Higher prices boost expectations for higher global oil consumption
Baghdad / Zahraa al-Jassim
The survey by the Reuters news agency reported that the production of the Organization of the Petroleum Exporting Countries (OPEC) rose last month by 50 thousand barrels per day thanks to the increase in Iraqi exports and the increase in production in Libya exempt from the agreement to reduce supplies, and the survey showed that the level of commitment of OPEC commitments, Itself on supply cuts fell to 86 percent in September from 89 percent in August, as Saudi Arabia, the world's biggest exporter of crude, continues to shoulder most of OPEC's cuts by pumping supplies below its target.
It could be more positive with IAEA reports confirming that demand will rise for oil in 2018. Citi Bank, one of the largest banks in the world, expects oil demand to rise to 4 million and 500,000 barrels a year, And 400 thousand barrels, explaining that this year and the previous was the global consumption of oil capacity of 94 million barrels per day, and this consumption is increasing annually by one million and 400 thousand barrels, but the expectations of the possibility of increasing to 4 million and 500 thousand barrels per year, saying: This is because of the significant expansion in the production of shale oil, T the production of renewable energy from the sun.
In the opinion of Jeweler that the return to the extent of the impact of Iraq on oil price changes, it should have been reduced to 206 thousand barrels per day, but it was recorded as a reduction in production in recent months 250 thousand barrels per day, so now even if he wants to raise production is the fact will remain higher than the "206, which means that Iraq is still committed to reducing production and is still deducted from its production too much, continuing: However, we say anyway, any rise in oil prices must be useful to Iraq, especially in terms of financial returns, especially as we now lack Is very large in the state budget due to the weakness of those revenues.
He added: "This increase in oil prices may cover Iraq part of this shortfall, but we still need revenues much larger than the current revenues because we rely only on the oil of the South and we have a war in two areas and we also have financial commitments in many things such as salaries of staff, development and reconstruction in areas The armed conflict, and we have the file of the displaced, with a deficit in the state budget and whatever rose now the price of oil will not compensate for that deficit.
On the other hand, the spokesman of the Ministry of Oil Assem Jihad in a statement received (range) a copy of it, "The rate of exports and revenues achieved for the month of September according to preliminary statistics issued by the Iraqi Oil Marketing Company (Sumo) amounted to 97 million 204 thousand and 267 barrels and revenues amounted to more From 4 billion to 882 million dollars. "
Jihad added that "the daily rate of exports amounted to 3 million and 240 thousand barrels," noting that "the average price per barrel amounted to 50,225 dollars, explaining that:" The oil exports came from the fields of central and southern Iraq, while the statistics did not record any exports from Kirkuk fields , And that the statistics of oil exports came from the fields of central and southern Iraq.
The price of oil was recorded last Thursday, an increase affected by the decline in production of some OPEC members, while Brent prices above $ 55 per barrel, while US crude oil contracts to trade at $ 49.31 a barrel, up 1.01% or $ 1.1, Brent crude oil futures rose 1.49% to $ 55.09 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) said on September 12 that production fell by 79 thousand barrels per day to 32.76 million barrels in August, mainly affected by the decline in production in Libya, Gabon, Venezuela and Iraq.
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