Iraqi fears of falling oil prices

[k98nights]

Iraqi fears of falling oil prices

06/10/2011-10: 59 | readers number: 15

Baghdad/agencies

Raise oil price fluctuations and unstable concerns of some member states in OPEC. وتثارالمخاوف In Iraq of the world oil prices above $90, which will have a clear reflection of the state revenues in the coming stage.

And deputy prime minister for energy, Hussein al-shahrastani, that it is difficult to accept the retreat of oil prices to less than $90.

Shahristani was quoted as saying that he does not expect that OPEC needs to review its production of crude oil at the next meeting, adding that there is no need for the production cut in the time being.

Is Iraq's existing production about 2.7 to 2.8 million barrels per day of crude oil, relying on imports to cover financial budget by up to 95 per cent.

Iraq is expected to increase its production to three million barrels per day by the end of this year will increase 500 to one million barrels per day further next year.

http://www.aladalanews.net/index.php?show=news&action=article&id=85824

[RICK C]

Let them keep their oil, we can get our's from the tar sands prodjects in canada cheaper.

[coyote]

who cares we have more oil in Montana than the rest of the world, get rid of these liberal socialist, that have everything but destroyed this country, and we can get back to work again.

[tim5400]

what greed !!!..they ***** if oil falls in price $1.00....try paying 3.75 a galllon ....they make monsters profits and at the same time stifle economic growth with high gas and oil prices....IDIOTS...jmo

[RICK C]

We need to go back to the days when America depended on American owned products made here. Stop importing all products from outside of the USA and that goes for OIL let OPEC eat their dang Oil and and let China keep all their household products, and while we're at it any company that moves out of the USA , BAN them from Re Entry for ever. And Leta Close those Borders NOW. That will get America back on it's feet again.

[cooked]

We need to go back to the days when America depended on American owned products made here. Stop importing all products from outside of the USA and that goes for OIL let OPEC eat their dang Oil and and let China keep all their household products, and while we're at it any company that moves out of the USA , BAN them from Re Entry for ever. And Leta Close those Borders NOW. That will get America back on it's feet again.

Wow, how do you really feel? I'm with you bro. Sadly there are too many "off" groups with big lawyers that will never let anything like that happen. Great idea though.

Here little pink piggy piggy

[RICK C]

Carpenters Union Local #1977 Master Journeyman. Believe me Thw Unions could still have an impact on this country if need be to help the people. remember 1978 what the truckers did. Iraq needs to think of it's people 1st and foremost as should Pres Obama. someday they might all wake up.I hope.

[Mongo]

Carpenters Union Local #1977 Master Journeyman. Believe me Thw Unions could still have an impact on this country if need be to help the people. remember 1978 what the truckers did. Iraq needs to think of it's people 1st and foremost as should Pres Obama. someday they might all wake up.I hope.

The Unions are corrupt and in bed with Obama and socialism................(to help the people) give me a break

[RICK C]

shows how little you know.

[^theStig]

Let them keep their oil, we can get our's from the tar sands prodjects in canada cheaper.

No you can't...... As fcked as it sounds. It is cheaper to import oil from a country 9000 miles away than it is to get it from our own back yard.

Tree hugging hippy enviromenelists aside, one of the main reasons it is so, is we don't have the pipeline transportation infrastructure to move the massive quantities we would require to the oil refineries. The process that is necessary to get the oil out of the shell is alot more expensive, and is not the grade of oil for gasoline, but used more for heating oil, and other petroleum based products.

Wow, what an hour watching discovery channel can teach you.

[^theStig]

We need to go back to the days when America depended on American owned products made here. Stop importing all products from outside of the USA and that goes for OIL let OPEC eat their dang Oil and and let China keep all their household products, and while we're at it any company that moves out of the USA , BAN them from Re Entry for ever. And Leta Close those Borders NOW. That will get America back on it's feet again.

I totally agree, but unfortunately utterly impossible to do. First, I like my Porsche. Second, the total proven reoverable oil reserves stand at around 20-30 billion barrels in the us.

