Iraq plans to produce 4 million barrels of oil per day

[deniscanada]

Iraq plans to produce 4 million barrels of oil per day

 

. Created on Saturday, 03 August

 

 Baghdad / Orr News

 

 Oil Ministry said in Iraq that Baghdad's share of oil production will be out of the determinants of the Organization of Petroleum Exporting Countries "OPEC" during the next year, with the likely arrival of Iraq to export ratio required in the year 2014.

 

 Iraq is one of the parties to the institution to which OPEC members include 12 oil exporter.  The share of productivity amounting to three million and 800 thousand barrels per day, has been suspended since the invasion of Kuwait in the framework of international sanctions imposed on it.  The spokesman said Oil Ministry spokesman Assem Jihad, said that "exception Iraq from the decision of Ministers of the Organization of Petroleum Exporting Countries (OPEC), of reducing production, came against the backdrop of the Iraq issue is much less than its share."  Jihad said that "OPEC announced reduction of crude oil production and a half million barrels per day," pointing out that Iraq will not be affected by this reduction because it is "exported oil outside of OPEC quotas and has no fixed quota."

 

 Jihad said that "the production of Iraq's current crude oil is not equivalent to the size of official reserves, estimated at 115 billion barrels, due to deprive Iraq from exporting oil for many years after the Gulf War and the subsequent blockade imposed by the United Nations on Iraq," noting that the rates of production "did not see improvement after the year 2003, and thus Iraq remained outside the scope of its production volumes, which was to be a big proportions if the development of the oil sector continued normally. "

 

 And the rate of the production ceiling in normal circumstances, Jihad pointed out that the "experts OPEC يقررونه, depending on the size of the reserve in the country," and that Iraq "if they arrived, according to projections to four million barrels per day next year, its share will remain lower than those decided by OPEC if its oil industry continued production and develop normally. "

 

 For the IMF, Iraq has become one of the leading countries in the production of oil, it ranks second largest oil producer in OPEC and the world's third largest exporter and fifth at the level of reserves with about 143 billion barrels.  He said the Fund in its annual report on Iraq in 2013, that while the expected continued expansion of Iraqi oil production in the medium term to be the main contributors processing of the international market oil despite the suffering of challenges, but the country is facing financial challenges large after three decades of siege and war and the need to convert its oil wealth to the assets underlying the processes of reconstruction and development continuously.

 

 OPEC's share will shrink in the global oil market in the year 2014, it would turn increasing the supply of U.S. shale oil without the benefit of the Organization of the fastest rate of growth in global demand in four years.

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Edited August 4, 2013 by deniscanada

[sandfly]

SO RV NO

[poorman]

REMBER I SAID THIS RI .RI. THERE WILL BE NO RV.I DO NOT POST OFTEN. BUT I,AM SICK OF THE TWO LETTER WORD RV THERE YET.THERE WILL BE NO RV. RI.RI.RI.RI.TWO MUCH MONEY IN HANDS.PS NO LOP.

[doctor robbins]

Well unfortunately what people in dinar forums say has little bearing on what the CBI will do.  They've stated repeatedly that they intend to re-denominate, not RV or RI. 

[Boozer]

RV RV RV RV RV RV . Don't care what you call it just do it

[AJC]

Do something CBI so we can go forward or close this Dinar investment thing out. RV not RD IRAQ !!!!!!

[SocalDinar]

Those pipelines are so vulnerable not to mention the Transmission lines.

[billy goat]

To me - this post reflects the dismal status of overall OPEC reserve capacity.  With Iraq being "second" in output to Saudi Arabia (a member that now has to import energy due to years of extracting past critical peak) I have to question the real status (and yes - even the USGS assessment of 2008) of Iraqi reserves.  Middle east oilfields are playing out at an alarming rate and this complicates existing sectarian mayhem and strife.  I've always believed we have a long wait ahead of us but our wait grows longer as time goes by.