OPEC predicts the return of the price of oil to $ 80 by 2020

History of edits:: 2015/9/17 21:41

[Baghdad-where]
-alarac Member, were that the organization expects the rise in crude oil prices to no more than five dollars per year for up to $ 80 a barrel by 2020, with a slowdown in the growth of the production of countries outside pace sources in OPEC said is not enough to get rid of the current glut in the market.

The sources said that the figures came in an updated report on the strategy in the medium term was discussed this week by representatives of the countries of the Organization in Vienna but not ratified yet fully OPEC ministers.

The report is expected to decline in non-OPEC production by about a million barrels a day by 2017 from previous estimates to 58.2 million barrels per day.

But one of the sources said that even if the markets began in balance again because the low prices hurt producers with the high cost of the outside, it is unlikely that prices back to more than $ 100 a barrel before 2030-2040.

And the time of the 2030 contract until 2040 will be the first period in which OPEC's share of the global market rise to 40 percent from 33 percent currently.

It is said that Iraq is the second-largest crude exporter among OPEC, which produces about 40% of the world production depends largely on the financial budget on crude revenues countries.

The Ministry of Finance estimated in the draft 2016 budget law $ 59 billion and equivalent to 83% of the revenues of the federal budget on the basis of export 3.6 million barrels at a price of $ 45 a Brmel.

http://www.alliraqnews.com/modules/news/article.php?storyid=15932