International expert: the fate of the world’s oil is linked to the Iraqi black gold

International expert: the fate of the world’s oil is linked to the Iraqi black gold

2012 – 09 – 19

Warned chief economist Fatih Birol’s International Energy Agency said Wednesday that the decline is expected to increase Iraq’s exports of energy would be “bad news very” in relation to the world markets. Spoke Birol from expectations that demand for oil in the domestic market Iraqi result of an attempt government reform the electricity sector and high rates of consumption in a society growing richer, which affects the oil revenues in the future and creates political challenges and geopolitical as well. refused Birol give details about the larger challenges for Iraq, but he pointed out that “the unity of Iraq, its territorial integrity, is of exceptional importance,” in referring to disputes over oil exports between the federal government and the Kurdistan Regional Government.
This warning comes at a time when they live the Iraqi oil sector phase of prosperity rise with production rates
and export so overcome Iraq recently Iran ranks second among states most productive in the Organization of Petroleum Exporting Countries, while expected to increase these rates over the coming years. Birol said at his office in Paris that “if he stayed growth modest in comparison with expectations, this matter will mean that major difficulties still facing Iraq, and will be bad news too for the world oil markets.” He said that “China and the European countries and Asian countries developing will be most affected by this matter, on the grounds that the growing demand for oil comes from China and Asian countries, and the rising prices will affect the European economy already fragile.”
and stressed Birol on that this matter remains “likely” Unexpected , but he saw that it was “important that we are considering, where he also shows how much we need to Iraq, and highlights the role played by this country in the coming years in the global energy markets.”
Source: iraaqi