If we were to go 100% on our own at our current 19,000,000 bb/day proven reserves would run out in about 5 years or so. Then what?

Shure we find oil fields all the time, but we are using more at a faster rate than we find. Shure we have shale oil, but it's not good for gasoline or jet fuel.

And it is triple the cost to process it. Then if we do find the motherload it would take decades to get it producing. We don't have that kind of time.

[keepmwlknfny]

This is exactly why it would be dumb as hell for them to let the dinar float.....

[Bambino3]

Ric C - The carpenters union what a joke. Try having a trade show at McComack Place. We had a display, just basically velcro backed stands with signs. Not a piece of wood on it. But, you couldn't touch it. A carpenter had to put it together at about $120 per hour. And to call a union a union is a joke. Our teacher's union was asked to forego their 4% raise, otherwise they would have to lay off 2,000 teachers. Screw the 2,000 teachers. They would not give an inch. Unions - you guys are the reason for China's Rise and most of your membership has probably never read a book.

[Lenape]

Sad to say but just like Donald Trump said, that oil is ours and we should be getting it for free and he should be our next President. God Bless our Troops

[RICK C]

talk about a bunch of dumb ass's , who built this country shitheads.not you jerks.

[Dalite]

This is exactly why it would be dumb as hell for them to let the dinar float.....

Since they are depending on it to fund their budget, while borrowing the deficit against future production, I bet they are concerned.

And what is really bad with that game plan is that every barrel they take out of the ground is one less barrel they can sell at a later date.

The pitfalls of basing your future solely on a non-renewable resource....

You are right; until they can develop infrastructure to increase industry, promote the private sector, encourage agriculture and get the security in order to resume religious tourism, Oil is nothing more than fiscal blackmail.

Trying to plan your future around a commodity that is priced by emotion is risky business....

If the price falls below a certain level, OPEC is going to further restrict how much they can export, making their economy even more unstable.

And our Gurus claim this is our road to the promised land; based on their oil..... That must be really, really new math they are using..

talk about a bunch of dumb ass's , who built this country shitheads.not you jerks.

Don't you mean to be asking who destroyed it?????

Unions are nothing more than an impediment to progress.

Luckily, so far the US has survived, in spite of the unions..

[Shinnidan]

hmpf....they must be feeling like total dumb arses for not taking advantage of the price of oil when it was peaking a $110/barrel... its really hard for me to feel sorry for morons that seen the potential and could have acted then...but chose to drag their feet and do NOTHING. while that whole time it was up there they would have been reaping the benefits while it lasted.... *sighs*

[ronbo62]

We need to go back to the days when America depended on American owned products made here. Stop importing all products from outside of the USA and that goes for OIL let OPEC eat their dang Oil and and let China keep all their household products, and while we're at it any company that moves out of the USA , BAN them from Re Entry for ever. And Leta Close those Borders NOW. That will get America back on it's feet again.

OK Sir! When you go and buy a shovel and it costs you 75.00 then you can say. Made in the good ole U.S.A. But if it is it won't be by Americans. It'll be by the cheapest labor that these money grubbing companies can scrounge up.

The place I work for is 90 percent Dominicans and 9 percent Puerto-Ricans and only one or two can speak and understand English. It's not their fault, they don't have to learn the Language. Thank the Government for that and every other Nationality that can't take the time or Bother because they just want to work here and send their money home to there Relatives. They could give two sheets about us or the Country. I've heard many of them say so. So when you think of good ole U.S.A. products again think of the Auto industry. Or any other Unionized company and then you'll see why the goods we have here are so darn expensive. Go RV

[billbill]

Most large corporations aren't American anymore. They are controlled by people from all over the world. We need to create our own American only companies and start producing products here in America made by Americans! But our government needs to first step back and stop trying to strangle the capitalist society. We need yo stop drinking the "Global warming koolaid" and do what is best for our country. Then we can help the world once we get things squared away here!

[^theStig]

who cares we have more oil in Montana than the rest of the world, get rid of these liberal socialist, that have everything but destroyed this country, and we can get back to work again.

The wrong oil