Economic parliamentary calls for a review of the oil licensing contracts and re-patched

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Economic Commission representative confirmed on Saturday that the federal government needs to inject large amounts of oil to offset lower prices in the global market, calling for a review of the oil licensing contracts and said it would "need to re-correction "to confront the continuing problems with low global oil prices.

Deputy Chairman of the Committee for Harith Sinead (IMN) that it was incumbent "on the General Secretariat of the Council of Ministers and oil companies to reveal the terms of the oil licensing contracts for the purpose of audit by the Commission and the development of new studies to those contracts by specialists"

He called for "treatment of lower oil prices by pumping large amounts of crude oil to be equated with the financial revenue."

Oil Ministry predicted that the rate of export of crude oil from Iraq up to five million barrels a day in the near term, supported in that, according to its assertions, the new projects being created in this sector.

He explained that "there is a shock of some economic institutions about the drop in oil," calling on the federal government to "lack of dependence on oil and focus on fiscal revenues that come through religious tourist sites."

And it reached the oil ministry earlier, to understandings with the working oil sector companies (licenses phones companies) on the increase in production and to agree on a mechanism for the payment of dues.

The data showed the ships to load Iraqi oil exports fell by at least 250 thousand barrels per day since the beginning of August, which reduces the likelihood of continued high OPEC production this month after increased over several months and led to a fall in oil prices.

The average exports from Iraq's southern ports 2.95 million barrels per day in the seven first fifteen days of this month, down from a record level of 3.06 million barrels per day recorded in July.

It produces most of the southern Iraqi oil fields, and these fields pumping continued despite the ongoing conflict in the country due to distancing itself from the areas controlled by terrorist elements Daash gangs.

And it came down exports from northern Iraq also pumped by the Kurdistan Regional Government of Iraq and the Iraqi Oil Marketing Company (SOMO) through the Turkish port of Ceyhan for reasons including an attack on a pipeline that extends to Turkey.

Download data indicate that the average exports for the independent Kurdistan region of Iraq amounted to about 200 thousand barrels per day in seven of the first ten days of August while downloading data and source sector reported that SOMO issued small amounts through the pipeline averaged 45 thousand barrels a day.

This means that the total exports from northern Iraq since the beginning of August, less than half the quantities exported by the Kurdistan region in July, amounting to 517 thousand barrels per day. According to Industry experts estimate that the average North exports in July amounted to 540 thousand barrels per day in July.