17 hours ago
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The economist, Dr. Safwan Qusai, confirmed that Iraq's interest requires an agreement with OPEC plus about the future of oil prices. It is likely that the coming period will witness an increase in the consumption of Iraqi oil by the European Union countries.
Qusai said in a press interview seen by Taqaddam, “The interest of Iraq requires the existence of an agreement with OPEC plus Russia that is valid, as the global supply of oil must be restricted by OPEC’s ability to control the amount of oil produced.”
He added, “There are sanctions that will enter into force on Russian oil as of next December 4, which will determine the price of Russian oil, which can be bought at a price lower than the international price, and this will push prices to rise in order for the price of Russian oil to rise and preserve its investment capacity.” ".
And he indicated that "the European Union and the United States want to increase the quantities of oil pumped so that the price is suitable for Europe during the winter, in addition to moving towards releasing quantities of strategic storage in order to maintain prices."
He pointed out that “private Indian companies are currently buying Russian oil and do not abide by the sanctions, given that they are not subject to the authority of the Indian government, at a time when there will be great competition between the oil of Iraq, Saudi Arabia and Russia in Asia, but there is a market that will open for Iraqi oil and it is expected that the consumption of Iraqi oil will increase in The European Union, and prices are likely to be at $90 a barrel, which necessitates that OPEC not increase the quantities of reduction and also not raise the percentage of emissions, at least during the period in which the sanctions will enter into force.
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