Oil Price Predictions

Energy Agency: Iraq's oil production will rise to lesbian end of the decade

Wednesday, October 10, 2012 06:41

London: It is expected that the rise of Iraq's oil exports to the highest level in decades this month as production on his way to increase lesbian by 2020 reinforces the country's position as the second largest producer in OPEC after Saudi Arabia.

The predicted and the International Energy Agency to reach Iraq's oil production 6.1 million barrels a day by the end of the current decade, according to the agency's main scenario for around three million barrels per day at the moment.

But expectations account for half of the target levels for Iraq under Taakedath with foreign companies and highlighted Olokulhalta provide advice in the field of energy for the twenty-eight industrialized nations the risk of production to grow at a slower rate than the target.

The agency said in a report on the outlook for Iraq's production released Tuesday "report expected movement toward slower growth of oil production than indicated by the current contracts."

The senior official said the Iraqi oil sector on Tuesday that is expected to rise the country's crude exports over 2.8 million barrels a day this month, with the rise of shipments from the north and the south.

The exports amounted to 2.6 million barrels per day in September, which is already the highest level in more than 30 years.

And informed the official, who asked not to be named, told Reuters, "I am confident that if everything goes well, exports will increase to 2.8 million barrels per day at least."

He added that it expected to contribute to the giant fields in southern Iraq by about 2.4 million barrels per day from Basra in crude exports, while the northern fields produce about 450 thousand barrels of Kirkuk crude.

Exports of Kirkuk in the north after the government reached agreement with the central government of the Kurdistan region last month to end a dispute over oil payments after the Kurdistan vowed to resume exports.

Exports of Kurdistan oil to 170 thousand barrels per day and will reach 200 thousand barrels per day soon thanks to the agreement.

And warned the Paris-based agency to postpone investment in Iraq could lead to the scarcity in the market in the coming decades and push prices to rise.

The executives say companies oil that although Iraq, which has the fourth largest reserves global firm in the world has enough oil in the home to achieve the level of production target of 12 million barrels a day, infrastructure problems and bureaucracy makes access to this level unlikely by the time the contract any 2017.

The report presented a scenario in the case of delay investments includes a slight increase for energy investments in Iraq compared to their levels in 2011 result in increased production to four million barrels in 2020 and 5.3 million barrels in 2035.

In this case, Iraq loses three trillion dollars of national wealth revenues for small export chapter on the failure to develop the industrial and service sectors again. Oil prices will rise more.

The agency "will reach $ 140 a barrel in 2035 with price stability, an increase of about $ 15 for the scenario of the President."

And began Iraq's oil production, which has remained constant for a long time because of wars and sanctions on the rise in 2010 after Baghdad entered into contracts with companies such as BP. BP, Exxon Mobil and Eni, Royal Dutch Shell


Oil could hit $200 a barrel under new sanctions: Iran

World oil prices could soar to $200 per barrel if Iran's petroleum sector is hit with new Western sanctions, Iranian Oil Minister Rostam Qasemi told Saturday's edition of a news weekly, Aseman
AFP, Saturday 31 Dec 2011

"There is no doubt that the price of oil will increase drastically and the international markets will have to pay a heavy price," Qasemi was quoted as saying.

"One can't give accurate predictions, but sanctions on Iran's oil will drive up the price of oil to at least 200 dollar" per barrel, he said.

Qasemi comments comes as the European Union was considering a possible EU embargo on Iranian oil imports. EU foreign ministers are to meet on the issue in a month's time.

US President Barack Obama is also expected to soon sign into law additional restrictions on Iran's central bank, which acts as the main conduit for Iranian oil sales.

The United States and its allies have already imposed unilateral sanctions on Iran's economy.

World oil prices slipped slightly in end-of-year trading, but still remained generally high because of the heightened tensions between the United States and Iran.

Brent North Sea crude was at $107.02 per barrel in London, while New York's main contract, light sweet West Texas Intermediate crude, was at $98.99 a barrel.

Iran on Saturday kept concern alive over its threat to close the Strait of Hormuz to oil tankers by readying war game missile tests near the entrance to the Gulf.

Twenty percent of the world's oil moves through the Strait of Hormuz, at the entrance of the Gulf, making it the "most important chokepoint" globally, according to information released Friday by the US Energy Information Administration.

