead to a reduction in prices and hurt revenue.
However, ministry spokesman Assem Jihad said the oil that OPEC will determine the ceiling for the production of Iraq when it was about four million barrels per day.
And the feasibility of increasing oil production if Iraq was a specific ceiling determined by the OPEC official emphasized that Iraq will demand the rights commensurate with its productivity and huge reserves.
Oil expert Farouk Mohamed noted that OPEC could allow Iraq to export large quantities to compensate for years of absence from the oil market and exported less than the quota set for him as well as the likelihood of increased global demand for oil by the year 2014.
The expert stressed the need for oil deal with Iraq at the level of OPEC to maintain prices. Even if Iraq's exports have remained within the limits of four million barrels a day, this amount is not significant Avaidadtha, as the expert said Farouk Mohammed. Oil revenues contribute about 95 percent of the budget of the Iraqi state.
The majority of these funds go for so-called operational aspects and less to invest in productive projects that can reduce dependence on one source of income is oil.
http://www.ikhnews.com/news.php?action=view&id=11006
