Oil emphasizes raising the quality of the production of oil derivatives
[rtl]Coinciding with the expectations of the stability of oil prices at acceptable rates
did the Ministry of Oil orientations aimed at improving the oil products and the promotion of capacity export to Iraq to contribute to raising the fiscal revenue, with optimism specialists high crude prices in the international markets. The
new oil minister Jabbar Laibi stressed the need to improve the levels production ofpetroleum products, and reducing import some petroleum products proportions and securing the needs of the Iraqi citizen.
and identified at a meeting in the ministry a number of themes , which aims to implement future plans and programs according to the priorities of work, and export those Protozoa raise the level of services provided to citizens through the development and improvement of performance in the outlets processing and developed according to modern and civilized world systems, and improve the quality of the spent fuel, particularly in gas liquid material in line with the situation in Iraq as a source of oil producer.
He Laibi ministry 's keenness on the fuel needed to provide the Ministry of Electricity to run power plants, and to mitigate the suffering of the citizens, stressing the importance ofdeveloping constructive plans , which aims to increase production and export levels and to achieve the ministry 's programs aimed at maximizing the fiscal revenue to mitigate the effects of the economic crisis experienced by the country.
In terms of the production of crude oil , which is the focus of the work of the ministry pointed out the need to develop plans for President needed to develop the oil sector, and to increase oil and gas production rates through the operating companies within thelicensing rounds, as well as the Iraqi national effort that has to be a big role in the next phase.
Laibi instructed need to work on increasing the production of Iraqi refineries of oil products such as gasoline and kerosene oil which will reduce the import ratios at high rates and the availability of financial liquidity of the Federal Treasury, indicating theimportance of building large warehouses for future use in the export of surplus petroleum products to world markets operations, stressing the work to raise oil and gas reserves levels through the expansion of the geographical area of exploration to include territorial waters and focus on what is available from the reserves of oil sands.
the Laibi has received a delegation of the Lukoil oil company line and said that theministry attaches great importance to the work carried out by international companies working on the development of large oil fields, particularly Lukoil in the field ( the West Qurna / phase II ), stressing the increasing volume of cooperation with these companies and to serve the common interests
of his part, concerned with economic affairs Ahmed charged that the stability of world crude prices lead to draw a fixed spending policies away country about confusion in thedistribution of oil revenues.
He said in an interview with «morning» that oil -producing countries is closely monitoring the reality of oil prices and is planning to calculate the crude prices , according to data taking place in the global arena, and we in Iraq are affected positively by price increases to the size of big spending because of the war on «Daesh», pointing out that the role ofproducers in the coming period will be more impressive, especially the continuous efforts of the producing country to determine the volume of supply in world markets. He said the international indicators expects stable oil prices above $ 60 a barrel, this is the first stages of the recovery in crude prices in the world.
At a time when crude oil prices rose above $ 51 a barrel on Friday to reach the highest level in eight weeks and tend to rise for the seventh straight session amid hopes that producers agree on measures to support prices so as to enhance investor sentiment.
Brent prices remain at a rally that lifted the market more than 20 percent since early August. The crude has reached US $ 51.22 a barrel earlier.
Was trading WTI US mediator in the futures at $ 48.69 a barrel , up 47 cents , or one percent from the previous close.
He said Nigerian Oil Minister Emmanuel Ebi Katcheko that is unlikely to reduce theOrganization of Petroleum Exporting Countries production (OPEC) , but there are hopes that contributes producers meeting in Algeria next month to support crude prices.
However, some analysts and traders cautioned that the rally exaggerated , especially since the planned between OPEC and major producers talks outside such as Russia on curbing surplus increased production is unlikely lead to reduce oversupply. Fouad said Razak Zada market analyst at Forex.com , : «other - or more precisely hopes - that OPEC may come with a plan to support prices at its informal meeting next month , which is believed to occur in doubt».[/rtl]
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