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[size=36]Former Minister: Iraq’s agreement to reduce oil production was done under the influence of the United States and has a historic opportunity[/size]
Political | 08:34 - 23/23/2020
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Baghdad - Mawazine News
, the former oil minister, Ibrahim Bahr al-Ulum, said on Thursday that Iraq’s agreement to reduce oil production was with a clear American influence, pointing out that Iraq has a historic opportunity to restructure the oil sector, which requires two things.
Bahr Al-Ulum promised, "The impact of the decline in American crude oil on Iraq is very limited, because the latter's exports to the American continent are very few compared to his exports to the East Asian system."
Bahr al-Uloom added, "What happened reveals to us a truth that politicians have to deal with. What was agreed on on the ninth of April in the (OPEC +) meeting in which Iraq participated and agreed to reduce quantities of oil up to 10 million barrels per day, reveals Although this in itself occurred with a clear American influence, this directive alone is not sufficient to absorb the surplus in the markets.
He continued, "It was assumed that the American President and his administration were pressuring independent producers in the private sector, especially in shale oil production, and on the production of Brazil, Canada and Norway, to reduce their shares, which are estimated at 5-6 million barrels. Therefore, the agreement will be implemented as of May 1 of One side, because America has not succeeded in meeting the independent producers from implementing the plan, meaning that there is a dispute between the producers, and thus a second meeting will be held this week in order to reach an agreement, pointing out that "the whole world must show solidarity in the issue of addressing the oil market," Because Corona does not know the distinction between countries, Therefore, all oil producers with different production rates must submit to one vision, which is that there is a surplus in the market of 30 million barrels per day due to the prevalence and imbalances of supply and demand before that. "
Bahr Al-Uloom warned against "the collapse of the reduction committed by (OPEC +), unless the United States committed to do so, and global solidarity in facing economic repercussions, which requires the parties to the producers of traditional oil and others to adhere to," warning that "there is a surplus heading towards The United States, and the tanks are full and the future contract maturities have become a kind of caution and anticipation, and consequently the markets lost a lot of dealings in this field. "
Bahr Al-Uloom stressed, "Iraq must act on several issues, the most prominent of which is the (OPEC) issue, which today is dominated by individual policies, not collective, and which is looking for the interests of its members. It is commensurate with the amount of its production and reserves as it is the second and fourth product in the world, and to persuade the major productive members, especially Saudi Arabia, to bear part of the Iraqi reduction share, as it has acquired over the past three decades its share in the oil market and there cannot be an equal reduction for all members Because the reduction must be progressive, the larger product will bear a greater reduction, which necessitates a review of this equation.
He warned the former oil minister, that "Iraq, since he announced his commitment to the (OPEC) agreement and this agreement has many problems, the first of which is that the government is currently a caretaker government, and the next government cannot be bound by international obligations that may lead to negative repercussions for the Iraqi economy, so let us Until Iraq forms a committee of independent experts to know the negative repercussions of the economy and engage in negotiations with (OPEC), especially with the Gulf countries, in particular Saudi Arabia, the Emirates and Kuwait, and that they bear the abundant portion of Iraq’s share, and this in itself will contribute to improving the Iraqi situation.
Bahr al-Uloom indicated that "Iraq needs to open new outlets with international organizations to define the existing economic problem. There are pressures on us from the United States due to the gas imported from Iran; and today, with the reduction that we were forced by (OPEC), production will decrease and thus the amount of gas available for energy will decrease. Electrical, and therefore the United States should not press more towards Iraq, considering its commitment to reduce oil production led to a reduction of 500 million suppressed gas that can be processed. "
He stressed, "We are facing a historic opportunity to restructure the oil sector, which requires two things. The first is to go towards investing enough gas. There are many projects that we can invest in order to reduce the right of gas accompanying the oil, and there are Mansuriyah crutch fields and an exploration area in the fifth licensing round, We must activate all of this even in the region in order to reach productivity for gas and get rid of this problem. The important thing is to agree with the region to bear part of the reduction and its share. The reduction cannot occur only in the southern and central fields, but Kurdistan should participate in that, and activate the company law National oil thus We put the remaining fields for development by this company, because the law contains some provisions that can be modified, "calling for the" formation of the National Gas Company. "Ended 29 / A 43
Bahr Al-Uloom described the coming period as "difficult, unless there is a sound management and wise leadership that is able to reach the country to safety in developing the oil sector in a way that meets the interests of the Iraqis, because Iraq needs to create an oil industry and that there be an oil industry, instead of converting all Its production to crude oil, its refining and the export of those derivatives to maximize Iraqi resources, and to play a major role in (OPEC) with its production, reserves and new system, and does not remain on this modest role, and this needs a good Iraqi negotiator who can gain his rights and the gains that have occurred. "
, the former oil minister, Ibrahim Bahr al-Ulum, said on Thursday that Iraq’s agreement to reduce oil production was with a clear American influence, pointing out that Iraq has a historic opportunity to restructure the oil sector, which requires two things.
