Reports expects global oil production to compete with higher than Saudi
On: Thu 3/11/2011 7:04
Baghdad / follow-term economic
reports expected the global rise in oil production during the next few years to compete with production levels of the Saudi oil, while the prices of oil in global stock markets swing clear. and saw the oil production relatively high expectations of experts to inform the production levels of the Iraqi black gold , During the next few years, the output of Saudi Arabia, the largest exporter of oil within the "OPEC."
and quoted a U.S. television network "CNN" for U.S. Energy Information Administration as saying that Iraq's oil production jumped last year by 13 per cent, from 2.3 to 2.6 million barrels a day, note that the ceiling of production during the period that followed the U.S. invasion ranged at two million barrels per day.
The circuit U.S. to increase production occurred during the past few months, one of the reasons that prompted experts to predict the action by Saudi Arabia to reduce the Kingdom's production of oil.
Economists expected a jump in Iraq's production in the coming years that may be nearing the production of Saudi oil, in a move that could raise a number of questions including the impact on global oil prices, and how to divide the proceeds.
produces the Kingdom of Saudi Arabia more than 9.5 million barrels per day of crude oil.
referred to as Iraq, which is preparing the remains of U.S. troops to leave the end of this year, has the fourth-largest oil reserves, estimated by U.S. Energy Information Administration, and is one of the largest producers of oil and gas in the world, but that the sector suffered a long period spanning several decades, as a result mismanagement and economic sanctions during the nineties of the last century.
The government has initiated in recent years to large contracts to major oil companies in a bid to boost production, and Baghdad says that the production of the country will reach 12 million barrels per day by 2017.
and declared the UN Security Council formally ended tasks, "the control and international advice, "which was to oversee the" Development Fund for Iraq ", your proceeds of oil exports, on 30 June, and the transfer of those functions to the Iraqi government.
The Security Council passed a resolution establishing the Development Fund for Iraq in May 2003, a month after projection of the previous regime at the hands of international forces led by America, so that the deposit of proceeds from the sale of oil in this fund, instead of the "oil for food", which allowed the former regime using some of the proceeds for humanitarian purposes.
In the meantime, the price of OPEC basket, which includes Basrah Light yesterday the first Tuesday to 106.35 dollars a barrel.
The Organization of Petroleum Exporting Countries: The price of its basket of crudes standard fell to 106.35 dollars a barrel yesterday the first Tuesday from 107.12 dollars the previous day, according to the reported "Reuters."
consist of OPEC basket of 12 crude is a mix deserts of Algeria and Girassol Angola and Iran's heavy crude, Basra Light Iraqi crude exports Kuwaiti Sidr Libya and Bonny Light of Nigeria and sea country and Arab Light Saudi Murban UAE and Mary Venezuelan Oriente of Ecuador.
amounted to Iraq's oil exports 2.088 million barrels per day in October, compared with 2.101 million barrels per day in September, and the average official selling price $ 104 a barrel.
's exports 1.628 million barrels per day from Basra and 460 thousand barrels per day from the northern fields around Kirkuk, including eight thousand barrels a day were being shipped vehicles tank to Jordan.
Iraq has the fourth-largest oil reserves in the the world depends on oil imports by 95 per cent for the financial support of the country's budget. And signed agreements with global energy companies to increase production of the country to 12 million barrels by the year 2017.
to the landed price of crude oil in global markets on Wednesday, while gold prices rose with the increasing demand for it as a safe haven with the return of concerns about the debt crisis of Greece after ramming the Greek government markets by calling for a referendum on the European rescue plan.
According to figures reported by "Reuters", the price of Brent crude fell for the fourth consecutive day on Wednesday, the longest period of decline since last September due to fears that harm the renewed debt crisis of the euro area and weak economic data from China and the United States the global recovery and reduce demand for oil.
and paid to invite Greek Prime Minister George Papandreou, unexpected for a referendum on the bailout plan European markets down and raised doubts about the continuation of important efforts to contain the crisis of sovereign debt in the euro area.
Adding to the gloomy forecasts coincided with data released on Tuesday showed a slowdown in industrial activity in China and the United States the largest oil consumer in the world.
Brent crude Brent 26 cents, or 0.24 percent to 109.28 dollars a barrel. The benchmark rose 6.6 percent last month.
crude fell U.S. market in New York, 26 cents, or by 0.28 percent to 91.93 dollars a barrel, after dropping to its lowest level at 90.97 dollars, down the contract for a fourth day, the longest losing streak since August / August.
With renewed demand for the precious metal rose gold the U.S. about one percent to 1729.4 dollars an ounce, the price of gold for immediate delivery, 0.3 percent to 1723.39 dollars.
and went platinum 0.4 percent to 1588.24 dollars, while the palladium 0.6 percent to 635.49 dollars an ounce, while silver rose 0.45 per cent to 33.42 dollars an ounce.
The government also approved a resolution Papandreou vote of confidence in his government on Friday by the Parliament.
In the meantime, prevailed surprise and resentment responses in Europe and the world after the declaration of Papandreou's sudden referendum on the bailout plan, and warned the rating agency financial Fitch that the rejection of voters Greek plan threatens the viability of the euro area as a whole.
Papandreou said during the cabinet meeting: The referendum will provide a clear mission, but would also relay a clear message to the home and abroad about our commitment to the European and belonging to the euro.
and warned Papandreou that "everything will stop," If there were an election campaign and the country "will be conducted towards bankruptcy."
He noted that the European partners have warned of his plans for the referendum, pointing out that they Christtermunh and will support the efforts of the country.
The global financial markets have declined in the United States and Europe long statements Papandreou for organizing a referendum on international aid to his country.
The referendum would lead to the possibility of rejection of the plan to resolve the European crisis of sovereign debt, which may consequently lead to the withdrawal of Greece from the euro area and the creation of financial shocks in the global financial system.
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