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Oil Ministry: international political will behind the reduction of global prices
Alsumaria News / Baghdad
Considered the Iraqi Oil Ministry, on Tuesday, that "the international political will" behind the reduction of world oil prices, stressing that Iraq , Iran and Russia most affected by this decline.
The official said the ministry spokesman Assem Jihad said in an interview for "Alsumaria News", "international experts confirmed reports that the international political will behind the reduction of world oil prices has nothing to do with the weakness of development or speculation or increased US shale production."
> Saudi Arabia: to Anktt to reduce our production of oil despite the rise in Iraq's exports
> OPEC prices down to nearly US $ 107 per barrel
Jihad said that "it is known in the event of a crisis and the development of a security is not stable in the world, oil prices rise, as is the case with the tension that happened in the Strait of Hormuz, which reached prices at the time to more than $ 120 per barrel, "noting that" the security situation taking place Iraq currently exports stopped North at a rate of 400 000 barrels per day, in addition to the security situation is stable in Libya, all of these things did not lead to raise prices, but on the contrary. "
Jihad and pointed out that "the first affected by lower these prices is Iraq, Iran and Russia," stressing that "Iraq as a founder and influential country of the organization will discuss with the countries of OPEC members need to take important steps to keep the price of oil and stop the repercussions of this decline."
And confirmed the oil ministry, in (5 this November), the $ 100 per barrel is appropriate price for Iraq, noting that the decline in the price per barrel to below $ 85 impact on the economy.
And the Secretary-General of OPEC Abdullah al-Badri told a news conference on the OPEC report (global oil prospects for 2014) "We are concerned (about oil prices), but we are not scared, and expected to recover prices by the second half of next year, but he does not know how much of this recovery.
Expects the Organization of Petroleum Exporting Countries (OPEC) shrinking share of the oil market by five percent by 2018, with the growth of the US supply of shale oil at a faster pace than expected by including leaves no room for the organization to take advantage of global demand growth.
The OPEC members, including Kuwait, said it is unlikely to make a cut in production at the next meeting of the organization, but some delegates began talking informally about the need to take action, but they point out that reaching an agreement will not be easy.
It consists of OPEC basket of 12 crude, which is a mixture of the Algerian Sahara and crude Girassol Angolan Iranian heavy crude and Basrah Light and the Iraqi export Kuwaiti and Libyan Sidr and Bonnie light Nigerian maritime Qatari Light and Arab Saudi Murban UAE and Mary Venezuelan Oriente from Ecuador.
The Petroleum Exporting Countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 countries oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.
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Alsumaria News / Baghdad
Considered the Iraqi Oil Ministry, on Tuesday, that "the international political will" behind the reduction of world oil prices, stressing that Iraq , Iran and Russia most affected by this decline.
The official said the ministry spokesman Assem Jihad said in an interview for "Alsumaria News", "international experts confirmed reports that the international political will behind the reduction of world oil prices has nothing to do with the weakness of development or speculation or increased US shale production."
> Saudi Arabia: to Anktt to reduce our production of oil despite the rise in Iraq's exports
> OPEC prices down to nearly US $ 107 per barrel
Jihad said that "it is known in the event of a crisis and the development of a security is not stable in the world, oil prices rise, as is the case with the tension that happened in the Strait of Hormuz, which reached prices at the time to more than $ 120 per barrel, "noting that" the security situation taking place Iraq currently exports stopped North at a rate of 400 000 barrels per day, in addition to the security situation is stable in Libya, all of these things did not lead to raise prices, but on the contrary. "
Jihad and pointed out that "the first affected by lower these prices is Iraq, Iran and Russia," stressing that "Iraq as a founder and influential country of the organization will discuss with the countries of OPEC members need to take important steps to keep the price of oil and stop the repercussions of this decline."
And confirmed the oil ministry, in (5 this November), the $ 100 per barrel is appropriate price for Iraq, noting that the decline in the price per barrel to below $ 85 impact on the economy.
And the Secretary-General of OPEC Abdullah al-Badri told a news conference on the OPEC report (global oil prospects for 2014) "We are concerned (about oil prices), but we are not scared, and expected to recover prices by the second half of next year, but he does not know how much of this recovery.
Expects the Organization of Petroleum Exporting Countries (OPEC) shrinking share of the oil market by five percent by 2018, with the growth of the US supply of shale oil at a faster pace than expected by including leaves no room for the organization to take advantage of global demand growth.
The OPEC members, including Kuwait, said it is unlikely to make a cut in production at the next meeting of the organization, but some delegates began talking informally about the need to take action, but they point out that reaching an agreement will not be easy.
It consists of OPEC basket of 12 crude, which is a mixture of the Algerian Sahara and crude Girassol Angolan Iranian heavy crude and Basrah Light and the Iraqi export Kuwaiti and Libyan Sidr and Bonnie light Nigerian maritime Qatari Light and Arab Saudi Murban UAE and Mary Venezuelan Oriente from Ecuador.
The Petroleum Exporting Countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 countries oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.
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