Europe’s biggest bank: Iraq’s oil will start running out in 2018

Europe’s biggest bank: Iraq’s oil will start running out in 2018

Thursday 3 September 2015 | 05:55 evening

Europes biggest bank - Iraqs oil will start running out in 2018BAGHDAD / .. one of the largest US banks and investment strict observer of the world’s oil markets, “Morgan Stanley” for his studies announced that Iraq’s current economic situation indicates that the Iraqi oil reserves will start to shrink and then force a gradual onset of 2018.

And the effects of the statement handed down site “Business News Mi” and “Bloomberg News” and “translated” appointed Iraq News, “wide reactions at the level of global stock markets and the trading of shares of the oil, which already suffers from an accelerating decline in prices is unprecedented.

Noteworthy that the bank announced a number of reasons that sees as negative data Iraqi situation current oil represented a slowdown in the current investment that took place as a result of lower prices in addition to the high cost of war with the organization of the current Daash in Iraq, which the government is forced to exports increased in an unprecedented way to cover the shortfall .

This comes at a time when Iraq increases the amount of production and export of oil, where will reach 4.18 million barrels per level per day in 2017 and 4.132 million in 2018 and after will see a decline slowing amount to 4.127 million barrels as expressed by “Haitham Rashid,” economic analyst competent in “Morgan Stanley” bank, which also confirmed that the rise in the Iraqi export ratios was due to the increase of transmission lines in the province of Kurdistan and the abolition of export and investment restrictions in the south have contributed to the recent period, turning Iraq into the second largest oil producer nutritious global market, adding that this growth will start to slow down now.

He said the bank and through the published report in the media that the number of Iraqi oil wells that produce oil directly has dropped by 50% over the past year, while forced some of the largest fields to reduce operating budgets by 30%, with a report, which confirmed through it that the Arab Gulf countries have production and export of oil ratio explosively lifted with the help of companies such as “Exxon Mobil, Shell, Royal Dutch and other” than the bank was forced to raise its forecast for export levels, while also stressed that “the results of their meetings with large companies and lawyers energy companies have shown that the government indicated to the companies wish to reduce productive activity on the fields to reduce the burden of recovery from those fields, “.anthy 5.