Abdul-Mahdi is expected stability of oil prices above $70

[k98nights]

Abdul-Mahdi is expected stability of oil prices above $70

Editor Mohammed Shafiq. Monday 22 December 2014 17: 58

Alsumaria news/Baghdad

Oil Minister Adel Abdul Mahdi, Monday, the stability of oil prices above $ 70 a barrel next year, which would likely result in Iraq four million barrels a day in 2015, expected to begin work on a final agreement with the Kurdistan region on oil exports within weeks.

Abdul-Mahdi said in an interview withReutersthat "Kurdistan Iraq will continue to export crude oil under an agreement with Baghdad until a comprehensive agreement," expected "to begin work on a final accord within weeks."

"The initial agreement was concluded on the basis so that Baghdad put the 2015 budget," Noting that "are expected to reach a final settlement in the coming weeks."

And Abdul-Mahdi that Kurdistan can continue to export over limit of 250,000 barrels a day to the account but the legal action taken by Baghdad against Kurdish authorities in Arbil because of oil exports will remain. "

Abdul-Mahdi pointed out that "the two sides agreed that the situation as it is at present, which means that the Kurdish side produces and exports and that the Iraqi Government establish some lawsuits on this matter," adding that "this is illegal and then things will remain as they are now."

The oil Minister said Iraq now produces about 3.2 million barrels per day in the South of the country and is expected to increase production by about 100,000 or 200,000 barrels a day next year. "

And if this increase, will increase the total output of Iraq's oil-export agreement with Kurdistan-to four million barrels per day in 2015.

However, Abdul-Mahdi said he does not believe that this "will push the Organization of petroleum exporting countries (OPEC) to exercise any pressure next year to reduce the production of Iraq excluded from the production quota system because of wars and sanctions."

He noted that "last year was cutting supplies to the market by around one million barrels per day because of Kirkuk and the Kurdish regional Government of Iraq cut much for OPEC, forecast" stable oil prices above $ 70 a barrel by the middle of next year. "

OPEC has expressed, on Sunday (21 December 2014), expressed the hope that the oil price will recover by the end of 2015.

The price of oil dropped, on (28 November 2014), to its lowest level since May 2010, after OPEC decided not to cut production, leaving ample supplies in the market.

http://www.alsumaria.tv/news/119706/%D8%B9%D8%A8%D8%AF-%D8%A7%D9%84%D9%85%D9%87%D8%AF%D9%8A-%D9%8A%D8%AA%D9%88%D9%82%D8%B9-%D8%A7%D8%B3%D8%AA%D9%82%D8%B1%D8%A7%D8%B1-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%81%D9%88%D9%82/ar

[Wiljor]

4 million barrels per day at 50 dollars is great, 4 million barrels at 70 dollars is exceptional. I like the math.

Much abliged K98

[zzztop]

I've been seeing reports that oil could go as low as $20 per barrel.  This is why no budget has been passed.  They simply don't know how much $ they will be able to bring in. 

[yota691]

 

Oil Minister Adel Abdul Mahdi

Abdul-Mahdi: falling oil prices gives an incentive to regulate the financial Iraqi economy

 

Author: BS, HAA 
Editor: AT, BS 12/22/2014 4:39 p.m.number of readings: 70 

 

 

 

 

 

Long-Presse / Baghdad

Counting Iraqi Oil Minister Adel Abdul Mahdi, on Monday, said that the fall in oil prices gives "incentive to regulate the financial best for the Iraqi economy", and among that everyone dealing with the economic realities, he stressed that OPEC is still "united" opinion not to curb production.

Said Abdul-Mahdi, in a press statement to "The Wall Street Journal," on the sidelines of the energy conference held in Abu Dhabi, today, and followed up (range Press), that "there is no one says that everything is just fine, and so far we have not found any tension, despite the fact that there are different views within the OPEC organization in the end it is still united. "

Saw Abdul-Mahdi, said that "the impact of falling oil prices gives an incentive to make better financial regulation of the Iraqi economy, despite the decline in the price per barrel to less than $ 60 a barrel."

He said the oil minister, said that "the economic facts facts stand-alone and we have to face these facts and Naqlm ourselves accordingly."

It is noteworthy that the price of oil fell more than a hundred dollars in the middle of the current year, 2014, to less than $ sixty now, especially after that overshadowed the increase in oil shale production of high-quality light, in North America on demand.

[sandfly]

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