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Dinar Iraq News

Require oil production of 4 million barrels a day compared to Iraq's share in OPEC

Wednesday, 04 January 2012 12:29 
Revealed the Ministry of Oil, Wednesday, for non-acceptance determine the share of Iraq's oil exports by OPEC before the arrival of Iraqi production to 4 million barrels per day, indicating that there are parties in the organization asked to select the share of Iraq's export 3 million barrels per day.
Spokesman Assem Jihad, oil ministry's "Twilight News", "The Oil Ministry is seeking to increase Iraqi production, and will not agree to discuss Iraq's export share in OPEC, before reaching its production to 4 million barrels a day."
Observers see economists that Iraq would be the driving force in the management of oil policy, and influential first on oil prices in international markets during the next ten years.
Jihad said that "Iraq has been deprived for a long time from the export of oil and OPEC that understands this and is entitled to issue large quantities of oil, similar to other countries in the region," adding that "Iraq would abide by the decision of OPEC to maintain world oil prices through supply and demand in the market the world. "
The oil ministers decided in the Organization of Petroleum Exporting Countries "OPEC" in their last meeting, mid-December of last year, to maintain the current level of production at 30 million barrels per day, with a commitment of some countries to cut their production to make way for the sale of Libyan oil.
And the Jihad that "there are parties in the OPEC demands that the share of Iraq's export no more than 3 million barrels a day."
According to statistics of the company marketing the Iraqi crude oil, Iraq has made during the fiscal year 2011 revenues from the sale of crude oil at an average 2.2 million barrels a day more than 83 billion dollars.
It is said that Saudi Arabia has increased its production to its highest level in decades, followed suit and the State of Kuwait, the United Arab Emirates to increase production to rein in oil prices in response to the concerns of Western consumers.
And said Saudi Oil Minister Ali al-Naimi on his arrival in Vienna, in the middle of last December, the kingdom was producing more than ten million barrels a day, referring to OPEC that the helm of things.

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