Expert: political problems and volatile oil prices prevented without increasing the export capacity of Iraq’s oil

Expert: political problems and volatile oil prices prevented without increasing the export capacity of Iraq’s oil
Date: Thursday, 12/07/2012 11:03

Baghdad (news) .. Said economist Majid picture, that the most prominent challenges facing the Iraqi oil sector are political problems and volatile world oil prices, making the oil ministry is unable to implement its plan to increase Taqtin production and export of oil.
said the picture (of the Agency news) said on Thursday that lower oil prices in global markets for the failure to increase the amount of oil exported for fear of increasing the supply oil for the volume of demand, which affect the world price again and it headed for a fall. He added that the political problems faced by the country prevented the application of the oil ministry annual plan in full during the year current, making the quantity exported is less than specified in the General Budget of $ (2.6 million) barrels per day, while the volume of oil exports currently (2.5 million) barrels of oil a day. He explained: that the causes of price fluctuations of international oil due to the slowdown in economic growth in America Europe and emerging economies such as India and China, and increase the oil reserves the U.S. of $ (350) million barrels, as well as lack of commitment by OPEC countries, the share allocated to them from the export of oil and of (30) million barrels per day, while the published limits (32) million barrels a day two million barrels surplus on world markets. The plan of the Ministry of Oil in place for this year aimed at increasing Taqtin export and production of oil, where the expected arrival of the amount of oil exported to the outside more than (3) million barrels per day, while quantities exported during the first half of this year, ranging from ( 2.45 million) barrels per day (2.5 million) barrels per day. and global oil prices are a continuous decline until the price of a barrel of oil without (90) dollars. / Finished / 8. d. Q /
Source: ikhnews