The Ministry of Oil: revenues fell 70% percent and reached for less than $ 3 billion a month
Tuesday 12-01-2016 | 10:11:21[You must be registered and logged in to see this image.]Two factors in one of the Iraqi oil fields - Z p
Twilight News / said the official spokesman of the Iraqi Oil Ministry, Assem Jihad, said that Iraq's oil revenues have dropped by around 70 percent due to lower prices globally barrel.
Jihad said, in an interview with the agency "Sputnik", that "oil revenues declined from eight billion dollars a month when the price was between 90 and 100 dollars a barrel, to less than three billion at current prices, as we sell a barrel of oil at less than thirty dollars."
He Jihad pessimistic about the future of oil prices, saying that "the United States entry to export the oil market, and the return of Iran to export and declining growth in China, the global economic crisis, as well as expansion in the whole of shale oil extraction factors will lead to a new decline in oil prices, if it is not compatibility to reduce production. "
He added that "our production exceeded 3.8 million barrels per day. The scheme in the new year the production of an additional 3.6 million barrels."
He criticized the spokesman for the Iraqi Oil Ministry, "the insistence of some countries to keep high production volume", stressing that "high production harms all the producing countries, and it must reach consensus between producing countries, whether in or outside OPEC."
He continued that "the countries that insist on the current production ceiling claims that it seeks to undermine the chances of shale oil, but this is not true, and clear that there is behind the insistence on the production ceiling in order to harm the political will of some countries."
Jihad also pointed out that Iraq is suffering, as well as increased global production of oil and lower prices, internal and regional situation, warning that if they are not understanding to cut oil production, "everyone will pay the price."
The price of oil has fallen to the lowest price since a ten-year, falling price of a barrel to below $ 35 a barrel, with expectations of further decline with Iran return to the markets with the lifting of Western sanctions imposed on it, and the insistence of top oil producers not to cut production volumes.[You must be registered and logged in to see this link.]