Iraqi Oil: Oil production has fallen since last month
Erbil, August 2 / August (Rn) - U.S. Undersecretary of the Ministry of Oil of Iraq, that the amount of oil produced diminished since the month of July, compared with previous months, as noted specialist in economic affairs to that the reduction in quantities of Iraqi oil product would cause a decline in value of the dinar Iraq.
He Mutasim Akram told the Kurdish news agency (Rn) that "Iraq's oil output reached during the month of July last 2.185 million barrels a day, I said that figure compared with the production of oil during the month of June last."
He continued by saying that "Iraq was producing during the month of June, 2.273 million barrels of oil a day, and thus oil production has declined in July by 60 thousand barrels per day," but he also said, "and thus the overall production of oil during the last month, 60 million and 550 thousand barrels of oil" .
He attributed the Undersecretary of the Ministry of Oil reasons behind the decline of oil production to the scarcity of electric power, and some technical problems, noting that "the ministry's efforts are focused toward raising oil production during the month of August / Aug. to the same levels for the month of June."
According to the Iraqi government's budget, passed in 2011, should be on Iraq to export 2.2 million barrels of oil a day abroad.
For his part, said economic affairs expert north of Nuri's (Rn) that "the Iraqi economy now depends on oil production, meaning that the imports and expenditure of the country and plans and implementation of projects all rely on oil revenues."
Nuri revealed that the "decline rates of production of oil or low oil prices, the issue of negative affect on the process of economic development in the country, except that the Iraqi currency will suffer a decline in value, will remain an impact on global financial markets."
He stressed that "Iraq must rely on the products of the country and on industrialists and producers, to prevent vulnerability to decline in production quantities of oil or decrease its value in the global market."
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