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Warnings of a slowdown in the production of Iraqi oil on the world economy

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Warnings of a slowdown in the production of Iraqi oil on the world economy Empty Warnings of a slowdown in the production of Iraqi oil on the world economy

Post  Admin Tue Sep 18, 2012 7:00 am



Tuesday, September 18 / September 2012 11:00



Twilight News / chief economist, warned the International Energy Agency that any unexpected slowdown in oil production will have a significant negative impact on the global economy.

The economist said Fatih Birol in an interview with Agence France-Presse and seen by "Twilight News" that "any unexpected slowdown in Iraqi oil production would have disastrous effects on the Iraqi economy."

He said that "while no mention of the report and the International Energy Agency forecasts of the Agency to this possibility, it nevertheless is likely improbable and therefore IAEA touched him in its special report on Iraq's oil industry, which will be released next month."

And Birol notes coincides with a significant increase in Iraqi oil production, surpassing the Iraq Iran earlier this year to become the second largest oil exporter in the Organization of Petroleum Exporting Countries. It is expected that Iraqi production will continue to rise in the coming years.

Birol between "If Iraqi production continues to grow, or if they do not achieve this growth, the level of ambition, it will lead to continued problems and escalate inside Iraq and to damage the global oil market."

"We will be affected by the faltering growth of the oil sector in Iraq, China and European countries and developing Asian countries, where the increase in oil demand comes mainly from China and Asian countries, while harm rising prices ailing European economy."

He stressed that "this slowdown is still only a distant possibility," but pointed out that "It is important that we take into account, and prove this possibility Dialth importance of Iraq for the world oil market."

Birol said "the size and vitality of the oil, which will play the role of Iraq in the coming years."

The chief economist and the International Energy Agency is aiming to do is to emphasize that Iraq "will play an increasing in providing the world market with crude oil, and to emphasize the need to continue the country's production of oil growth so back prosperity to the Iraqi people and meets at the same time the requirements of the global market."

Birol said in response to a question whether it was possible for any other product to keep up with Iraq in terms of increased production, "I can not imagine enables any other product to keep pace with Iraq in its ability to export such large amounts in a short time."

The Iraq currently produces 3.2 million barrels of crude per day and produces approximately 2.5 million barrels per day.

The size of Iraq's oil reserves of crude, according to officials in the Iraqi Oil Ministry 143.1 billion barrels, and gas 3.2 trillion cubic meters.


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