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Iraq confirms its quest to increase its oil production and calls for OPEC members to control the conflict Price
The Minister of Oil, Adel Abdul-Mahdi, last Thursday, Iraq's intention to increase its production next year in 2015, and when he called to compel the Petroleum Exporting Countries to withhold excess supplies on the global market for control of the conflict prices, urged international companies to invest in Iraq.
This came during a speech to the oil minister of the Organization of the Petroleum Exporting Countries meetings (OPEC), which is currently held in the Austrian capital Vienna, according to a statement his office has received a "long-Presse," a copy of it.
Abdul-Mahdi said: that the "members of OPEC commitment at a specific price of oil, and support crude prices declining by excess withholding supplies from the market," expected "rise in Iraq's oil production in the next 2015".
He guessed Abdul-Mahdi, that "OPEC members agree to abide by production quotas established previously," returned to "compel the Petroleum Exporting Countries to withhold excess supplies to the global market will ensure control of the conflict of prices."
The minister explained that "Iraq needs huge investments, particularly in the areas of ports, pipelines and storage facilities, as well as the development of new facilities for the extraction of oil."
It is noteworthy that the current OPEC meeting, comes under difficult circumstances as a result of the continued decline in world oil prices since last June, which severely damaged the economies of the majority of members.
Iraq, which has exported crude oil towards 2.0009 million bpd, lower prices, which amounted to about $ 73.70 per barrel, according to the Organization for the very last Wednesday prices have been affected, (November 26, 2014 present).
Fell twelve profits ten member states of OPEC, namely: Iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela, which together produce more than a third of the world's crude, is also available on the large proportions of oil reserves.
The Iraqi oil minister, Adel Abdul-Mahdi, predicted in a press statement, earlier in the day, the height of Iraq's oil production to 3.0008 million barrels per day in the next 2015, including the production of the Kurdistan region, noting that the country's exports will reach what average of 3.0002 million bpd.
The "OPEC" organization, which was founded in Baghdad in 1960, by agreement between the five countries, namely 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 exporting oil, owns a whole between two-thirds and three-quarters of global oil reserves.
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The Minister of Oil, Adel Abdul-Mahdi, last Thursday, Iraq's intention to increase its production next year in 2015, and when he called to compel the Petroleum Exporting Countries to withhold excess supplies on the global market for control of the conflict prices, urged international companies to invest in Iraq.
This came during a speech to the oil minister of the Organization of the Petroleum Exporting Countries meetings (OPEC), which is currently held in the Austrian capital Vienna, according to a statement his office has received a "long-Presse," a copy of it.
Abdul-Mahdi said: that the "members of OPEC commitment at a specific price of oil, and support crude prices declining by excess withholding supplies from the market," expected "rise in Iraq's oil production in the next 2015".
He guessed Abdul-Mahdi, that "OPEC members agree to abide by production quotas established previously," returned to "compel the Petroleum Exporting Countries to withhold excess supplies to the global market will ensure control of the conflict of prices."
The minister explained that "Iraq needs huge investments, particularly in the areas of ports, pipelines and storage facilities, as well as the development of new facilities for the extraction of oil."
It is noteworthy that the current OPEC meeting, comes under difficult circumstances as a result of the continued decline in world oil prices since last June, which severely damaged the economies of the majority of members.
Iraq, which has exported crude oil towards 2.0009 million bpd, lower prices, which amounted to about $ 73.70 per barrel, according to the Organization for the very last Wednesday prices have been affected, (November 26, 2014 present).
Fell twelve profits ten member states of OPEC, namely: Iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela, which together produce more than a third of the world's crude, is also available on the large proportions of oil reserves.
The Iraqi oil minister, Adel Abdul-Mahdi, predicted in a press statement, earlier in the day, the height of Iraq's oil production to 3.0008 million barrels per day in the next 2015, including the production of the Kurdistan region, noting that the country's exports will reach what average of 3.0002 million bpd.
The "OPEC" organization, which was founded in Baghdad in 1960, by agreement between the five countries, namely 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 exporting oil, owns a whole between two-thirds and three-quarters of global oil reserves.
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