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$ 7.1 billion annually unexpected gains for Iraq from OPEC agreement

rocky: NNP TEAM; Posts : 225743
Join date : 2012-12-21

Post n°1

$ 7.1 billion annually unexpected gains for Iraq from OPEC agreement

by rocky Sat 03 Dec 2016, 1:53 am

$ 7.1 billion annually unexpected gains for Iraq from OPEC agreement

 Baghdad / term

Exporting announced the organization of oil ,"OPEC" that Iraq will reduce the production of210 thousand barrels per day for six months, while the economist stressed that Iraq will earn a profit of $ 7.1 billion a year if prices did not fall below $ 50.

And endured Arabia the largest reduction within OPEC, as agreed to reduce output by 486 thousand barrels per day, and then Iraq by 210 thousand barrels per day, and the UAE 139 thousand barrels per day, Kuwait 131 thousand barrels per day, along withlimited cuts from other members. And allowed the organization to Iran 's production ceiling at 3.8 million barrels per day , almost, which means that Tehran was able to increase its production about one hundred thousand barrels per day above last October rate of about 3.7 million barrels per day. OPEC exempted Libya, Nigeria cuts, while Indonesia asked for suspension of its membership in the organization in order to avoid thereduction.
After the "OPEC" historic resolution to eliminate the oversupply of oil, oil prices have risen about 13% and recorded 52 dollars per barrel, detection and Qatar 's Energy Minister Mohammed Bin Saleh Al- Sada for that OPEC will form a committee headed by Kuwait to follow up the historical oil agreement, adding that theorganization will meet 25 next may to revise the agreement was extended by another six months.
The gentlemen that the organization does not see any threat in the return to production of shale oil producers after the implementation of the resolution, adding that the agreement was a reaction to the global supply glut that led to the fall in oil prices to levels low.
The gentlemen said , "This is a great step forward, and we believe that this historic agreement will certainly help to restore balance to the market and reduce excess inventories.", Explaining that " the agreement will help to raise global inflation to more including the United States standard of health."
On the issue of reducing Iraq's production will be to agree on the ratio between the governments in Baghdad and Erbil on according to the proportion of 17%, and OPEC 's decision is binding on all signatory parties in case prices go up if prices fall is canceled.
, Said professor of economics at the University of Mustansiriya, Maytham and coffee, "long" that "Iraq has to adhere to OPEC 's agreement, and there is a challenge faced by the region respect to the relationship of thecenter as they overcome differences and a commitment to the roof of co-production."
He added that he "can be shared Iraq 's share amounting to 210 thousand barrels per day in accordance with the ratio of 17% notorious, will be the region 's share of the reduction of 36 thousand barrels per day, and theshare of the center 174 thousand barrels , " stressing that "Iraq would agree a profit of $ 7.1 billion in year if prices less than $ 50 did not land. "
Meanwhile, Director of the Economic Media Center, Durgham Muhammad Ali's "long" , said that " theagreement will raise prices and temporary and will stabilize around US $ 58 if actually been committed and did not lift companies in the US shale oil production with the recovery rates are relatively".
Internationally, Oruro Takahashi, director of the Tokyo Gas Company in France , said, " The producers move in OPEC and outside together. At the same time in Vienna and Moscow to approve the reduction of theproduction plan, gain real market is certainly the product of consultations and contacts and intensive preparations took place before the ministerial meeting of OPEC held"
He added that "Russia carry alone the burden of half cut production from outside OPEC, it will encourage other producers are important , such as Azerbaijan, Mexico and Norway to support this move and tocontribute to the reduction of the production program."
He pointed out that " the withdrawal of Indonesia 's most likely due to incompatibility with the objectives and programs of OPEC action, along with it importer rather than exporter of crude oil."

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