Iraq seeks to strengthen its economy through oil

Iraq seeks to strengthen its oil production, which results in the strengthening of the economy in general, through several measures and movements, including the investment of common fields and ensure the provision of huge stocks and the search for new ways to export.

Oil Minister Jabbar Ali al-Allaibi announced Iraq’s keenness to strengthen bilateral relations with neighboring countries and increase the volume of cooperation in all fields, including the oil and gas sector and energy through the conclusion of agreements or memorandums of understanding in order to enhance the state of economic integration between them and achieve the common goals and interests of the countries of the region and contribute to Strengthening its economic, political and security stability.

He said relations with neighboring countries and Arab countries have witnessed a significant positive development in the last few years, including the signing of a series of memorandums of understanding and cooperation with Jordan, Egypt, Kuwait, Saudi Arabia, Iran and others.

The oil expert, Hussein Marzouk, told “Sabah” that “Iraq has achieved in recent years significant achievements in the oil file.”

He pointed out that “the most prominent of these achievements is the stability of the production ceiling and quality, as well as ensure the sale of countries, and the signing of agreements for export in the future and the search for new ways to export its production, which achieve unprecedented stability in the history of Iraq.

The Ministry of Oil has announced the rate of exports and revenues achieved for the month of July, according to preliminary statistics from the Iraqi oil marketing company “Sumo”, the amount of exports of crude oil more than 100 million and 144 thousand and 814 barrels with revenues of more than 4 billion and 386 million dollars .

In this regard, the spokesman of the Ministry of Oil Assem Jihad, “The total quantities exported crude oil for the month of July from the oil fields in central and southern Iraq amounted to more than 100 million and 144 thousand and 814 barrels, while the statistics did not record the export of quantities of crude oil fields Kirkuk through the port of Ceyhan, pointing out that the daily rate of exports amounted to 3 million and 230 thousand barrels, the average price per barrel 43,798 dollars.

Oil prices fell on Friday, weighed down by fears of oversupply, despite US crude inventories falling more than expected.

US crude was $ 51.62 a barrel, down 28 cents, or 0.54 percent, from the previous close. This is the lowest since August 1.

WTI fell 32 cents, or 0.66 percent, to $ 48.27 a barrel, its lowest level since July 26.

US stocks also fell sharply, with Dow and Nasdaq scoring hundreds of points lower as investors feared rising tensions between the United States and North Korea.

Phil Flynn, an analyst at PricewaterhouseCoopers in Chicago, said: “The decline in the US stock market led to weak performance in the oil market.

“The demand picture is bleak with stocks falling, gold remains high, confirming my skepticism that it is a fear-driven trading.” On the supply side, a representative of Russian oil company Gazprom said the company sees “economic feasibility” of resuming production Old fields after the end of the global agreement between OPEC and non-member countries.

The Organization of Petroleum Exporting Countries raised its forecast for oil demand in 2018 and lowered its forecast for next year’s production but a new increase in the organization’s output suggests that oversupply will continue despite efforts to curb it.

Source: AlSabah Newspaper

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