Oil prices fall within 5 years with high production in Iraq

Oil prices fall within 5 years with high production in Iraq

10/13/2012

BAGHDAD / JD / .. said the International Energy Agency that the world could witness a gradual decline in oil prices over the next five years due to slowing economic growth and increase the efficiency of energy consumption with high production sharply in Iraq and North America. No longer figures average consumption growth exceeding 1.2% per year instead of 1.3% in the past, due to the deteriorating global economy.
agency cut, which advises industrialized nations on energy policy, expected growth in global oil demand for the period between 2011 and 2016 by 500 thousand barrels per day, compared with its previous in December 2011, as the demand for oil will rise from 89.79 million barrels a day this year to 94.54 million in 2016.
As a result, will be less pressure on OPEC to produce more oil, you will not have the organization to pump more than 31 million barrels per day until 2017 to meet global demand for produced OPEC between 31 and 32 million barrels per day this year.
said the International Energy Agency in its report published by Al-Watan newspaper that “reconsider previous data and economic growth was lower than expected, led to a reduction of about half a million barrels per day in 2012 “and to a similar reduction for the period from 2011 to 2016. and Energy Agency said in a report medium-term outlook for the oil market “has been reduced economic growth forecasts in the period covered by the report, with continued concerns about debt in the Organization for Economic Cooperation and Development, especially in the euro zone. Even China, which was the main driver of demand growth in the past decade showing signs of slowdown. ” “The readings indicate a gradual decline in prices during that period.” In its previous report in December 2011 Energy Agency growth in global oil demand by about 8% between 2010 and 2016, But she said she expects improved supplies in the market compared to previous years. After 10 months, paint Agency image Viewed more abundant and says that demand for oil will grow by less than 7% till 2017, where would 95.7 million barrels per day. Following the report, futures fell for raw measurement European Brent crude more than a dollar a barrel yesterday. The benchmark Brent crude $ 1.34 to 114.37 dollars per barrel. In a related context, reported data from Reuters AOL. Aye. S. Live to monitor ships and shipping source that Turkey’s total imports of Iranian oil fell to about 100 thousand barrels per day last September after rising in August Previous. imported state-owned Turkish Tupras oil refinery shipments each 140 thousand tons and a shipment of 145 tons in September. It was loading oil from the port of Sidi Kerir in Egypt, which is located at the end of SUMED pipeline, which links the Red Sea in the Mediterranean. data showed Turkish official rise in imports sharply in August to more than 221 thousand barrels per day after it posted its lowest level in several years in July. The European Union ban on imports of Iranian oil has entered into force on the first of July and also targeted the insurance sector of maritime transport. / end / / 22

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