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The International Energy: Iraq world's fastest growing oil production

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Rocky


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The International Energy: Iraq world's fastest growing oil production



11/19/15


Industry experts predicted that Iraq is increasing its production of oil in 2016 albeit in less dramatic this year, making it the battle of market share raging between OPEC member countries and its competitors from outside, a battle that was forced because of Baghdad to sell some crude types at a price low up to $ 30 a barrel.

Iraq and built its budget for 2016 on the basis of export 3.6 million barrels at an average price of $ 45 but thinks amending budget expenditures, estimated at 106 trillion to reduce the deficit of 22.7 trillion dinars, equivalent to 21% of total expenditures.

The newspaper report said that "Iraq's production jumped in 2015 by about 500 thousand barrels per day, equivalent to 13 percent according to the International Energy Agency, making Iraq a source of faster growth in production in the world and an important locomotive for increased OPEC production.

The report added, "It is likely that this growth is moving towards recording a modest increase next year, which will ease downward on prices, which are approaching from the low levels recorded in 2009, the pressure, but the lifting of sanctions on Iran or calm the violence in Libya, it is possible that OPEC production increases more If Saudi Arabia did not reduce or other members of the Organization produced.

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