A huge jump in the production of Iraq could ignite conflict within «OPEC»

Economy · 07  2014/

London - (Reuters) - Iraq will regain its position as the fastest-growing oil exporters in the world, which compensates consumers stop some Libyan supplies has renewed conflict on production quotas within the «OPEC» in the future.

Despite the escalation of violence because of the repercussions of the war in Syria is likely to register Iraq - the second largest producer in OPEC - one of the biggest jumps anniversary in the history of oil production as it works «me. B» and «Exxon Mobil» and other companies to develop fields in the South that have not Reach them disorders.



After removing many of the bottlenecks in the export channels in the ports of Basra - which Iraq exports of which the vast majority of its production - is expected to continue to Baghdad export pace recorded in February, amounting to 8.2 million barrels per day, up 500 thousand barrels per day from the previous month, or perhaps exceed .

After that Iraq has witnessed a slowdown in the last year is expected many of the workers in the oil sector recorded a significant increase in 2014 in the country, which has the world's fifth largest oil reserves in the world.

The official said other Western oil company operating in Iraq «We believe that this year will average about 2.9 million barrels per day, so you may score in the second half of the year more than a little that level».

If Baghdad were able to maintain exports at 2.8 million barrels per day, has amplified its revenues to more than $ 100 billion at an oil price of $ 100 a barrel. With an average of exports slightly less than 4.2 million barrels per day last year earned $ 89 billion Iraq.

Did not affect Iraqi exports rising oil prices so far, but he was welcomed by other members of the Organization of Petroleum Exporting Countries (OPEC) because it compensates for the supply of parked Libya and the decline in Iranian exports because of Western sanctions.

The delegate said OPEC Gulf state in «as long as the price of Brent 100-110 dollars there is no problem with OPEC and would welcome the extra supplies from Iraq, their oil is required ..». I agree with another delegate, but pointed out that this view might change if production recovered in other countries.

And the situation in Iraq a target level of exports at 3.4 million barrels per day for 2014 include 400 thousand barrels per day from the Kurdistan region which means that the total production to four million barrels per day, inclusive of oil, which is consumed locally.

The total Iraqi oil production last year, about three million barrels per day, up slightly from 2012. And allowed slowdown in Iraq and lower production and Libyan sanctions imposed on Iran for other countries in OPEC, particularly Saudi Arabia, Kuwait and the United Arab Emirates to avoid significant reductions in production.

Thanks to high oil prices, OPEC has managed over the years from around the difficult questions of how to split production between the member states. It is expected to change a look undemanding officials with the growth of Iraq while returning to Libya and Iran to the former outdated.

A source in the OPEC «Iraqi production Unrecorded little growth last year, but it seems they are making progress this year. With the growing Iraqi production will appear including issues related to it may have to cut production ».


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