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Confirmed to work on creating a balance in supply and demand on world markets
The Ministry of Oil: Oil prices started to recover and are committed to OPEC quotas
The oil market has seen in the past two days, a relatively higher price to arrive today to $ 56, a price that was built by the budget for Iraq in 2015, said ministry spokesman Assem Jihad said "the rise in world oil prices are positive indicators rise five dollars in two days for up to $ 55 There may be changes in oil prices gradually and do not expect to fall again. " "It will be a rise in prices because of what happened from the outside is low expectations due to the effects unrelated to the technical aspects of, or demand-sized or otherwise." Jihad said that "oil prices started to recover and climb down to good levels satisfy both producers and consumers because Iraq does not want to download a new extra burden of producing countries, including OPEC member Iraq Organization." And that "Iraq is working and what is still to create a kind of balance in the supply and demand of global oil markets through its role in OPEC," pointing out that "we believe that this crisis in the price drop is temporary and not Iraq only experience but a lot of the producing countries and soon levels and thus restore the Iraqi economy back to health. " The spokesman for the Ministry of Oil that "the reasons for the rise of the fact that the decline was not normal is not about technical aspects, but there were influences and factors outside the contexts affecting the market and prices." He guessed Jihad "are political reasons behind this decline customary because oil prices are affected by several factors, namely supply and demand and growth in some countries, if there was a rise in the rate of growth will increase prices and vice versa Chinese and Indian such as economics or Asian in general as well as an influential factor which shale oil production, which has become one of the factors affecting the market price. " But he also said that "all these factors do not lead to a decline that we are witnessing today in the price of oil and up to these levels, and it is possible that prices drop to around $ 70 either up to below $ 50 did not expect even the most pessimistic in the oil market." The spokesman for the Iraqi Oil Ministry that "abnormal circumstance behind the drop in prices and affected where and what it is normal as we have the case of a drop in prices will be temporary and that is what happened, and now oil prices began to rise." He argued that "there were factors unconventional influential in the drop in oil prices and its demise will rise and thus with circulation and increasing private demand improved and we are in the peak season for winter season, will return to the rise again," pointing out that "oil will remain the master of applications and fuel approved for more than three decades and there is optimism among all Experts high prices and were slow. "
And the Jihad that "the Iraqi economy unilateral economy depends directly on the revenues derived from the sale of oil and constitutes almost 93% of state revenues and the decline led to a budget deficit and rising prices and return to normal will ease the difficulties of the Iraqi economy and reduce the deficit ratio and hope to be variables Positive in oil prices in order to restore the Iraqi economy recovers and reflected on oil projects and on the movement of citizens and entered the market as well. " Parliament passed last Thursday's budget of $ 119 trillion dinars [$ 105 billion] and a deficit of 25 trillion dinars based on the export of 2.9 million barrels at a price of $ 56.
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