Iraq plans to be the largest exporter of crude oil in the world

10/30/2013 09:02
Predicted a specialist oil that there is a change in the course of marketing policy of Iraq's oil and toward the Asian market, which is a good indication of the acquisition Iraq it, founding it on the country's progress because increases export capacity of crude oil in order to acquire the Asian market. Comes at a time which encouraged it to have Iraq energy surplus of crude oil in the coming years, as it set Iraq's future role as a key regional player in the oil market.



Marketing policy

The former oil minister, Dr. Ibrahim Bahr al-Ulum said in a statement to the (morning): "The marketing policy of oil within the current plan is successful and you need to find buyers in the Asian market, especially China and India, as it would guarantee supplies to accommodate hops production expected output from the oil fields of new of fields, Majnoon and Badra and others will enter the product line in the near future. "said Bahr al-Ulum said Iraq has developed its relations with China, India and other Asian countries in order to ensure oil supplies within the next plan, especially that there are oil companies operating invest in several fields in the country, including China, as well as the rest of the states help to continue oil supplies.



Asian market

The Minister felt former that change in the course of marketing policy in the direction of Asian market is a good indication as it purports country produced 3.5 million barrels, and expected that he will be able to by the oil quality and quantity to accommodate the Asian market. Referred to as that Iraq had developed during the last several oil fields, including the fields of crazy , Garraf, Badra, West Qurna Phase II, which will add between 400 to 450 thousand barrels per day.



Export alternatives

He stressed Bahr al-Ulum on the need to expand Iraq, his catalog, and thinking seriously to find alternatives to export oil through the Mediterranean to expand its energy production marketing via Ceyhan, which establishes a step in the right track for the coming period, calling for quick action to conclude oil contracts Jdidhma Asian countries and countries Other With corporate actors in it. mentioned that Iraq is seeking to strengthen the capacity of the export of oil dramatically in the coming months, elevator competition with Saudi Arabia, the largest oil exporter in the world, in order to acquire a larger share in the market of Asia's growing. while The Washington Post previously reported economically stressed where that Iraq will play a pivotal role in determining the prices of the growing global demand for oil during the coming years. came on the San Maria van der Hoeven Executive Director of the International Energy Agency (IEA) "Iraq has become already the third largest exporter of crude oil in the world and is now on its way to be so much more to become a "strategic source of world oil supply" in the coming years and thus replaces Saudi Arabia is the largest oil producer in the world.



Absorb exports

As for oil prices, he considered former Minister that concerns them is not justified because there is no glut in the oil market, but there is a need, despite the fact that Saudi Arabia has pumped large amounts of oil during the past two months, but will remain the oil market is able to absorb exports from Iraq, especially that if remained the price of a barrel of more than $ 100 for crude oil will be a rewarding amount depends on the market fundamentals of supply and demand.

He urged the Bahr al-Ulum competent authorities on the importance of thinking seriously to create a potential storage capacity in Asian countries and not rely on energy storage in Iraq and to be extra for this market used when the need for crude, noting that if arrived in Iraq to the production rate of 4 million barrels in the coming years there will be plenty in the market to absorb these energies and at remunerative prices.


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