Iraq's most influential OPEC production ceiling rates

2016/06/13 20:22


Hilink shbngh world news establishment revealed competent shipping oil exports in the world, on Monday, that Iraq is the most influential factor on OPEC output ceiling rates, confirmed that the high rate of export production will double to 34 million barrels a day, "suggested that Iraq's production rates at the end of the year 2020" sixth of production rates. "

Hilink shbngh News Corporation said Hellenic Shipping News, Reuters quoted News followed (range), that "Iraq is the most influential factor on OPEC production ceiling height that seek to maintain an acceptable rate of oil prices through collective consensus among members of the Organization of 13 to reduce oil export rate".

The Foundation was based in Greece that "Iran is expected to top the scene for refusing to reduce production rates after the lifting of sanctions, but it turns out that Iraq is threatening OPEC ceiling fixed for skipping oil production and exports", noting that "despite having an internal battle against Iraq militant Organization (Saba) that led to the depletion of its resources and its institutions, it is at the forefront of OPEC members to increase production".

She continued that "over the past two years, OPEC has failed to reach agreement among its members to curb oil production rates at a time the producers to pump more oil to the market to offset the loss of falling oil prices," adding that "it may lead to skipping ceiling to 34 million barrels a day if Iraq continued to pump more oil, it would force other members to reduce their production."

The Foundation noted that "by 2020, it is expected to increase Iraq's production rates to 6 million barrels a day and is approximately one sixth the rate of production of OPEC," adding "since mid-2012 Baghdad has increased its oil production by 1.2 million barrels a day, equivalent to three times the rate of increase by Saudi Arabia in the same period.

World oil prices have fallen more than 70 percent compared to summer 2014 last, any more than a hundred dollars to less than 30 dollars a barrel, resulting in damage to the economies of countries that rely on "black gold" as their only source of income, including Iraq.