Iran is subject to four rounds of UN sanctions over its nuclear programme, which many Western countries allege is being used to develop atomic weapons. Tehran denies the allegation.

Here's a video from Lindsey Williams who predicted this was going to happen from intelligence from the people who are causing it!



Expert: Iraq will be the most developed countries in the global oil economy

Posted: July 29, 2012 in Iraqi Dinar/Politics, Top Headlines
Tags: , , , , , , ,

07/26/2012 0:00

Stated that alternative energy can not compensate for the needs of the oil during the next fifty years

Said Academy specializes affairs oil that opening up the technological world is witnessing led to be the economics of oil and gas, the cornerstone of the growth processes of producing countries, stressing that this concept is to make the oil markets, the upper hand in the organization of economic policy for the various joints, advanced industrial countries, and while he believes that the stage the current through which Iraq require more strategic planning, stressed the need to find a tool or a driving force for the advancement of economic destruction, saying that oil is the most prominent of those tools and the driving means toward economic transformation towards achieving progress in sustainable development rates in the country.

The head of the IT department of oil in the University of Technology, Dr. Khaled Al Ajami al-Rubaie during his speech for the (morning):

You need the economic boom in the various industrial sectors to finance financial in order to create the infrastructure, where the oil stream President for the construction of many of the vital sectors, so the driving force to achieve those gains are oil class basis, which is the most prominent factors to encourage and move the process of investment in various sectors of business and services and thus achieve an economic renaissance comprehensive in all areas of production.

He said al-Rubaie said the world and the Next Fifty Years will not be able to dispense with the oil and gas as the main reservoirs of energy, He noted that the ratio of these two elements in various areas of the world amounted to more than 63 percent of all the key elements of energy, this means that the oil can not be replaced by any element of another during the time periods ahead, which calls for the exploitation of those for the rehabilitation of all industrial facilities, commercial and agricultural and tourist revenues that come to the country for the sale of petroleum in the world.

Iraq relies by more than in some cases, the proportion of 90 percent on oil imports in the previous Moisnath coverage, and to establish strategic projects task, and to cover operational expenses of the general government sector.

And warns the concerned of the dangers of this matter on the economic reality in general, and stress from time to time the need to find outlets other investment of non-oil, and increase production rates, and reduce the imports of industrial lead to the migration of big money abroad, stressing at the same time the importance of rehabilitation of public industrial, agricultural, and to the extent that they can Aanaachehema of production and competition and thereby enhancing the financial resources of the country and reduce the near total dependence on oil.

According to al-Rubaie that despite the great interest which the world is witnessing the subject of alternative and renewable energy, but it can not compensate for the demand for oil and gas in the global markets in the coming years, likely to increase rates of demand gradually over the next few years until you reach the highest ratios in 2020, warned at the At the same time the possibility of being affected by oil prices, many of the factors that lead the result to lower prices in world markets, especially the wars and the political situation volatile faced by countries of the year and in particular OPEC (oil producing countries), as well as pressure on those countries which usually hinder the plans and the specific production ceilings and built on a broad base of considerations.

However, al-Rubaie said that among the factors affecting the price of world oil is the financial and economic crises experienced by the world, as happened in 2009, and price fluctuations in the seasons of summer and winter, and increase the number of factories, the giant in the developed countries, as well as environmental factors and natural disasters that control is other world oil prices.

Is based on spring to a number of studies and research in his assertion that Iraq will stand at the forefront of countries with economies in an oil firm in the coming years, so having many of the qualifications the task that stands in the forefront of oil reserves and high potential physical, human and openness to the world, pointing out that all those combined features will play a vital role in Iraq to stop at the forefront of countries that have oil sobering economy in the region.

Explains Rubaie said oil licensing rounds, the four witnessed by the Iraqi oil sector is a sign of progress confident towards creating economy oil is strong, and the formation of science policy tries to Iraq crystallized in its strategy in the medium and long term, stressing that these tours will be reflected positively on the economic reality in its entirety for all provinces Iraq, praising the timeshare itself, including its oil ministry’s efforts said it was excellent in increasing the volume of oil investments, calling on them not to stop at a certain level to raise production but also to contribute in bringing about economic integration in the areas of refining and the provision of derivatives and exported in the construction of petrochemical industry that require more effort and hard work.