OPEC announces it will absorb the increase in Iraq’s

OPEC ANNOUNCES IT WILL ABSORB THE INCREASE IN IRAQ’S OIL PRODUCTION

Twilight News / revealed the Secretary General of the Organization of Petroleum Exporting Countries ” OPEC ” Abdullah al-Badri, on Tuesday, for the organization that will absorb the production of Iraq, which is expected to raise its production and export, as well as both Iran and Libya.

It was Iraq, recently announced that it is seeking to increase its oil production to more than four million barrels per day in 2014, with Oil Minister Abdul Karim and coffee on the status of plans could raise its oil exports to 3.4 million barrels per day, including 400 thousand barrels from fields in the Kurdistan Region.

Badri said during an oil conference held in London followed the “Twilight News”, “If the other members of OPEC would cut production to make room for increased supply from Iraq, Iran and Libya, we Snstoabh when it comes,” persisting “We faced a lot of problems in the past we have been able to overcome them and will overcome this also. ”

He added, “The OPEC members know their shares of the total production ceiling of the organization of 30 million barrels per day.”

The decline in OPEC output over the past year due to strikes and protests in Libya and violence and bad weather in Iraq; addition to sanctions against Iran.

And increased Arabia is the largest producer in the Organization and with the United Arab Emirates and Kuwait, supplies to make up the shortfall caused by the disruption ofproduction in Libya and elsewhere.

A poll for the news agency Reuters interview this month that OPEC production fell in December to its lowest level since May 2011 to about 29.53 million barrels a day from 29.64 million bpd in November.

Analysts said that the solution to these problems may add to the production of the organization of two million barrels per day of oil, at least from Iraq and other countries, which could push crude prices to decline if you do not other countries to cut production.

shafaaq.com

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