Iraq could Export More than 3 Million Barrels End of the Year

Brent consolidating near $ 115 BAGHDAD – Mustafa al-Hashemi At a time when the world witnessed the high price of a barrel of oil because of some of the events in different parts of the country, saw an economist that this increase my time and built on speculation in the oil markets. He said economic expert, Dr. Majid that speculators in the global oil market took advantage of the effect of the psychological factor in the fact that raising the prices of those speculations represents mainly to exploit the conditions and its impacts on the psychological factor, stressing the lack of real risks to Iraqi exports of crude oil.  He said Suri told (morning) that Iraq is capable of producing and exporting oil, with expectations that the arrival of the amount of oil exported 3.4 million barrels per day by the end of this year, indicating that the quantities exported in the month of April amounted to 2.4 million barrels. Between the picture and the rise in world oil prices is a rise temporarily because it is based on the exploitation of the worker psychological speculators to raise prices for their investigation fictional profits, where if the price of a barrel of oil from rising global consumption of it $ 5, they are making a profit estimated at four million dollars a day.

He said that Iraq has the ability to increase its oil production and export volumes as well as providing extra OPEC oil supply to the world, which means that a continuous flow of raw nor fears of a rise in the price of a barrel in the long run. It also was not affected by fields or crude exports from southern Iraq and most of the production of 3.3 million barrels per day comes from those fields.  And the impact of the high price of a barrel of oil in Iraq’s budget for next year, said the picture: that his influential double, where the rise of imports to Iraq as long as this continues to rise, and who saw that he can not last for a long time because it is based on speculation in global stock of oil, in contrast, costs of production and goods that the country needs to import from the countries of the world will have risen and then the other is the impact this will not be complete.  Firmed prices and contracts Brent crude near $ 115 a barrel on Friday, near its highest level in nine months and is heading to record the second weekly gain in a row amid growing risk of supply disruptions from Iraq is, according to Reuters news agency.

Brent fell nine cents to 114.97 dollars a barrel after ended the trading on Thursday, up 80 cents at 115.06 dollars a barrel. The contract rose U.S. light crude solution which for him on Friday, up 14 cents to 106.57 dollars a barrel after rising 46 cents in the previous session.  And attributed the International Energy Agency forecast in the medium term to Iraq’s share of 60 percent of the rise in global production is expected by 2019, according to a report on the oil market.

According to the IAEA report that demand for oil will continue to rise in the coming years at a pace of 1.3 percent per year, according to estimates of the agency, for up to 99.1 million barrels per day by 2019. Likely to form this year has been a turning point after which demand starts slowing due to high prices and concerns for the environment and the presence of less expensive alternatives.

The report stressed that OPEC countries will remain “a large supplier to the market,” but it would face “severe headwinds to increase their capabilities.”

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