U.S. report: Iraq as part of the main oil producers in 2040

U.S. report: Iraq as part of the main oil producers in 2040

17/02/2014 11:03

U.S. report: Iraq as part of the main oil producers in 2040Follow-up – and babysit – considered the U.S. report, that Iraq will remain among the most prominent Middle Eastern countries in the production of oil, along with Iran and Saudi Arabia, even in 2040, referring to the decline in the production of other countries such as Oman, Kuwait and the United Arab Emirates in the same period.
According to a report released by the U.S. Energy Information Administration, and followed the “public opinion”, most of the additional oil production during the next 25 years will come from the Middle East countries.

The chief economist of the Investment Company Asia Francisco Quintana, that “the report of the U.S. Energy Information Administration confirms the increase in production capacity in the non-OPEC, such as the United States, Brazil and Canada,”

He added that “the International Atomic Energy Agency pointed out that technological progress in the United States in the field of extraction of oil shale, given the ability to become the largest producer of oil in 2015, and to exceed the volume of exports and imports a few years later.”

He pointed out that “Canada was extracted increasing amounts of oil from the tar sands, but a short time ago announced that the process is very expensive and poor efficiency, and in the same way will allow new technologies to extract oil from the sea water deep in Brazil to double its production three times between 2010 and 2040.”

And expect the IAEA to increase the supply of oil to some countries non-OPEC, more than 10 million barrels per day, due to increased production in the United States, Canada, Brazil and Russia in 2040, but most of these increases will only be achieved over the next decade.

In an environment of current prices high is a good chance for savings, but the International Energy Agency expects by the middle of the next decade, to begin production from non-OPEC decline due to higher depletion rates and high production costs, marginal, to become the Middle East, the source of most of the growth.

He predicted Quintana, “The witness states of production low and medium such as Oman, Kuwait and the United Arab Emirates, a slight rise because it is close access to the hilt, while come the biggest increase in the additional production of the three largest producing countries in the region, namely Saudi Arabia, Iran and Iraq.”

But OPEC oil exporters are exposed to situations of instability in the future, as it decreased Iranian exports by half to a record 1.5 million barrels per day in 2012 as a result of global boycott, while the production of up to 4.2 million barrels a day before the start of the province, while expected, “the Energy Information Administration American “to arrive in the best conditions to 8 million barrels per day in 2040, due to the size of the reserves.

And arrived in Iraq’s production to its highest level in 2013, recording 3.5 million barrels per day, to become the second largest producer in OPEC, and management expects to rise to 11 million barrels per day in 2040, if solved problems related to infrastructure, and received political transition in the form of peaceful.

The administration expected rise in oil production to the Middle East increased by 10.1 million barrels per day to 36.5 barrels per day in 2040, while the production of Saudi Arabia depends on the co-evolution of its competitors.

Range forecasts of six million barrels per day, if successful both Iran and Iraq to reach maximum production rates possible, which requires a significant investment of these two women with the ability of monetary Ltd., in addition to a long period of stability, and between 15.5 million barrels a day if the current situation continues, where Iran and Iraq are recorded low levels of production. X / Y