British institution: Iraq demands to diversify its economy and improve the security and put it to increase its oil production to maximum capacity

2015-12-21 21:45:15 | (Voice of Iraq) - Baghdad

Confirmed a British institution of political and economic analyzes, today, that Iraq was able to increase its oil production during the past five years, despite the security, financial and humanitarian problems faced by, while showed that the increase in oil production for maximum capacity, and gain the confidence of investors, requires Iraq to improve the security and put it "deteriorating," called for the need to diversify the sources of the Iraqi economy to mitigate the effects of shock drop in world oil prices in the future.

This came in a report by the Global RSC International Foundation Insights GLOBAL RISK INSIGHTS British political and economic analyzes, about the challenges facing the future of the Iraqi oil production during the next 2016, from the political, financial, security and humanitarian aspects experienced by the country, I followed the (long-Presse).

He said in its report, "The Iraqi oil production rate has increased about two million barrels per day, since 2010, until it reached a record level of four million and 400 thousand barrels per day during the third quarter of the current 2015", attributed part of that "growth invite members of the Iraqi parliament to boost its oil production to provide funds to help bridge the deficit that the government which is waging a war to contain the militants organize Daash which occupies large areas of the territory of Iraq. "

And it predicted the British establishment, that "the oil production sector faces during the year 2016 next several political challenges that threaten its growth", calling for the need to "do the Iraqi leaders to address these challenges to maintain the current strong rates of production."

The Global RSC Insights, that "Iraq boasts the fifth-largest oil reserves in the world, it is estimated up to 140 billion barrels and is the second largest oil producer after Saudi Arabia, within the Organization of Petroleum Exporting Countries (OPEC)," afterthought "but a decade of wars with internal political disputes and investments inefficient, accompanied by falling world oil prices, led to the Iraqi oil sector face great difficulties. "

She said the organization, that "the military expenditures of Iraq during the year and a half years, after the invasion of organizing Daash city of Mosul, in June of 2014 the past, led to the development of the national budget in a dilemma reflected the negative effects of the decline in investments in the oil production sector, which is not sufficient to achieve energy most of the production. "

And suggested the British establishment, that "government spending continues on the military effort, which will increase the pressure on in the next 2016 budget, pending the completion of the expulsion of militants Daash of Ramadi and Mosul," indicating that "the time in which the security forces have made recent gains against al Daash in Ramadi, Mosul, the liberalization process that could take months. "

It felt Global RSC Insights, that "low oil prices and increased import rates, have had a difficult effects on the Central Bank of Iraq and oil revenues," pointing out that "the reserves of the Central Bank of Iraq of foreign currency, fell from $ 78 billion at year-end 2013, to 59 the middle of the current 2015 billion, as the value of the dinar also fell sharply by about trading in the markets over the past year. "

She Foundation, that "the fall in oil prices led to poor returns exports and impeding the government to achieve greater gains," Msttrdh "The figures indicate that the Iraqi government was reaping nearly $ 300 million a day from oil exports, during the past 2014, while they barely check now $ 240 million a day. "

And Global RSC also predicted that "the fall in oil prices causes negative effects on oil revenues during the next year in 2016, especially with the preparations for Iran to export oil to Western nations, which would increase the oil glut plaguing the global market basis."

And went on the British establishment, saying, that of "The political differences between the Iraqi government and the Kurdistan Regional Government, related to production rates, that cast further negative burdens on the oil production of the country's size," noting that the "political challenges may cause reduced production rates by ten percent ".

She Global RSC Insights, that "the massive waves of displaced people and displaced locally, as well as the security and political problems, is an obstacle in addition to investment activity in the oil sector and improve production," arguing that the "crisis generated another burden on the government through its responsibility to provide humanitarian and security assistance suitable for the displaced and the displaced people of the country. "

It continued British establishment, that "the continued worsening of the deteriorating security situation may force skilled manpower in the oil fields, of technicians and engineers, to leave Iraq, despite the importance of their presence to maintain the sustainability of oil exports", usually to "increase Iraqi oil production for maximum capacity, and gain confidence investors, requires him to improve the deteriorating security and status, and strengthen its efforts in the fight against terrorism to prevent the spread of violence. "

And increased the institution, that of "Fortunately, the largest Iraqi oil refineries located in the south of the country, has not greatly affected by the recent waves of violence, while the Baiji refinery is a retrieval of militants Daash another strategic success."

He urged the British establishment, the members of the Iraqi parliament to "focus their pledge more towards the improvement and development and modernization of infrastructure, oil installations," indicating that despite "the continued existence of commercial and technical difficulties impede Iraq's oil production, but that the recent climb in production rates is a positive sign for the future of Iraq is expected in this field".

It concluded Global RSC Insights GLOBAL International Foundation RISK INSIGHTS British political and economic analyzes, at the conclusion of its report, that "low oil prices will remain a challenge for the Iraqi oil sector especially expected to enter Iran for the market during the next year in 2016 with" calling "Iraq to the need to diversify the sources of its economy and its exports in the long term, to mitigate the effects of shocks falling world oil prices