BBC excludes a substantial increase in production Central Bank dollar reserves was not affected by the drop in oil prices

The Union said the Iraqi Central Bank said Tuesday that the Bank's dollar reserves were not affected by lower oil prices, expected to retain $ 60 billion as a reserve by the end of this year.

The Bank said in a statement that relations between the Bank's dollar reserves are still at a level of efficiency but much higher according to international standards, namely the standard cover the local currency equivalent of foreign currency reserve capacity to cover imports for six months. He noted that the International Monetary Fund forecast in early 2015 arrival of Iraqi Central Bank reserves to 40 billion dollars at the end of the year, but the Fund amended his prediction after months and as much as $ 50 billion reserve, noting that the Central Bank still expected according to the actual data and indicators to be up around 60 billion.

He added that "the dollar purchases (Ministry of Finance) and the difference with our dollars for the period from the beginning of this year until the end of September amounted to about 600 million difference per month, and the Central Bank to cover this difference to the balance of payments and keep the exchange rate and the General level of prices."
He said "the continued decline in oil prices and lower revenues from dollar reserves can continue coverage enough to nearly $ 60 billion from the reserves.

To do so, the company "BP" British oil giant Tuesday, that Iraq would find difficulty in increasing oil production significantly next year, likely continued decline in oil prices. The Agency quoted "Reuters" the ceo of the company in the Middle East, Michael Townsend, it is difficult to expect a substantial increase in production next year due to the nature of the contracts, "Townsend said," the company expects to continue the low oil prices in the range of $ 60 over the next two to three years ".

Oil prices have fallen to below $ 50 for the current month of the year 2015.
And International Energy Agency, speculated Tuesday that oil goes back to $ 80 per barrel by 2020 despite the unprecedented investment retreats under the difficulty that increases global demand growth to 1 million barrels per day. The Agency predicted in a report high demand around 900 thousand barrels per year until 2020, according to visualize as Central.

Declining crude to about $ 50 a barrel this year to deep cuts in the American rock oil production was a major contributor to the supply glut robbed price 50 percent in the last 12 months. Fatih birol said the Executive Director of the Energy Agency, such as the report called global energy Outlook "expect price rises gradually to $ 80 near 2020".

And oil companies are struggling amid falling prices and expectations of "low for longer" which forced her to curtail spending and lay off thousands of jobs and delay giant projects by about $ 200 billion worldwide. The Energy Agency estimates say investments sagged 20 percent already this year.

Birol told a press conference "in the next 10 years even if oil demand growth to zero simply increase production to compensate for the decline of existing fields will require of us investments at 650 billion dollars".

It is likely to be affected by higher-cost oil producers such as Canada and Brazil and the United States by low crude prices faster than most exporters but those retreats might be offset by the growth shown in Iraq and Iran.
Iraq relies on oil revenue to fund approximately 95 percent of State expenditure. Falling oil prices led to a liquidity crisis aggravated by increased expenditures for war against daash.