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Consultant Office calls "OPEC" to reduce Saudi Arabia's share of exports to address the Iraqi budget deficit
5/4/15
Shafaq News / The president of the Iraqi Advisory Office Amer Abdul-Jabbar, on Monday, that the increase of Iraqi oil exports will not address the budget for the continuing decline in crude oil prices deficit, calling the Oil Ministry to demand that "OPEC" to reduce the share of Saudi Arabia to deal with the deficit.
Said Abdul-Jabbar said in a statement responded to Twilight News, he Invite Oil Ministry to demand that OPEC Atkhvad Arabia share, especially that share Arabia planned are 8 million barrels a day, but Saudi Arabia raised its output to more than 12 million barrels a day and exports about 10 million barrels a day to compensate Iraq and Libya share and Iran.
He added that due to the increase in Iraqi oil exports by about 600 000 barrels per day, reaching over the past month to 3.08 million barrels per day at a price of $ 51.
He stressed that it is imperative for the Ministry of Oil of claim OPEC to bind the Saudi side to reduce its share by 600 thousand barrels for the purpose of ensuring that the low price of a barrel due to increased supply and also the case with Iran and Libya in the event of increased exports requires a reduction of the rate of increase of the share of the Saudi side to keep the price of decline because increased supply lowers the price.
He concluded his statement saying, Abdul Jabbar I expect the increase in oil price in the coming months, particularly in the event of continuing crisis negatively Yemen and the reflection of the military and security effects on the Bab al-Mandab Strait and the Suez Canal.
The Iraqi Planning Minister Salman Jumaili had called, on Sunday, the World Bank to help the country in the face of winning the fiscal deficit in the budget due to lower crude oil prices in world markets.
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