Iraq joins Saudi Arabia, Algeria and Russia on reducing production
Baghdad / peace Zidane
The OPEC members agreed in principle in Algiers last September to reduce the total production of theorganization to between 32.5 and 33 million barrels per day in order to restore the balance in the market, and if the organization has succeeded in its efforts this will be the first cut of production since 2008. The decline ofoil prices to oversupply and raise sanctions on Iran and the deterioration of the Chinese economy and unrest stocks and rising dollar market.
Ebadi said in an interview with the agency "Associated Press" that "Iraq is ready to cut its oil production as part of efforts to reduce global supply and boost crude prices , OPEC 's plan , " stressing that "the Snkhosrh reducing our production, Snrbha in oil revenues, Iraq is responsible for part of the this reduction , "noting , " we want to protect the rights of Iraq, but our priority to raise prices of a barrel of oil. "
For his part, the financial advisor to the prime minister the appearance of Mohammed Saleh said, "long", said that "Iraq is keen on the unity of OPEC and interview the Prime Minister is in line with this trend and that thecountry would abide by if respected by all States in agreement and provided that the improved prices," noting that " high oil prices not in the hands of Iraq and OPEC is determined by the oil market in case, Iraq will not make commitment decision fell. "
He explained that "Iraq has been deprived of its share of oil because of the economic blockade and thesecurity situation after 2003 and that Saudi Arabia and the Gulf states accounted for its share," adding that "OPEC accounts for a third of the oil market and has oil reserves of up to 70% of world reserves and become a major player in the future . " .
OPEC was founded in Baghdad in 1960 and includes Iraq, Algeria, Angola, Ecuador, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia and the United Arab Emirates and Venezuela countries. While will miss today 'smeeting, Minister of Energy Alexander Novak , who supports the cut.
He said oil expert, Abbas Issue "long", said that "raising the price of oil 's decision not OPEC , however , or other countries, but it comes to policies and decisions of some countries and rich families in the world , " stressing that "any decision by OPEC at a meeting today considered a decision is Final".
He believed that " the seven sisters are leading the world 's oil and sets its prices in addition to the Zionist enterprise , " adding that "these parties act in accordance with its interests and order some oil -producingcountries to take any decision it deems appropriate , " explaining that "Iraq 's decision does not affect anything in the economic and political decisions in the Middle East but the world followed these institutions. "
Known as the "seven sisters" international oil companies are the US Exxon Mobil Dutch Shell and BP , "BP" British and US Chevron and France 's Total and US ConocoPhillips and Italy 's ENI.
But economist Raed al - Hashemi, said the "long", said that "OPEC is divided largely because of thedominance of personal interests of each country to the general interests of the organization , especially in light of large oil war between the Brent crude camp and the camp of shale oil and Maravq of a significant drop in global oil prices in the last year. "
He added that "over the last few years the organization has been unable to agree on a unified position to use the output ceiling weapon according to supply and demand in the market equation and is the only weapon which is owned in influencing the price rates in the world."
He stressed that " the divisions in OPEC because Saudi Arabia and Iran because Saudi Arabia refused to cut because it is a non - combat US shale oil , which is characterized by high extraction cost and therefore want to fight mined and marketed as long as prices remained low , while Iran wants to compensate the large losses throughout the years of siege and trying to reach their production to five million barrels Daily".
He pointed out that "other members of the OPEC almost agreed on a resolution to the reduction in the Vienna meeting expected to compensate for the large economies losses as a result of falling global oil prices , " explaining that "Iraq over the past years has been negative in positions within OPEC was not moving in."
However , that "Iraq is the last position was strong he drew attention to him by refusing to adopt a reduction position and was the main justification given by the request of the organization excluded from the reduction decision is a big financial crisis afflicting that have brought the economy to a very awkward situation as well as the preoccupation with the war against terrorism Astssonzvt most of its resources other financial and justification submitted by Iraq to the Organization commitments with the problem of large foreign oil companies contracting in Iraq in the oil sector, which has become a great burden to him. "
In turn, the President of the Economic Media, Durgham Muhammad Ali, "long", he said that "OPEC countries if agreed at a meeting today to freeze production, Iraq practically will not freeze its production because thelicensing rounds contract binding him to increase production that the ongoing companies to increase production and Iraq binding Order on each barrel of extra product. "
He added that " the financial budget for the current year the law as well as the draft budget for next year Bstelzman increase its oil exports , " noting that "any step without the return of quotas for OPEC countries and the commitment of Saudi Arabia its share for the year 2012 is a step incomplete because the market will be around the abundance of up to two million barrels."
He stressed that "today 's agreement , even if successful hardcopy In practice is considered a failure because the demand from lower - affected countries of production compared to swallow the market shares of horseshoe producer is Saudi Arabia is unfair , " pointing out that "Saudi Arabia demand a reduction in output of 3 million barrels, Iran 's share , which compensated in the global market three years ago under the pretext of the market supply shortage AVI impact of sanctions on Iran because freezing Arabia produced laughed at the others because it produces the asymptotic level of the peak. "
But Goldman Sachs predicted oil prices to the lowest level in the range of $ 50 to $ 59 a barrel if OPEC agreement to cut production.