Experts contend “concern” the world of falling prices and an abundance of oil Iraq and Iran and the U.S.
Industry experts contend “concern” the world of falling prices and an abundance of oil Iraq and Iran and the U.S.
14.12.2013 (0:01 pm)
BAGHDAD / Hamed Ahmed
Detection experts in the field of oil, on Friday, the existence of a drop in crude oil prices because of “increasing concern speculators” toward excessive pumping of global production and evaluation of the U.S. oil reserves
As shown that “concern” is also increasing as a result of Iraq’s insistence on doubling its production even if prices fall, they stressed that the strengthening of Iran and Iraq, produced in 2014, and increase the production of crude oil Shell U.S. increased the likelihood of “glut” of crude oil market.
A report by Agence France-Presse, quoting an expert strategic Mercantile Exchange crude oil market in Singapore Kelly Teo and seen it (the long-Presse), “There is a decline in the price of crude oil market, on Friday, in Asia, because of the increased concern speculators toward the over-pumping of crude oil to At the global level, which is forecast to re-evaluate the United States to re-program PINs raise the federal reserves. ”
Teo added that “investors are not only worried about the excessive processing of Shell Oil U.S., but also from increased production of the Member States of OPEC, such as Iraq, which decided to double its production even if prices fell significantly.”
Between Theo and that “the requests for organic organization Iraq and Iran to enhance their production in 2014 has increased the likelihood of concern glut the market with crude oil production increased continuity of crude oil from Shell U.S. on the other hand.”
The price of West Texas crude, which will pump in January by the major New York Stock Exchange has fallen by nine cents to settle at a price of 97.41 dollars, while the price fell to the North Sea Brent crude rose seven cents to settle at a price of 108.60 dollars per barrel.
The Organization of Petroleum Exporting Countries, OPEC had agreed during its last meeting to keep output ceiling unchanged at the rate of 30 million barrels per day.
Iraq is now the second-largest oil producer in the Organization after the decline in the production of Iran because of international sanctions imposed on it, as is the decision of the organization to keep the cartel’s production ceiling at 30 million barrels a setback for Iraq, which was aspiring to increase million barrels per day to daily production after obtaining the approval of the organization.