[size=36]The high demand for oil pushes Iraq to increase production[/size]
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The Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected, in an interview with "Bloomberg", a rise in oil demand due to the natural gas supply crisis that is forcing consumers to search for alternative types of fuel.
The minister indicated that Iraq is "ready" to pump more crude if the increase in consumption calls for it, and said: "If there is an agreement within the 'OPEC', we will be ready."
This year, oil prices have risen by about 45 percent, with major economies gradually recovering from the Corona virus pandemic and due to lack of supplies from the Organization of the Petroleum Exporting Countries (OPEC).
US crude prices rose yesterday, with domestic stocks falling to their lowest level since October 2018, amid a global energy crisis.
Bloomberg said that futures contracts in New York rose by 2.5 percent, on Wednesday, while crude stocks fell for the seventh week in a row to about 414 million barrels, according to the Energy Information Administration report.
"The focus is back on supply and demand. It will probably be less supply. There is a real concern about winter demand," said Phil Flynn, chief market analyst at Price Futures Group.
US crude prices rose this month, after US supplies were disrupted due to weather conditions and high natural gas prices.
And the "Goldman Sachs" group expected the price of crude oil to reach $ 90 a barrel if the winter in the northern hemisphere was colder than usual.
Gas prices this month in Europe and Asia reached the equivalent of about $155 a barrel of oil, as shortages of coal and wind power increased demand.
The International Energy Agency called on Russia, which is the largest supplier of natural gas in the European Union, to supply Europe with more gas to help ease high energy prices.
The Paris-based organization said that Russian exports fell from their level in 2019, considering that it "is able to do more to increase gas supplies in Europe and increase stocks in preparation for the upcoming winter heating season." Ended 29/A43
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