Bahr Al-Ulum promised, "The impact of the decline in American crude oil on Iraq is very limited, because the latter's exports to the American continent are very few compared to his exports to the East Asian system."
Bahr al-Uloom added, "What happened reveals to us a truth that politicians have to deal with. What was agreed on on the ninth of April in the (OPEC +) meeting in which Iraq participated and agreed to reduce quantities of oil up to 10 million barrels per day, reveals Although this in itself occurred with a clear American influence, this directive alone is not sufficient to absorb the surplus in the markets.
He continued, "It was assumed that the American President and his administration were pressuring independent producers in the private sector, especially in shale oil production, and on the production of Brazil, Canada and Norway, to reduce their shares, which are estimated at 5-6 million barrels. Therefore, the agreement will be implemented as of May 1 of One side, because America has not succeeded in meeting the independent producers from implementing the plan, meaning that there is a dispute between the producers, and thus a second meeting will be held this week in order to reach an agreement, pointing out that "the whole world must show solidarity in the issue of addressing the oil market," Because Corona does not know the distinction between countries, Therefore, all oil producers with different production rates must submit to one vision, which is that there is a surplus in the market of 30 million barrels per day due to the prevalence and imbalances of supply and demand before that. "
Bahr Al-Uloom warned against "the collapse of the reduction committed by (OPEC +), unless the United States committed to do so, and global solidarity in facing economic repercussions, which requires the parties to the producers of traditional oil and others to adhere to," warning that "there is a surplus heading towards The United States, and the tanks are full and the future contract maturities have become a kind of caution and anticipation, and consequently the markets lost a lot of dealings in this field. "
Bahr Al-Uloom stressed, "Iraq must act on several issues, the most prominent of which is the (OPEC) issue, which today is dominated by individual policies, not collective, and which is looking for the interests of its members. It is commensurate with the amount of its production and reserves as it is the second and fourth product in the world, and to persuade the major productive members, especially Saudi Arabia, to bear part of the Iraqi reduction share, as it has acquired over the past three decades its share in the oil market and there cannot be an equal reduction for all members Because the reduction must be progressive, the larger product will bear a greater reduction, which necessitates a review of this equation.
He warned the former oil minister, that "Iraq, since he announced his commitment to the (OPEC) agreement and this agreement has many problems, the first of which is that the government is currently a caretaker government, and the next government cannot be bound by international obligations that may lead to negative repercussions for the Iraqi economy, so let us Until Iraq forms a committee of independent experts to know the negative repercussions of the economy and engage in negotiations with (OPEC), especially with the Gulf countries, in particular Saudi Arabia, the Emirates and Kuwait, and that they bear the abundant portion of Iraq’s share, and this in itself will contribute to improving the Iraqi situation.
Bahr al-Uloom indicated that "Iraq needs to open new outlets with international organizations to define the existing economic problem. There are pressures on us from the United States due to the gas imported from Iran; and today, with the reduction that we were forced by (OPEC), production will decrease and thus the amount of gas available for energy will decrease. Electrical, and therefore the United States should not press more towards Iraq, considering its commitment to reduce oil production led to a reduction of 500 million suppressed gas that can be processed. "
He stressed, "We are facing a historic opportunity to restructure the oil sector, which requires two things. The first is to go towards investing enough gas. There are many projects that we can invest in order to reduce the right of gas accompanying the oil, and there are Mansuriyah crutch fields and an exploration area in the fifth licensing round, We must activate all of this even in the region in order to reach productivity for gas and get rid of this problem. The important thing is to agree with the region to bear part of the reduction and its share. The reduction cannot occur only in the southern and central fields, but Kurdistan should participate in that, and activate the company law National oil thus We put the remaining fields for development by this company, because the law contains some provisions that can be modified, "calling for the" formation of the National Gas Company. "Ended 29 / A 43
Bahr Al-Uloom described the coming period as "difficult, unless there is a sound management and wise leadership that is able to reach the country to safety in developing the oil sector in a way that meets the interests of the Iraqis, because Iraq needs to create an oil industry and that there be an oil industry, instead of converting all Its production to crude oil, its refining and the export of those derivatives to maximize Iraqi resources, and to play a major role in (OPEC) with its production, reserves and new system, and does not remain on this modest role, and this needs a good Iraqi negotiator who can gain his rights and the gains that have occurred. "
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