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Iraq, Iran and diminish the influence of Saudi Arabia in OPEC
26/11/2016 0:00
[rtl]Anthony Dapaula- Torgomh- Khalid Qasim
Saudi Arabia is no longer the dominant force on the organization (OPEC) as it was formany years, Iraq and Iran after Tkhalsma of wars and sanctions restrictions lifted oil production to record levels and confirm themselves within the organization.
Countries together produce more than 8 million barrels per day, or about a quarter ofOPEC production and want to increase production more than that. The aspirations of thesecond and the third largest oil producers within OPEC obstacle to attempts Arabia to cut production and support prices. Even in the case of producers to reach agreement in the next week and acceptance to production quotas, Fmmanah Iraq and Iran does not bode well for long - term cooperation with Saudi Arabia and the stability of world oil markets.
Says Jaafar al - Taie, managing director of the group Manar Consulting in Abu Dhabi: "Iraq and Iran , wants an equal relationship with Saudi Arabia within OPEC. Agreement brings together two of the coincidence of the organization because it fits in their mutual interest to obtain the largest possible share."
Planned confluence of ministers (OPEC) on the 30th of this month to get out a joint toreduce production to the extent of 33 million barrels per day. This reduction may help balance heaving about supply market and halt the slide in prices that hit the budgets of the producing countries.
Member States granted special consideration Iran in September when they come to aframework agreement in Algeria in order to help Tehran to recover after the easing ofinternational sanctions against it . Iran, which pumps the same level of output before thesanctions, but the (OPEC) has not yet determined the level to reduce the country 'soutput.
For his part , Iraq was pushing for an exemption from the cuts because of the urgent need to fight against Daesh. The oil minister Jabbar Laibi had said last month that thecountry will not be pumping less than the level of production and September of 4.7 million barrels per day, OPEC , however , rejects this figure and says that Iraq 'sproduction in September was less than 4.5 million barrels a day.
Committee met from (OPEC) on Monday and Tuesday in Vienna to decide how to share the burden of the Algiers Convention, but decided to postpone the issue of theparticipation of Iraq and Iran to the ministerial meeting next week.
Increased importance of the two countries within the (OPEC) to increase oil production with , Iraq has boosted its production by 50 percent during the last three years to a record last month, while Iran
hence integrated approximately 880 thousand barrels per day since the easing ofsanctions.
Countries need the highest possible price out of the Convention is important to attract foreign investment in the long - term plans for their production. They also wanted thelargest possible amount of the sale of oil in the short term to enhance their budgets depleted.
This leaves Saudi Arabia alone to bear the brunt of the collective reduction is the first of the organization for eight years and cost it market share while keeping Mnavsaha on their output unchanged. Global oil expert from Singapore says: "Iraq looks to the future, and trying to accept the highest possible level of production before the freeze to be in abetter position in the coming years."
* Bloomberg site[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=127001[/rtl]
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