********* Arab Energy Conference will take place with the participation of Iraq which is expected to increase its exports

12/21/2014

Iraq participates in the work of the tenth Arab Energy Conference, which opened Sunday in Abu Dhabi under the theme "Energy and Arab Cooperation" joint Arab countries Organization of Petroleum Exporting sponsored (OAPEC) and the Arab Fund for Economic and Social Development, the Arab League and the Arab Organization for Industrial Development and Mining.

The presence of officials and experts, the conference looking over three days energy situation of the many aspects related to the current developments in the oil and natural gas markets and their impact on the Arab energy sector, and the investment needed to develop the energy sector in the Arab countries, the issues of energy, environment and sustainable development.

The conference also will discuss topics related to Arab and international energy sources, and energy consumption and the possibilities of rationalization, and electrical interconnection between the Arab countries in addition to technological developments and their impact on the energy sector in the region, according to a website of the organization (OAPEC) .

But the conference at a time when oil prices continue to fall sharply in global markets led to the concentration of most of the statements made by oil ministers participants Sunday (December 21) on this issue and is expected to take up debate ways to re-price stability.

Iraqi Oil Minister Adel Abdul-Mahdi said on the sidelines of the Abu Dhabi conference that he sees no need to hold an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC), but "we have to wait and see to see" whether the organization has taken the right decision to maintain the production level unchanged. He said in Press Releases that he believes that prices stabilize around current levels at around $ 60 a barrel.

As quoted by Reuters news agency as saying also that the total of Iraq's oil production will reach four million barrels per day after Baghdad reached agreement on exports with Erbil.

Abdul-Mahdi, with the Prime Minister of the Kurdistan Regional Nichervan Barzani - Arbil, November 13, 2014 Abdul-Mahdi, with the Prime Minister of the Kurdistan Regional Nichervan Barzani - Arbil, November 13, 2014

In a related context, predicted general manager of the Iraqi State Oil Marketing Organization (SOMO) Falah al-Amiri Sunday that exceed the average oil exports in December from the port of Basra 2.6 million barrels per day. In the dissemination of the statement made by on the sidelines of the energy conference held in Abu Dhabi, Reuters reported that Iraq's oil exports from the main southern its port often fluctuate due to weather or technical problems, adding that according to sources navigational stood exports from Basra size in early November 2.4 million barrels per day.

It is noteworthy that the suffering of Iraq from falling oil prices were among the main reasons that led him last week to request the postponement of payment of $ 4.6 billion in compensation to destroy oil installations in Kuwait during the occupation of the former Iraqi regime of the country in 1990-1991.

UAE Energy Minister Sohail Al Mazrui, who chairs the conference, said for his part that what he called the production "irresponsible" by non-member countries (OPEC) is among the main reasons for the collapse of oil prices. He Mazrui that the sharp decline in oil prices will cause an economic burden of a large producing countries, stressing at the same time that the decision taken by the (OPEC) last month to maintain the levels of production was "right," as he described. In this regard, he said that "OPEC's decision, which aims to give the market time to restore the balance, correct decision and a strategic and beneficial for the global economy," expected to contribute to the decision to restore the stability of oil prices, as quoted by AFP news agency.



Crude oil prices have fallen by about 50% over the last six months of the close of around $ 60 a barrel after the average sale per barrel of Brent reached about $ 115 last June. Analysts pointed out that the continuing decline in prices is attributed to three abundance in global supply and the economy weak and the strong dollar as the main reasons.

The Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said in remarks made by a few days in advance of the Abu Dhabi conference before the falling prices "temporary and transient state." The agency quoted the official Saudi news as saying Thursday (December 18) that he was "optimistic" about the future of the oil market, adding that "what we are facing now the world is facing is a temporary and transient state of the global economy, particularly the economies of emerging nations will resume growing steadily and then oil demand growth returns is the other. "

Naimi reiterated to the participants in the Arab Energy Conference X in the UAE's capital Sunday to say he was "sure that the oil market will recover and that prices will improve."

Kuwaiti oil expert Kamel al-Harami Kuwaiti oil expert Kamel al-Harami

For further follow-up and analysis, conducted an interview with the Kuwaiti oil expert Kamel al-Harami, who spoke to Radio Free Iraq from Abu Dhabi, where he participates in the work of the Arab Energy Conference tenth from the atmosphere of the discussions, saying "It's calm and expectations about the future of oil prices and the producing countries policies from outside OPEC On the next oil shale from the United States and Canada as well as from the real contenders for conventional oil, "as he put it.

Harami said that the debate should focus on the reasons for the inability of issuers light oil from the competition producing countries Nfez shale oil and sandy especially since the production of the two types of oil in the United States and Canada is much less expensive than conventional oil production in the countries of the Organization (OPEC).

In my interview over the phone and can be heard in the audio file, oil expert Kuwaiti talked about other related topics, including analyzes that go to the abundance of production is one of the reasons for the fall in prices and price range "moderate" crude oil in addition to the factors affecting the market volatility Global.

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