Iraq expects oil prices remain above $ 90 a barrel
20/10/2011 14:08

Baghdad, October 20 / October (Rn) - I expected the Iraqi Oil Ministry on Thursday, crude oil prices remain above $ 90 after experts likely lower prices below that level affected by the debt crisis in the European Union.

OPEC said on Monday that the price of its basket of crudes rose to a record 109.01 dollars a barrel on Friday from 107.05 dollars the previous day.

The OPEC basket is composed of 12 raw mix is ​​the Algerian Sahara and the Angolans crude Girassol, Iran Heavy, Basra Light of Iraq and Kuwait export lotus Libyan and Nigerian Bonny Light, Qatar Marine, Arab Light Saudi Arabia and the UAE Murban and Mary and the Venezuelan Orient of Ecuador.

A spokesman Assem Jihad, oil ministry, told the Kurdish news agency (Rn) that "The oil ministry is concerned about the decline in oil prices due to the financial crisis in the EU and expects prices to remain more than $ 90 a barrel."

"The current crude oil prices in OPEC to achieve a balance between supply and demand. Can not find the oil ministry said there is no need to raise the level of production in the OPEC member states or reduce production to meet the global need for oil."

Iraq is a member of OPEC and has the fourth-largest oil reserves in the world, and signed contracts with international companies would raise the country's production of crude oil to 12 million barrels by the year 2017.

Jihad said that "Iraq is not afraid of volatility or decline in demand for Iraqi oil."

The Adviser to the Prime Minister for Energy Hussein al-Shahristani said last month that it would be "difficult" to accept the revelation of world oil prices from $ 90 a barrel, in a sign that falling prices began to cause concern to some members of OPEC.

The current production of Iraq, about 2.7 to 2.8 million barrels per day of crude oil, and relies on imports to cover the financial budget by up to 95 per cent.

Iraq expects to increase its production to three million bpd by the end of this year and will increase 500 thousand to a million additional barrels a day next year.