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[rtl]Release date: 2019/4/10 19:19 • 221 times read[/rtl]
Iraq has finally managed to pump enough oil to strengthen its presence within the Organization of the Petroleum Exporting Countries (OPEC), a report by Bloomberg said.
Iraq, the fourth largest crude producer in the world, is threatening the dominance of Saudi Arabia over OPEC's decision to control oil prices, the agency said in a report on Wednesday.
The doubling of Iraq's crude oil production in the last decade has finally given the country a voice in oil discussions and pushed for its inclusion in the latest round of cuts, and recently joined the committee that monitors compliance with OPEC quotas, according to Bloomberg.
The move, according to Bloomberg, came about two decades after Iraq remained on the sidelines in OPEC because of its inability to raise its oil production and contribute to the price control decisions taken by the organization.
The report says Iraqis want to have a greater say in OPEC and in the global energy game.
What is a measure of strength?
Production volume is a strength in oil markets, according to the Bloomberg agency, which indicated that there is no equally powerful product with Saudi Arabia, the world's largest exporter, which has the capacity to pump about 12.5 million bpd.
Iraq's oil production is currently five million barrels a day and the country plans to raise it to about 7 million and 500 thousand barrels per day by 2025.
Wood Mackenzie consultancy estimates that Iraq could reach six million barrels per day by that date.
The Bloomberg agency notes that even if Iraq fails to meet its targets, growing production capacity sends a clear message to Opec that Iraq can affect world markets.
"Increasing capacity means that you can renegotiate your production quota within OPEC," said research analyst Energie Associates Ricardo Fabani.
Many challenges
but with that Iraq faces many challenges in order to play a pivotal role in the global oil market, is the bureaucracy, corruption , and inadequate infrastructure for the export of political unrest.
In July, the Central Bank of Iraq announced that the country's revenues from oil exports since 2005 amounted to more than 700 billion dollars.
Iraq has the third largest oil reserves in the world and estimated at 143 billion barrels after Saudi Arabia and Iran.
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Iraq competes with Saudi Arabia in OPEC
[/rtl][rtl]Release date: 2019/4/10 19:19 • 221 times read[/rtl]
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[rtl]Iraq has finally managed to pump enough oil to strengthen its presence within the Organization of the Petroleum Exporting Countries (OPEC), a report by Bloomberg said.
Iraq, the fourth largest crude producer in the world, is threatening the dominance of Saudi Arabia over OPEC's decision to control oil prices, the agency said in a report on Wednesday.
The doubling of Iraq's crude oil production in the last decade has finally given the country a voice in oil discussions and pushed for its inclusion in the latest round of cuts, and recently joined the committee that monitors compliance with OPEC quotas, according to Bloomberg.
The move, according to Bloomberg, came about two decades after Iraq remained on the sidelines in OPEC because of its inability to raise its oil production and contribute to the price control decisions taken by the organization.
The report says Iraqis want to have a greater say in OPEC and in the global energy game.
What is a measure of strength?
Production volume is a strength in oil markets, according to the Bloomberg agency, which indicated that there is no equally powerful product with Saudi Arabia, the world's largest exporter, which has the capacity to pump about 12.5 million bpd.
Iraq's oil production is currently five million barrels a day and the country plans to raise it to about 7 million and 500 thousand barrels per day by 2025.
Wood Mackenzie consultancy estimates that Iraq could reach six million barrels per day by that date.
The Bloomberg agency notes that even if Iraq fails to meet its targets, growing production capacity sends a clear message to Opec that Iraq can affect world markets.
"Increasing capacity means that you can renegotiate your production quota within OPEC," said research analyst Energie Associates Ricardo Fabani.
Many challenges
but with that Iraq faces many challenges in order to play a pivotal role in the global oil market, is the bureaucracy, corruption , and inadequate infrastructure for the export of political unrest.
In July, the Central Bank of Iraq announced that the country's revenues from oil exports since 2005 amounted to more than 700 billion dollars.
Iraq has the third largest oil reserves in the world and estimated at 143 billion barrels after Saudi Arabia and Iran.
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