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[ltr]Oil Minister: price of a barrel of beer is higher than a barrel of oil and the comparison between them are not arbitrary[/ltr]
[ltr][You must be registered and logged in to see this image.]BAGHDAD - Iraq Press - January 12: books, Iraq's oil minister, Adel Abdul-Mahdi, in an article published on the official page on the social networking site Facebook to see the collapse of the world's oil and expectations of future rates, adding that "one of them stressed that the price of a barrel Oil is less than the price of a barrel "beer" and the comparison is not arbitrary, when oil production began in Pennsylvania in the sixties of the nineteenth century, the sizes of barrels used and available in abundance is to produce "beer" and "Whiskey" and "Allenbad", which generally range between 40- 45 gallons, or 151-159 liters Vtm use the barrels are frequently found originally for the transfer and sale of oil and resulted in the arrival of different sizes to differences between buyers and sellers, so it was decided Standardization, it was adopted barrel 42 gallons, Pmaiedl 159 liters which is applicable today.
He said the oil minister ,, "The stock exchanges were closed at the end of last week the price of $ 33.34 per barrel for Brent and the lower rates for more than a decade and despite that week saw partially up because of regional tensions, and estimates that the global economic growth rate will be at a rate of 3.6% in 2016 versus 3.1% in 2015, and a relative decline in US production and more rigs out of shale oil areas, and the announcement of more countries and companies to reduce their investment plans, which could affect the global supply in the future, but Alasaraadt for landing. "
He adds Abdul-Mahdi, "analysts explain that to a mild winter, and rates declining economic growth in China realized or estimated 7.3%, 6.8%, 6.3%, for the years 2014.2015, 2016, respectively, and the continuing rise in inventories to their highest levels since record of cooperation and economic organization states European and Development OECD, 2698 million barrels in 2014 (covering 58 days), and 2975 million barrels (64 days) in the fourth quarter of 2015, and is estimated to arrive in 2984 (65 days) in the first quarter of 2016 ".
He added by saying, "Some estimate that the effects of the reduction of investments, and relatively high rates of global growth and what that entails in the low inventories, will not bear fruit until the second half of this year, appreciating that the average price for 2016 will be $ 55 a barrel, then to witness an increasing rise in 2017 .. which it prompted research centers more and more interesting study commissioned production of the barrel to estimate the effects of the crisis on the oil industry. And useful in the numbers below it deals with operational and investment costs, "Msttrda by saying," When you become a price less than the operational costs, any production of extra would be a loss to them, pay to stop the production or mostly .. operational Falclv are reliable in the short and medium at least a term, and it can be reduced or even stopped despite the large investment costs on the economies of the future price effects. The first figure represents about every country .. investment cost and operating cost of the second, and the third the total dollars per barrel. "
He concluded by Adel Abdul Mahdi, "If calculated transport fares and others, the United Kingdom and Brazil should sell at current prices at a loss for operational costs without investment calculation, note that the production of the Kingdom of 906 000 barrels per day, and Brazil 2.95 million barrels, according to 2014 figures, therefore, will emerge quantities increasing production from the market and the market shifted from a buyers market to market vendors .. Despite the atmosphere of pessimism and frustration, we think that economic factors will play a role in the end to stop the deterioration of the prices, but corrected. " Ended A.h
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