raq reveals its forecast for oil prices through 2019III[/rtl]
[rtl]Date of release:: 2019/1/7 9:44 • 127 times read[/rtl]
(Baghdad: Al-Furat News) Minister of Oil, Thamer Ghadhban, predicted a reduction in stocks, supply and surplus of crude during the first and second quarters of the current year 2019.
Al-Ghadhban reiterated in a press statement that Iraq is committed to what was agreed at the last OPEC conference, which was directed mainly to stop the collapse of global oil prices, noting that Iraq had a positive, effective and wise role of the organization and its partners from outside in the event of the reduction of Million and 200 thousand barrels per day and from the first of this month for a period of six months.
He added that "oil prices could have collapsed to below $ 40 a barrel in the event of no agreement on the reduction, in addition to other reasons contributed to the decline in oil prices related to demand and global economic growth and the existence of other alternatives contending crude production growth outside the OPEC countries, The United States and Russia, as well as other political factors. "
Al-Ghadhban pointed out that as a specialist in the field of oil, he is moving away from forecasts of world oil prices being volatile and witnessing sharp changes. However, reducing the volume of production would draw most of the surplus of oil in the world markets. He expected that the first two chapters of this year will witness a shortage of storage and surplus supply. And then will see prices increase, suggesting that the third quarter may see a lack of supply, which requires the (OPEC) to intervene, but said that this is an early thing to talk about it. "He
pointed out that Iraq, although the prices of global oil is fair for both producer and consumer, OPEC research bodies unite S prices between 60-80 dollars a barrel and another talk about prices ranging between 70 - 80 as the prices of a fair barrel of oil globally, noting that some imagine that the price of $ 80 a barrel will stimulate the production of rock oil.
"The increases that have occurred in recent years in the United States of America came from this kind of oil, and the countries that have reserves of this kind of oil will encourage them to produce it and therefore will compete with the producing countries themselves and therefore must prevail wisdom, rationality and balance In global oil prices fair to all. "
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