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OPEC's oil reserves are increasing
18/12/2017 12:00 am [rtl]Affect the price policy Baghdad / Emad Al-Amara The existence of proven oil reserves plays a certain role in the international crude prices because the policy of extracting oil in each country is affected by the size of the recoverable oil reserves over a period of time - according to an academic economist, under the growing international demand for energy on a yearly basis, Of the total conventional energy consumed internationally during the last decades of the last century. "The proven oil reserves of the last three decades are increasing," said Abdul Sattar Abdul Jabbar Musa, an economist at Al-Sabah. "The increase in international consumption, with the discovery of alternative sources of energy and competition in the cost, International consumption of energy ", but" this situation will not continue in this century. " Oil reserves and continued Moses "Despite the scientific developments that are expected to determine the final size of the total oil reserves in the ground, but the oil reserves of the countries outside the Organization of " OPEC "will decline , and will increase the importance of reserves of OECD countries, especially countries in the Middle East , which represented all of the " Kingdom Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran. " According to Moussa, "the oil reserve is one of the factors affecting the prices of international crude oil, at the regional level, the amount extracted indicate the size of proven reserves, so the policy of extraction of crude in each country affected by the size of oil reserves recoverable within a period of time. Extraction costs The recoverable oil reserve means that the price of crude oil in the market covers the costs of extraction. There are non-economic oil reserves that do not fall within the oil reserves within a certain period of time and at a certain price. Thus production becomes a function of both the proven oil reserve and the price . "On the international level, the changes in the size of the proven international oil reserves affect the changes in the overall supply of crude oil in the international market." He explained that "the oil reserve in general means the amount of oil wealth buried under the ground and scientifically discovered and estimated quantities in the light of information available from operations in the area subject exploitation or research, with the possibility of extraction of this wealth inherent in the ground with the means and equipment available. The quantities of oil and pointed out that "oil reserves classified - as defined by the American Petroleum Institute - as crude oil quantities of engineering and geological data available is not possible doubt refer to the possibility to extract the future of the field, assuming the continuation of the technological and economic conditions present." "The probable reserve is the amounts of crude oil known and scientifically discovered but not estimated accurately and final quantities and types of crude oil," pointing out that "the proven oil reserve is influential in relation to the overall international offer, but that reserve is subject to continuous changes, And is associated with the opposite relationship with the volume of production, the size of oil reserves decreases as much as is extracted from crude oil annually. New layers and between that " the appreciation of the process of oil wells take place as a result of increased geological and engineering information more accurately, and that technological developments may add new oil reserves , through access to new layers or by reducing the costs of extraction." He concluded by saying that "high oil prices make some potential reserves proven and enter within the reserves can be extracted economically after that was not possible, and vice versa, the decline in oil prices make reserves with marginal extraction costs that exceed the new prices emerge from the accounts of the proven reserve and thus decrease the volume Total international reserve [/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=149510 [/rtl] |
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