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Iraq could become the second largest oil exporter in the world
Khaliq Ali's translation
According to the International Energy Agency that Iraq will soon be responsible for half of the projected global production of oil, and one study revealed that Iraq could become the second-largest oil exporter, over two decades and double production by 2020. And the agency said Iraq could exceed Russian exports, but the Iraqi government must overcome internal differences with the Kurdistan region over oil rights and to increase the current investment of $ 9 billion in 2011 to $ 25 billion a year on average for the rest of the decade. And explained Fatih Birol, chief economist at the International Energy Agency said, "The development of the energy sector in Iraq is very important for the future of the country and also for the safety of the global economy., But success is uncertain, and the failure to achieve an increase in Iraqi oil production will world oil markets into trouble ". For her part, Maria van der Hoeven Executive Director of the Agency, "We all have an interest in that Iraq will be able to realize its potential and revitalization of the economy." The decades of conflict have left the oil and energy sector in a state of chaos, but Baghdad and recently signed a series of contracts with companies BP and Royal Dutch Shell among the many companies in order to raise production levels. In the current year production exceeded three million barrels per day for the first time in thirty years, with more than Iraq - which is the fourth-largest reserves in the world - Iran, becoming the second largest exporter in OPEC. The report said that Iraq could reach production of 6.1 million barrels per day and 8.3 million barrels in 2035 in the south and the mainly Basra.
Dispute with Kurdistan .. Dilemma
However, the ongoing dispute with the Kurdistan Regional Government would slow down the wheel of progress in this area, where the federal government says contracts signed by the Kurds with Exxon Mobil and Chevron illegal. Currently there are discussions about the oil and gas law and the participation of revenue, but the failure to reach a consensus may cause many delays. The report says "Iraq continues to gain nearly five trillion dollars of oil export revenues over the period until the year 2035, at an annual rate of 200 billion dollars with an opportunity to change the perspective of the future of the country. Achieving the required level in oil production and exports requires rapid progress and coordinator in a series of energy-saving. "
IAEA says that one of the beneficiaries of the increased flow of Iraqi oil would be China, where the agency predicted that 80% of Iraqi oil will go to Asia by 2020. The report also stressed on the needs of Iraq's internal energy and revealed that the country needs to increase the capacity of power generation by 70% to meet the current demand and avoid power outages that still affect much of the country. However, if new capacity completed as planned at the scheduled time, the electrical grid will meet demand by 2015. The report adds, "Iraq needs to set up approximately 70 MW of generating capacity and energy away from mixing the release of oil and rely more on generating absolute gas efficiently; Without this transformation, Iraq lost about 520 billion dollars of oil export revenues.
Global oil power
On the other hand Topix site reported that the International Energy Agency expects Iraq to unite its position as a global oil power, allowing him to rebuild the country's economy devastated by wars and decades of autocratic rule. Comptroller's report also said that global energy Iraq's annual revenues from energy exports could double to an average of $ 200 billion annually over the next twenty years. This optimistic scenario would make Iraq's economy the size of the Saudi economy by the year 2035. Birol says interview with Alasyoshitd Press "I am optimistic about Iraq and its contribution to world oil markets and its ability to rebuild itself. So there is a new, modern prosperous country in the Middle East will result oil and gas revenues." The International Energy Agency policy adviser to 28 member countries, mostly oil consumer, and the agency's expectations are important for being the main criteria for the energy markets. Iraq is now the third-largest oil exporter in the world but he needs to sort his issues in order to achieve internal expectations, and solutions must be found to the differences occurring between the central government and some provincial governments regarding oil contracts. At the same time, Iraq completed projects to ensure water supply to the oil fields in order to assist them in the oil extraction processes. There is also a need to complete a lot of oil export facilities. Birol says: If Iraqi production has slowed, it will generate pressure on prices. There are pessimists Energy Agency believes that Iraqi oil production will rise to 4 million barrels per day in 2020 and to 5.3 million barrels in 2035.
If it is true to say that the production will be slow, the agency expects the price of oil to around $ 140 in 2035, an increase of $ 15 per barrel, which set by the central scenario of the Agency. The report adds that Iraq's transition to a global energy stocks will not be an easy task, but at the same time he is a big bonus for the Iraqi people can access them.
