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American Bank: Expectations to increase Iraq’s oil capacity in 2025
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Economy News - Baghdad
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Added 05/09/2024 - 6:16 PM
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Flames emerge from an oil field near Basra, Iraq. "Reuters"
Flames emerge from an oil field near Basra, Iraq. "Reuters"
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Economy News - Baghdad
JP Morgan Bank expected that Iraq, the United Arab Emirates and Kazakhstan intend to increase their oil capabilities by 2025.
Natasha Kaneva, an analyst at JP Morgan, said in a report seen by Al-Iqtisad News, “The United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day as of next year, but the planned expansions may constitute risks to Coalition cohesion, and oil prices in general.
She added, "The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it "does not address the imbalances in 2025."
The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs.
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