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Erbil expect a boom in sales of crude through Turkey
Baghdad's new morning:
Oil Minister Adel Abdul Mahdi, on Wednesday, said the ministry plans to increase Iraq's oil exports in the next few months, indicating that exports from the Kirkuk oilfields and Kurdistan will reduce the budget deficit.
Abdul-Mahdi said in a press conference upon his arrival at the Rumaila field in Basra province, said that «the increase in oil production will contribute to ease the budget deficit in 2015».
He added that «exports will rise in the next few months, and will increase 550 000 barrels per day of Kirkuk and the Kurdistan oil.
And Abdul-Mahdi, that «it is an important factor in reducing the deficit», adding that «there is progress in the areas of Basra Rumaila oil extraction and update facilities and human resources development».
Said Oil Minister Adel Abdul-Mahdi, earlier that Iraq is seeking to increase its production of oil in 2015, and as pointed out that enterprises need to investment giants, stressed the need of Petroleum Exporting Countries commitment at a specific price and support crude prices retreating.
On the same level, and the Minister of Natural Almurad in the Kurdistan Regional Government Ashti Hawrami said yesterday that crude oil exports to the Turkish port of Ceyhan have up to 800 thousand barrels per day next year, a figure that is higher than what has been announced before.
He informed Hawrami a press conference in London, said yesterday that oil exports will include 300 thousand barrels per day of crude, which is marketed by the Federal Government from the Kirkuk oilfields and 250 thousand barrels per day of crude region, which is marketed by the federal government and the likes of Kurdish crude KRG marketed independently.
Hawrami said he is being increased connecting the pipeline to Ceyhan and capacity of the Government of the region through the establishment of a new pumping stations.
The Minister of Natural Resources in the Region, said that «the region will be issued 500 thousand barrels of oil per day by the end of the first quarter of 2015 and will become a net contributor to the budget of Iraq by the end of next year».
And between Hawrami that the right of government in the region to export its oil problem independently unresolved with Baghdad, but «hopes for the first time» in the possibility of resolving the longstanding dispute.
At the global level, Brent futures fell below $ 60 a barrel yesterday, near the lowest level in five and a half years as hinted major producers of oil that they will continue production despite the oversupply and declining demand from Russia and Europe.
He pointed out the major Gulf oil producers in OPEC this week to their willingness to wait for a period of up to a year until the market stabilizes, dashing hopes of a quick intervention to stop the decline of the price.
Oil prices have fallen by almost half over the past six months as overwhelmed Increased production of light oil shale high-quality in North America on demand.
Said Olivier Jakob, oil analyst at Petromatrix «Every day we go out in the Gulf OPEC member statements drive the market downward. OPEC seeks to stifle oil producers Americans. »
The inn Brent for February delivery 50 cents to $ 59.51 a barrel.
January was held that a solution for him in the previous session, fell to $ 58.50 on Tuesday, the weakest rate since May 2009. By comparison, the highest price for the current year above $ 115 and record crude in June.
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