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Continued decline in oil prices threatens economic disaster in Iraq
(SOMO) reveal the reasons for the drop in oil prices over the past few days
Author: ASJ, HH
Editor: HH, NS 14/7/2016 10:30 Number of Views: 281
Continued decline in oil prices threatens economic disaster in Iraq
(SOMO) reveal the reasons for the drop in oil prices over the past few days
Author: ASJ, HH
Editor: HH, NS 14/7/2016 10:30 Number of Views: 281
Long-Presse / Baghdad
The Iraqi Oil Marketing Company (SOMO) on Thursday, the reasons for the drop in oil prices in the global markets during the past few days, and pointed out that one of the reasons is to Britain out of the European Union, while the expected continued decline in the coming period.
The general director of the Iraqi Oil Marketing Company (SOMO) Falah al-Amiri said in an interview to the (long-Presse), "The global markets recorded two days before a drop in oil prices, which believe that the causes lie in increasing the stock of American oil, to stop the decline in US drilling of shale oil towers and returned the increase during the last two months, "noting that" the continuation of the negative impact on the financial markets for the possibility of Britain out of the EU oil market was one of the reasons behind the drop in oil prices. "
He said al-Amiri, that "the stability of oil markets and the balance of supply and demand at current prices due to the stability of demand growth and the oil supply approached the stability result indicators beginning of the US shale oil production growth, which took the role of OPEC after abandoning its role of product support for the price and focus on increasing market share ".
He predicted Ameri, that "the price level will continue in this direction and change," but he also said, "except in the case of factors outside the market fundamentals of the political and military Kaladtrapat or environmental disasters and to change OPEC's current policy other emergency factors."
The Iraqi Oil Ministry announced on Friday (1 July 2016), for the export of more than 95 million barrels of oil during the month of June of the central and southern fields, and pointed to the rising fiscal revenue compared to the May month, while the source confirmed in the SoC low crude oil exports from southern ports in the same month rate, reasons attributed to high demand and domestic consumption rate.
The Hellenic Chbang News Corporation Global competent affairs shipping oil exports in the world revealed, on Monday (13 June 2016), that Iraq is the most factor is an impact on the OPEC production ceiling rates, while confirming that the high export rate will double the cartel's production for "34 million barrels Day ", suggested that the production rates of up Iraq by end of 2020 to the" one-sixth of the production rates of the organization. "
The world oil prices had fallen more than seventy percent compared to the last 2014 Summer, none of the more than one hundred dollars to less than $ 40 per barrel, resulting in damage to the economies of countries that rely on "black gold" as the sole source of income, including Iraq.
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