Oil Minister: Iraq will reach production to four million barrels per day to compensate for the drop in prices
Oil Minister: Iraq will reach production to four million barrels per day to compensate for the drop in prices losses
19/1/2015 twelve thirteen
{Baghdad: Euphrates News} Oil Minister Adel Abdul-Mahdi said that Iraq’s oil output will reach “historic figure”, and as pointed out that production will reach four million barrels per day, he stressed that “this increase will help offset the decline in oil prices.
Said Abdul-Mahdi said in a statement received by the agency {Euphrates News} Monday, “The” Iraq’s oil exports last month approached the three million barrels per day, including the source through Sumo from the port of Ceyhan, “adding that” production will reach four million barrels daily during the current year after the last with the Kurdistan agreement, “expected” to see the second half or the last of this year a surge in oil prices, “and expressed” his belief not to return prices to what it was during the past years. ” He added that “This is a historic figure occurs for the first time, “stressing that” Iraq has made great efforts and invested large sums of money to get to this number. ” He said the oil minister to “increase oil production volume will help offset the decline in oil prices,” expected to “Iraq’s export volume to be at a rate of 3.3 million barrels . ” and that “the oil ministry had proposed building a public budget based on $ 60 per barrel,” noting that “it was a good estimate based on market conditions before they reach the prices to the bottom.” He pointed out Abdul-Mahdi, that “the price may not go back to what it was during the past years, “pointing at the same time that” oil prices will begin to rise gradually after the second half or the last of the year is a slow but growing rapidly. ” It is noteworthy that world oil prices have seen a significant decrease is the first of its kind in five years, causing damage to many countries, including Alarac.anthy
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