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Khaliq Ali's translation
According to the International Energy Agency that Iraq will soon be responsible for half of the projected global production of oil, and one study revealed that Iraq could become the second-largest oil exporter, over two decades and double production by 2020. And the agency said Iraq could exceed Russian exports, but the Iraqi government must overcome internal differences with the Kurdistan region over oil rights and to increase the current investment of $ 9 billion in 2011 to $ 25 billion a year on average for the rest of the decade. And explained Fatih Birol, chief economist at the International Energy Agency said, "The development of the energy sector in Iraq is very important for the future of the country and also for the safety of the global economy., But success is uncertain, and the failure to achieve an increase in Iraqi oil production will world oil markets into trouble ". For her part, Maria van der Hoeven Executive Director of the Agency, "We all have an interest in that Iraq will be able to realize its potential and revitalization of the economy." The decades of conflict have left the oil and energy sector in a state of chaos, but Baghdad and recently signed a series of contracts with companies BP and Royal Dutch Shell among the many companies in order to raise production levels. In the current year production exceeded three million barrels per day for the first time in thirty years, with more than Iraq - which is the fourth-largest reserves in the world - Iran, becoming the second largest exporter in OPEC. The report said that Iraq could reach production of 6.1 million barrels per day and 8.3 million barrels in 2035 in the south and the mainly Basra.
Dispute with Kurdistan .. Dilemma
However, the ongoing dispute with the Kurdistan Regional Government would slow down the wheel of progress in this area, where the federal government says contracts signed by the Kurds with Exxon Mobil and Chevron illegal. Currently there are discussions about the oil and gas law and the participation of revenue, but the failure to reach a consensus may cause many delays. The report says "Iraq continues to gain nearly five trillion dollars of oil export revenues over the period until the year 2035, at an annual rate of 200 billion dollars with an opportunity to change the perspective of the future of the country. Achieving the required level in oil production and exports requires rapid progress and coordinator in a series of energy-saving. "
IAEA says that one of the beneficiaries of the increased flow of Iraqi oil would be China, where the agency predicted that 80% of Iraqi oil will go to Asia by 2020. The report also stressed on the needs of Iraq's internal energy and revealed that the country needs to increase the capacity of power generation by 70% to meet the current demand and avoid power outages that still affect much of the country. However, if new capacity completed as planned at the scheduled time, the electrical grid will meet demand by 2015. The report adds, "Iraq needs to set up approximately 70 MW of generating capacity and energy away from mixing the release of oil and rely more on generating absolute gas efficiently; Without this transformation, Iraq lost about 520 billion dollars of oil export revenues.
Global oil power
On the other hand Topix site reported that the International Energy Agency expects Iraq to unite its position as a global oil power, allowing him to rebuild the country's economy devastated by wars and decades of autocratic rule. Comptroller's report also said that global energy Iraq's annual revenues from energy exports could double to an average of $ 200 billion annually over the next twenty years. This optimistic scenario would make Iraq's economy the size of the Saudi economy by the year 2035. Birol says interview with Alasyoshitd Press "I am optimistic about Iraq and its contribution to world oil markets and its ability to rebuild itself. So there is a new, modern prosperous country in the Middle East will result oil and gas revenues." The International Energy Agency policy adviser to 28 member countries, mostly oil consumer, and the agency's expectations are important for being the main criteria for the energy markets. Iraq is now the third-largest oil exporter in the world but he needs to sort his issues in order to achieve internal expectations, and solutions must be found to the differences occurring between the central government and some provincial governments regarding oil contracts. At the same time, Iraq completed projects to ensure water supply to the oil fields in order to assist them in the oil extraction processes. There is also a need to complete a lot of oil export facilities. Birol says: If Iraqi production has slowed, it will generate pressure on prices. There are pessimists Energy Agency believes that Iraqi oil production will rise to 4 million barrels per day in 2020 and to 5.3 million barrels in 2035.
If it is true to say that the production will be slow, the agency expects the price of oil to around $ 140 in 2035, an increase of $ 15 per barrel, which set by the central scenario of the Agency. The report adds that Iraq's transition to a global energy stocks will not be an easy task, but at the same time he is a big bonus for the Iraqi people can access them.
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