Economic specialist: OPEC will cut its production rates to save the economy of Iraq

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - most likely in the competent state institutions in managing crises Harvard University Ali Jabbar Furaiji OPEC to take a decision to cut the roof of Petroleum Exporting Countries to save Iraq from a major economic collapse.

Said Furaiji's (IMN) said that "to predict oil prices like endeavor futile, since there are many variables that come into play in oil prices decisively and crossing, where called Venezuela an emergency meeting for the second time, not only in its calls for a conference to develop a joint strategy for cooperation with Russia , one of the largest oil producers in the world, in order to stop the decline in crude prices."

He added that "Algeria also called in earlier to an emergency meeting of OPEC to discuss the decline in oil prices, which did not face the acceptance of a large number of members of the organization, as Iran entered on line calls through the NOC in an emergency meeting, in the words of Minister of Oil Iranian Begin Zanganeh."

Furaiji said that "Saudi Arabia, the largest oil exporter in the world, and other Gulf states behind the shift in OPEC's strategy, and has been since last year to defend the survival of shares in the market, rather than cut production to support prices."

He pointed out that "it is through the political changes of the last two years in the OPEC no signs or indications and intentions to reduce its share in the global market, despite the recent fall in oil prices began a negative impact on business sentiment, even in Saudi Arabia."

He explained that "several times in the OPEC to cut its production of oil, and this is what has been and still expect the market of the organization."

The OPEC countries currently processing the world, including a little over 30 percent of its needs, while he was in the seventies of the last century, nearly 50 percent.

The reason for that, in part, to producers of oil shale Americans who flooded the market by nearly four million barrels per day when they started from scratch a decade ago.

Evidence suggests that the futures market could be facing a slow improvement of up to $ 70 per barrel by 2019.