Economic calls for Iraq to withdraw from OPEC.. What are the reasons?
Economic calls for Iraq to withdraw from OPEC.. What are the reasons?
2024-11-09 | 02:35
Economic expert Nabil Al-Marsoumi revealed today, Saturday, that the continuation of…Iraq In OPEC it will cause him severe financial difficulties and gap Huge deficit starting with the 2025 budget.
Al-Marsoumi said in a tweet that I followed: Sumerian News in Iraq During the next three years it needs to export 5 million barrels per day to achieve oil revenues of 109 billion dinars annually at a price of $60 per barrel to cover the growing public spending, and this will not be achieved except by withdrawing from OPEC, as it did previously. Qatar Angola and the abandonment of the production quota system followed by the organization.
He added that OPEC is no longer as effective as it was in the seventies. The century The past, and its role is currently limited to bearing the burden of adapting supply to demand to provide rescue packages for high-cost oils such as shale and sand oil at the expense of OPEC losing its market shares to other producers.
The economic expert indicated that the withdrawal option allows Iraq to develop an oil strategy to achieve an increase in oil production to the level of 6 million barrels per day and oblige foreign companies to achieve this strategic goal by dividing it into achievable annual numbers or targets and completing the production and export infrastructure in order to increase oil exports and acquire more market shares because the coming conflict in market Oil will focus on getting more oil shares in The market Global oil, especially since oil prices will hardly fall sustainably below $60 due to the high cost of extracting American shale oil to $52 per barrel.
Otherwise, it will remain Iraq Captive to the Saudi and Russian oil policies, which hold large production shares of 11 million barrels each, compared to 4.650 million barrels per day for Iraq, of which it produces Iraq Currently 3.9 million barrels per day due to its commitment to OPEC Plus restrictions, according to Al-Marsoumi, who confirmed that the continuation Iraq In OPEC it will cause him severe financial difficulties and gap Huge deficit starting with the 2025 budget.
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