[size=36][size=33]Iraq asks enable it to increase its oil production due to rising military expenditures[/size]
[/size]Ali Abdul Salman 45[ltr] 23/11/2016[/ltr]
Student Iraqi Foreign Minister Ibrahim al-Jaafari Tuesday granting the right to raise its oil output despite the Organization of Petroleum Exporting Countries efforts (OPEC) to reduce production, due to the increased military expenditures.
The minister said during a visit to Hungary, "the international community must realize that confronted with this situation, we need to increase our production." "The drop in prices has led to a significant gap in the Iraqi budget in time, we must increase our expenses because of the anti-military organization Daesh." "Iraq is a rich country but has huge problems, reduce our production now is not good."
Production rose Iraq's second producer in OPEC, regularly since the summer of 2016 to reach in October 4.56 million barrels per day on average. The Iraqi minister's remarks come at a time when OPEC hopes to reach an agreement to limit production to support prices during the ministerial meeting scheduled for November 30 in Vienna.
Like Iraq, Iran, Libya and Nigeria have expressed reluctance in recent months to reduce its output, unlike Saudi Arabia, especially the biggest OPEC countries. It has seen oil prices rise Monday and Tuesday morning, after the markets regained confidence in the ability of OPEC to reach an agreement after the organization suggested that Iran freeze its production rather than reduce it.
But prices resumed decline on Tuesday after two delegates did not reveal Hoatahma, told Bloomberg that the preliminary technical meeting two days after the Vienna meeting did not succeed in settling the issue before said whether on Iraq and Iran to decrease the their output. He explained that he will consider the matter at the OPEC conference next week.
The countries of the 14 OPEC members agreed in September in Algiers to cut output to between 32.5 and 33 million barrels a day, these countries pumped 33.64 million bpd in October. Russia has also expressed largest oil producer in the world and the country is an OPEC member, expressed interest in contributing to "restore balance to the market."