Iraq supports its oil production by 70 thousand barrels per day early next month

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[size=52]Iraq supports its oil production by 70 thousand barrels per day early next month[/size]

[size=45]Baghdad/Bright news[/size]
[size=45]Iraq is waiting for an increase in oil production by about 70 thousand barrels per day after the decision of the (OPEC Plus) group to raise production for member states by 100 thousand barrels starting next month, but experts expect a slight decrease in prices for many reasons, the most important of which is the continuation of speculation, warning against wasting the financial surplus in degrees functional.[/size]
[size=45]The economic expert, Amer Al-Jawahiri, said, in an interview with (Al-Mada), that "Iraq's current production of oil is 4 million and 580 thousand barrels per day."[/size]
[size=45]Al-Jawahiri added, "The decision of the (OPEC Plus) group to increase production for member states will begin to be implemented next month and raise Iraqi production by a limited extent."[/size]
[size=45]He pointed out that "exports are limited by numbers, and they are below the level of production, since there is a part that goes to domestic consumption," noting that "the increase announced by OPEC will not change the current prices in the global oil market."[/size]
[size=45]Al-Jawahiri stressed that “oil prices are subject to political factors, international intersections, stagnation and economic advancement in some countries.”[/size]
[size=45]And he added, "The general budget for the past year estimated exports at 3 million and 250 thousand barrels," noting that "the current exports are sometimes lower than these rates and at other times they reach 3 million and 373 thousand barrels as the highest estimate."[/size]
[size=45]Al-Jawahiri stressed that "the major importers of Iraqi oil are China and India," noting that "Russia and Iran have begun directing their exports to those two countries."[/size]
[size=45]And he continues, "What Russia and Iran have resorted to has become at the expense of Iraqi exports, and maintaining our markets depends on the work mechanisms of the team that handles this process."[/size]
[size=45]Al-Jawahiri noted that "observers are concerned, despite official assurances, that the increase in Iraq's share must be followed by an increase in exports."[/size]
[size=45]Al-Jawahiri finds, “The other important point is, where are the oil revenues directed? Which means that the plan for spending in the current year is limited, and what we have received from revenues exceeds expenditures.” He added, "This means that we are facing a surplus in oil revenues, but its destination is not planned to achieve the economic benefit of the country, whether in terms of increasing production capacities or setting plans for the type of actual economy or infrastructure."[/size]
[size=45]Al-Jawahiri went on to “warn against compromising this surplus on the operational side by providing jobs in the state, and this is a dangerous option that we call not to take.”[/size]
[size=45]And the Ministry of Oil announced earlier that the average Iraqi crude oil exports for the month of July exceeded 3 million 303 barrels per day, while oil exports for the same month achieved financial revenues of more than 10 billion and 608 million dollars, at an average price of more than 103 dollars per barrel.[/size]
[size=45]In a related context, the oil expert, Sadiq Al-Rikabi, said in a statement to (Al-Mada), that "the last increase in Iraq's production, according to (OPEC Plus), was by 71 thousand barrels."[/size]
[size=45]Al-Rikabi continued, "Iraq's production before the last decision had reached 4 million and 580 thousand barrels per day."[/size]
[size=45]He pointed out that "the recent decision of the international organization to increase 100,000 barrels per day will enable Iraq to increase another 12 thousand barrels," stressing that "Iraq's production will be 4 million and 592 thousand barrels per day, starting from next month."[/size]
[size=45]As for prices, Al-Rikabi replied, that they are currently around “103.70 dollars per barrel, but I expect it to be slightly less than that in the coming period, especially with the decline in oil prices globally.”[/size]
[size=45]For his part, the economist, Rashid Al-Saeed, told Al-Mada that "oil prices had risen to more than $130 a barrel, but they have now fallen to the level of $100 or less."[/size]
[size=45]Al-Saeed added, "Changing oil prices according to the general principle should be subject to supply and demand, but what is happening today is that prices are governed by speculation in the markets."[/size]
[size=45]He pointed out, "The Organization of Petroleum Exporting Countries (OPEC) has also become a victim of price manipulation by companies, banks and owners of storage capacities, but also from countries and international agencies."[/size]
[size=45]Al-Saeed finds, "The oil-exporting countries are not the first beneficiary of the price hike, but may be the only victim."[/size]
[size=45]And he stressed, "The prices of goods and their source are industrialized countries will rise insanely at all times."[/size]
[size=45]Al-Saeed continues, "The total revenues of the Organization of the Petroleum Exporting Countries (OPEC) between 2004 and 2008 amounted to $3.346 trillion," adding that "the revenues of the industrialized countries during the same period from taxes on sales of petroleum products amounted to $3.428 trillion."[/size]
[size=45]The “OPEC +” group approved an increase in oil production by 100,000 barrels per day, starting next September, which gives the market additional supplies, but at a much slower pace than in recent months. The group's ministers supported the proposal of the slight increase in an online meeting, last Wednesday, and (OPEC Plus) had pledged in July-August to add more than 600,000 barrels per day to the market.[/size]
[size=45]This increase may not be a relief to consumers who are already suffering from inflationary pressures due to high oil prices, according to the US Bloomberg Agency. The planned increase is equivalent to only 0.1% of global demand for oil.[/size]
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