Iraq's profits after the decision to reduce the production of OPEC oil

Sunday, June 4, 2017 2:06 pm
| Number of readings: 44

The oil expert Nabil al-Marsoumi said on Sunday that the non-compliance of OPEC countries with the decisions of the reduction will lead to a larger decline in prices and damage to Iraq and the rest of the countries that have borne the button of reduction, noting that three countries did not bear the burden of reduction and increased production as well as increase US oil and this is the biggest problem.

"The extension of OPEC's latest agreement is to reduce the OPEC countries by one million and two hundred thousand with the agreement with Russia, which is also reduced with other countries such as Kazakhstan and Mexico to the limit of 600 thousand barrels, which means continuation of the old reduction by one million and "The paradox at a time when Saudi Arabia, Iraq and the rest of the GCC countries bear the burden of reducing the production of OPEC, we note that the agreement does not include Iran, Nigeria and Libya in the reduction of production and he unleashes the increase of production of these countries and already achieved Libyan production increase a large amount of 250 thousand barrels and other Iran is an increase of 8% limits of 240 000 barrels , and thus became the decision of OPEC 's decision a few effective in influencing oil prices. "

"The real concern is the continuing lack of commitment by the three countries (Iran, Nigeria and Libya) to the decisions of OPEC, in addition to the new US production of rock oil, which will push oil prices to fall and harm Iraq and the OPEC countries that have borne the burden of this reduction," he said. In recent times declined, and what strengthens this decline is a significant increase in the production of US rock oil.

He said oil expert, said that "Iraq has achieved in the past few days, financial Mkaspa by 10 million dollars a day , and Saudi Arabia has achieved 12 million dollars a day because oil prices were in the $ 50" .anthy 3