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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

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    What is the necessity for Iraq to remain in OPEC? Nabil El-Marsoumi

    Rocky
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    What is the necessity for Iraq to remain in OPEC? Nabil El-Marsoumi Empty What is the necessity for Iraq to remain in OPEC? Nabil El-Marsoumi

    Post by Rocky Sat 11 Apr 2020, 2:37 am


    [size=41]What is the necessity for Iraq to remain in OPEC? Nabil El-Marsoumi


    2020-04-11
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    Books: Dr. Nabil El-Marsoumi
    The world oil market has witnessed, since the beginning of the second decade, profound structural changes represented in changing the supply structure and its expansion, as technical developments have contributed to reducing the costs of oil production and to the emergence of so-called unconventional oils, especially shale and sand oil, which are oils that are extracted with different technologies from those in conventional and led Oil exploration and the development of means of research and exploration to discover new oil areas, which led to an increase in the number of oil producing countries to more than 50 countries, including 21 countries producing more than a million barrels per day. And some of the oil importing countries turned to exporting countries, such as the United States and Brazil. All these changes had a clear impact on OPEC, which was not the same as it was yesterday, especially in its golden contract in the seventies when it produced more than 40% of the global oil supply and was controlled by prices and balance through Saudi Arabia between global supply and demand, but OPEC began losing its role a year ago. 1986, when oil prices collapsed and shifted to adopting quotas as a way to control part of the oil supply, but it was ineffective, which later forced it to cooperate with Russia and a number of producing countries in 2016 within the framework of what was called OPEC +, but the recent collapse in oil prices also proved ineffective Also, touch cuts A date that OPEC has resorted to has led to a decline in its relative share in the global market to less than 30%, which has lost it a lot of its monopolistic capabilities. In light of the foregoing, and given the weak OPEC effectiveness and its inability to organize production in order to achieve important gains for its members in the oil market, Iraq’s survival in OPEC and its commitment to specific production quotas has become constrained to develop its production and export capacities that are never consistent with the level of its large reserves and therefore Iraq must break this restriction And initiate a specific program binding on foreign companies operating in the oil licensing fields to develop Iraqi oil production to the level of 12 million barrels per day, the level on which the contracts were signed with them and the development of all oil infrastructure facilities, including export facilities, to accommodate this amount It is the pursuit of access to new markets and competition in them, especially since the costs of Iraqi oil production are still among the lowest in the world, and it is possible to reduce them to a lower level by monitoring foreign companies ’spending. Without this, Iraq remains a prisoner of a weak organization dominated by Saudi Arabia and directed in a manner consistent with its interests and US interests.
    Professor of economics at the University of Basra


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