Iraq seeks to maintain the rate of oil exports and is negotiating to develop the southern fields
Baghdad / term
according to the site (Bloomberg) US economic news, the Iraqi oil Ministry revealed negotiations with thecompany (ExxonMobil US), and (Petrojayna) Chinese to develop two oilfields in the south of the country, in aneffort to keep the total oil production of the country up to 4.8 million barrels per day rate during the remainder of 2016. the duration and the website quoted Undersecretary of the Iraqi Ministry of oil Fayyad grace, remarks followed up the "long", he said, " the two companies submitted bids to develop the fields Artawi and rivers Umar oilfields in southern Iraq, which the ministry hopes that their production rate together to 550 thousand barrels per day , "noting that" the production of the two fields now stands at 70 thousand barrels aday. "
He added grace, that" the ministry would like to proceed with work on the project during the six months ,"adding that" the sum of the total production of oil in Iraq currently stands at 4.78 million barrels per day, 4 million of them produced by Iraq fields in the south, while the Kurdistan Regional Government contribute to the production of the remainder, where the pump approximately 700 thousand barrels per day independently of the central government. "
The Undersecretary of the Ministry of oil," the Iraqi oil exports from the south stood at 3.19 million barrels per day , "likely that" the amount of oil exports to those fields rates to 3.2 million barrels per day by the end of July of this. "
He revealed grace , for "separate negotiations conducted by Iraq with (Petrojayna) Inc. (Kocaz Korean), to reach a final agreement to build a refinery of 300 thousand barrels per day and the development of an oil field in Nasiriyah in southern Iraq."
the Iraqi oil Ministry announced on July 25, 2016, export more of the 95 million barrels of oil during the month of June, from Central and South fields, and while confirming the high fiscal revenue compared to last May month.
in a related poll conducted by Reuters news agency and seen by the "long", that " the oil market analyst still expect rising crude prices this year. thanks to improved demand , which will help to dispel any downward impact of the excess supply of crude growth , "
predicted 29 economists and analysts in the survey that the average price of crude International benchmark Brent 45.51 dollars a barrel in 2016 , up slightly from last month 's forecast of $ 45.20 dollars a barrel and anincrease of about $ 3.55 for an average price of $ 41.96 since the beginning of the year.
she said Luana Siegfried analyst at Raymond James , "We expect global demand growth strongly in 2016 (1.4 million barrels per day) and the growing sense in 2017 (1.1 million bpd) , is leading the vast majority from China, India, Africa, and so will the demand for higher prices. "
oil prices are still high around 60 percent from its lowest level in nearly 13 years that recorded in January \ January last but retreated from highs above $ 50 a barrel in 2016 as the abundance increased in the supply ofrefined products could lead to store more excess crude need analysts say. in
turn , said Giorgos Baleris analyst at Thomson Reuters Oil Research Land Forqasts that " the global supply of crude is still greater than the demand , but production that occurs in most crashes cases because of theunrest , geopolitical helped to reduce the surplus in supply. "
the poll showed that analysts expect the average price of Brent futures around $ 51.15 a barrel in the fourth quarter with the improvement of the supply and demand mechanisms.
, said Carsten Fritsch , analyst at Commerzbank" geopolitical risk is factor supporting prices are still "under therisk of terrorist attacks in the West and the Middle East.
and caused a series of attacks by militants on oil facilities this month contraction in the production of Nigeria is expected that the reforms will continue for another month at least, at the same time facing Libya closure important oil to ports because of protests.
If any of the two countries suddenly resumed exports, it could put pressure on oil prices , but Commerzbank said that it is unlikely to happen in the near - term.
it is expected that the average price of Brent crude oil futures to $ 58.63 a barrel in 2017 and rise to $ 66.28 in 2018 , according to proclaim the survey.
the survey predicted that the average price of West Texas intermediate crude futures to $ 44.12 a barrel in 2016 , up from US $ 43.90 in last month 's forecast and compared with the US $ 40.47 average price of crude since the beginning of the year.