OPEC meeting causes a double setback for Iraq in its production and the presidency

OPEC meeting causes a double setback for Iraq in its production and the presidency of the organization

12/14/2012 (23:00 pm)

Baghdad / term Press

OPEC announced yesterday, the extension for another year to its Secretary-General Abdullah al-Badri Libyan because of differences between Member contenders for the presidency of the organization, member states have agreed to keep the level of oil production unchanged at 30 million barrels per day.
According to leaks from the meeting of Petroleum Exporting Countries “OPEC” of the 162, which was held in the Austrian capital Vienna, the differences between Iran and Iraq on the one hand and Saudi Arabia on the other hand paid member countries in the Organization of the agreement to postpone the selection of new secretary-general and the extension of Badri to the end of 2013.
He also noted what transpired from the meeting to the resentment shown by Iraq and Iran as a result of keeping the production level of 30 million barrels per day, which was welcomed by Saudi Arabia.
Iraq is now the second largest oil producer in the Organization after production fell Iran because of international sanctions imposed on it, as is the decision of the Organization to keep the production ceiling of the Organization at 30 million barrels a setback for Iraq, which was aspiring to increase million barrels per day to a daily production after obtaining the approval of the organization.
It also caused the OPEC meeting Wednesday setback other for Iraq, which was counting on receipt of general secretary of the organization, which holds the Libyan Abdullah al-Badri (72 years old) five years ago, through its candidate Adviser to the Prime Minister for Energy Thamer Ghadban, who competes with candidates and two delegate Arabia Permanent OPEC’s Majid Muneef, and former Iranian Oil Minister Gholam Hossein Nozari.
And requires the election of a new Secretary-General a unanimous vote, but the competition between Saudi Arabia on the one hand and Iran and Iraq on the other hand reflects the political differences between these countries.
He warned Iraq’s oil minister, from the negative effects of non-election of a new secretary-general, has promised that this is a threat to the future of the organization and may affect the oil markets, and appealed to all members to understand this danger. He said Iraqi Oil Minister Abdul Karim and coffee in a speech opening the conference that Iraq wants to increase production of crude oil next year and continued by saying that “OPEC will do its best to maintain the stability of the oil market and guarantee processing market with oil at all times and at reasonable prices and fair,” and added, “But we We look forward to the stability of the market in terms of demand and supply when it seems a lot of uncertainty as it will lead to the suffering of consumer and producer alike. ”
In terms of prices, draw Laibi to that prices fell several dollars from last September at 110 U.S. dollars, a price that was achieved in the middle of last August. He added in this regard “so we in the shed we have to see what the market indicators for the coming year as well as for the future also will focus on promoting market stability in the interest of all parties as well as to support global economic growth steady. Yet it is not the responsibility OPEC only.” The Iraq aspires to reach between 3.6 to 3.8 million barrels per day at the end of 2013 after the conclusion of service contracts with international companies such as Dutch Shell, BP, Eni and Exxon Mobil. Iraq has oil reserves of up to 140 billion barrels, which is the fastest growing in terms of export among OPEC countries and the rest of the world, to jump produced which achieved a breakthrough beginning in 2010, and production is estimated to Iraq’s current 3.2 million barrels per day, up about one million barrels per day for the year 2007.
The highest level of production achieved by Iraq in its history is 3.8 million barrels per day in 1979. And jumped Iraq this level of export to second place, surpassing Iran, which is now in third place. The odds strong first among exporters in Saudi Arabia, OPEC produces more than 10 million barrels per day and the second Iraq to reduce the amount of export, and to reduce the decline in prices, but both of them stick to your position without a specific agreement on the order. The Iraqi oil minister said a month ago during a speech in the gallery and forum Abu Dhabi International Petroleum in 11/12/2012, “Iraq unable to access the production of nine million barrels of oil per day by 2018,” he added, “I am convinced the possibility of raising the level production to more than 12 million barrels per day as energy maximum productivity for our fields. ” Luaibi to determine the amount of promised 100 to $ 110 as the price of a barrel of oil “acceptable price for oil-producing countries,” explaining that “those countries painted their budgets on the basis of the price of a barrel is $ 90.”
The oil minister said in response to the key members of OPEC are Saudi Arabia and the United Arab Emirates, that “Iraq as a member of OPEC sees no need to amend its production ceiling to keep oil prices.”
And showed Allaibi that “Iraq is currently producing between 3.2 to 3.25 million barrels per day and could increase production to 3.4 million barrels per day during the beginning of 2013 and to 3.5 million barrels per day by the end of the same year,” noting that “the increase will come in the form of 100 thousand barrels per day Majnoon while the rest will come from the Rumaila and other fields. ” Iraq is the only member exempt from the export quota system, and relies on crude revenues to rebuild its economy after years of war and economic blockade.