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Bahr al-Ulum Expects Drop In Oil Prices To $ 30 Per Barrel
Thursday, 27 August, 2015
BAGHDAD / NINA / A member of the parliamentary committee on oil and energy, Ibrahim Bahr al-Ulum expect drop in oil prices in the coming days to / 30 / dollars per barrel.
Bahr al-Ulum, former oil minister, MP of the citizen bloc, stressed the need to build Iraq’s budget for next year on the price of / 45 / dollars per barrel.
The statement quoted him as saying: what was witnessed in oil markets in the past few days is the worst days over the past years and was not easy setback, “adding that the arrival of oil prices to below / 40 / dollars per barrel opens the door of possibilities for touching the prices to / 35 / dollars.”
He attributed the oil prices decline in the coming days to / 30 / dollars per barrel to the amount of supply over demand, in addition to the pumping of more than / 10 / million barrels per day by Saudi Arabia , which generates a glut in the market plus the increases of productions by Iraq and the expected increase in the production of Iran in the future. ”
He stressed “the need to build Iraq’s budget for next year on the price of / 45 / dollars per barrel”, ruling out “raising oil prices in the future over the price / 65 / dollars per barrel.”
The price of a barrel of oil closed on Monday in the New York market lower than 40 dollars for the first time in last six years. / End
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Thursday, 27 August, 2015
BAGHDAD / NINA / A member of the parliamentary committee on oil and energy, Ibrahim Bahr al-Ulum expect drop in oil prices in the coming days to / 30 / dollars per barrel.
Bahr al-Ulum, former oil minister, MP of the citizen bloc, stressed the need to build Iraq’s budget for next year on the price of / 45 / dollars per barrel.
The statement quoted him as saying: what was witnessed in oil markets in the past few days is the worst days over the past years and was not easy setback, “adding that the arrival of oil prices to below / 40 / dollars per barrel opens the door of possibilities for touching the prices to / 35 / dollars.”
He attributed the oil prices decline in the coming days to / 30 / dollars per barrel to the amount of supply over demand, in addition to the pumping of more than / 10 / million barrels per day by Saudi Arabia , which generates a glut in the market plus the increases of productions by Iraq and the expected increase in the production of Iran in the future. ”
He stressed “the need to build Iraq’s budget for next year on the price of / 45 / dollars per barrel”, ruling out “raising oil prices in the future over the price / 65 / dollars per barrel.”
The price of a barrel of oil closed on Monday in the New York market lower than 40 dollars for the first time in last six years. / End
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