Abdul-Mahdi calls to solicit American oil producer's intentions to avoid a doubling of Iraq losses
12.12.2016
20:38
[Oan- Baghdad]
called on the former oil minister, Adel Abdul - Mahdi, the need to survey Iraq to America 's intentions regarding its oil output to avoid a doubling of losses.
Abdul - Mahdi said in an article , "agreed [OPEC] recently to reduce production by 1.2 million b / d, a specific ceiling starting from 01.01.2017 by 32.5 million b / d, according to a statement late last month , and chose an oversight committee of Kuwait, Venezuela, Algeria, and two members from outside the "OPEC", and will review the decision after six months, and held a few days before a meeting with 11 countries from outside the [OPEC] , including Russia, Mexico, Azerbaijan and Oman, which decided to cut production by 558 thousand b / d, lowered Mexico 100 thousand b / d, and Russia 's 300,000 b / d, bringing the reduction [OPEC and non - OPEC] to 1,000,758 thousand barrels per day. "
It has already affected the reduction in prices , which has seen some of the rise, though there are notes, and some tails to be addressed, to promote the interest and minimize the damage."
He pointed out Abdul - Mahdi , that " the US President - elect Donald Trump said in his campaign that he would go to increase production in the shale and conventional oil, and is well known that the crisis was mainly due to the extraction of the United States large quantities, leading to increase in global oil inventories and lower prices
The relatively high expected prices will encourage definitely American investors to produce more and other shale oil, the advantage of America 's situation , Vstemts all the positive effects of reduced production , which requires agreement, and without it will return everyone to produce the highest as they can , and will deteriorate prices than we have seen
He pointed out that "The oil ministry announced in January 2016 that Iraq 's oil production rates are 4,000,750 thousand b / d, while the referee awarded the reduction of the production rate of four million and 561 thousand b / d, bringing production reduced to four million and 351 thousand b / d, this is less up to 400 thousand b / d from the declaration of the ministry beginning of the year, noting that the average quantity produced from all of Iraq fields, including Kurdistan, reached in the first week of the current month of four million and 831 thousand b / d, according to the ministry data, with the caveat that what will stick by Iraq to reduce is 210 thousand b / d, of all exports. "
And went Abdul - Mahdi , in his article that " the prime minister and oil minister have made special efforts to achieve this sensitive agreement, which may help in improving the conditions of the budget and out of the neck of the financial bottle but stop at what has been achieved without addressing some of the tails could lead to severe damage, especially with the important shift Iraq 's relationship with [OPEC] , Defining the roof of the production means our acceptance Kota, specific, we had Oafeena them because of war and siege, which requires the organization vision and policy with the [OPEC] guarantee the interests of the country .
The former oil minister that "interest requires the registration of reservation Iraq on the behavior of [OPEC] with him, was can freeze the roof of its production , at least, as initiated by Indonesia to withdraw from the [OPEC] , which produces around 980,000 b / d, got Iran to the agreement will increase its production of [3.797-3.975m / b / d, and it will reduce Saudi Arabia and Russia , which together produce the weakness of Iraqi production, 4% for the first [486 thousand b / d, and less than 3% for the second [300 thousand b / d]. "
"While the statement [OPEC] referred to above announced that Russia would cut [600 thousand b / d, the oil minister said Russia last Saturday, he said his country would cut stages for up to 200 thousand b / d at the end of the first quarter, 300 thousand b / j, in April / May next, and will produce Russia [10.947 m / b / d and expects the minister achieve market balance, in the third and fourth quarters of 2017, at a price of [55-60] dollars per barrel, and general Khsph, the equivalent quantity / price, for Iraq, it is about [100 thousand b / d] per dollar increase or decrease [4 million barrels × 50 dollars = 5 million barrels × 40 dollars.
he stressed Abdul - Mahdi , "to be organized by the agreement with the province to assume shared responsibilities .. well to be that does not cause the reduction claim for damages curtailment companies under licensing contracts, and delays in the implementation of the plans, and peak production. It must be a review of production strategies and plans in the short and strategic - range, putting alternatives, Kalahtmam gas and petrochemicals, derivatives, etc. "
He stressed , " It is very important to seek the Iraq America 's intentions regarding the matter, Van went to what spoke about Trump in his campaign, all these efforts will go in vain, Iraq would lose twice, in production and prices , "noting" We know that a difficult situation, and must understand the circumstances and pressures, but tackle the crisis and the country 's interests above the interests of the state, and require the understanding and cooperation of everyone. " https://www.alliraqnews.com/modules/n...?storyid=54515