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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Iraq 's economy .. a global oil giant unable to light its cities

    Rocky
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    Iraq 's economy .. a global oil giant unable to light its cities Empty Iraq 's economy .. a global oil giant unable to light its cities

    Post by Rocky Tue 23 Oct 2018, 2:53 am

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    Iraq 's economy .. a global oil giant unable to light its cities[/size]
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     2 hours ago



    "This country, which has become the fourth largest producer of crude, is ahead of Canada and has little to show," Bloomberg News reported in an article published Monday on the electricity crisis in Iraq.
    Although Iraq is rapidly becoming a global oil power, it faces domestic challenges, including the electricity crisis, Bloomberg said.
    "Iraq, whose infrastructure was destroyed during the war against an oppressive organization, is increasing its oil exports to Asia and European countries as US sanctions on Iranian oil come closer and coinciding with the preoccupation with oil markets in Saudi Arabia, OPEC's biggest producer," it said.
    Iraqi oil minister Jabbar al-Luaibi said last Saturday that Iraq's oil production currently stands at 4.78 million barrels per day, with forecasts for a rise of 5 million barrels in 2019 and 7.5 million barrels in 2024.
    Wood Mackenzie predicts that by 2025 Iraq will pump about 6 million barrels per day (bpd), noting that the pace of growth of Iraq's oil production will exceed the rest of the producing countries.
    Despite Iraq's oil wealth, it lacks a steady supply of electricity and finds it difficult to attract foreign investment to create new jobs and incentives for local firms.
    "The increase in oil production is good news, but Iraq is still failing to provide basic services to its citizens such as clean water, including the residents of Basra province, where most of the oil is extracted," said Ziad Daoud, chief economist at Bloomberg Middle East. "He said.
    The Iraqi Ministry of Electricity has announced the signing of agreements with the two companies, "General Electric" and the US "Siemens" German to develop the energy sector in the country, and provide about 24 thousand GW of electricity.



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