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Iraq shows concern the possibility of low price of a barrel of oil below $ 90

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Iraq shows concern the possibility of low price of a barrel of oil below $ 90

Post  evilbyte on Wed Oct 05, 2011 11:20 am

10/5/2011 | (Voice of Iraq) – (Rn) said Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani said on Wednesday that it would be “difficult” to accept the revelation of world oil prices from $ 90 a barrel, in a sign that the decline in prices began to cause concern to some members of OPEC. The current production of Iraq, about 2.7 to 2.8 million barrels per day of crude oil, and relies on imports to cover its budget finance up to 95 per cent. and Iraq expects to increase its production to three million bpd by the end of this year and will add 500 thousand to million barrels per day more next year. It quoted “Reuters” Shahristani said he did not expect to need OPEC to review its production of crude in the next meeting, adding that there is no reason to cut production at this time. In a new sign of concern about falling oil prices raised Iran’s ambassador to OPEC the possibility of FAO to convene an emergency meeting, saying he would be “normal” if the price falls. and take Iran’s rotating presidency of the Organization of Petroleum Exporting Countries until the end of this year. In an interview with the world economy of Iran was published on Wednesday, said Mohammad Ali Khatibi, said he expected that the fall Brent below $ 100, adding that the decline in demand has led to a surplus in supply. Khatibi said, “There is a possibility always to hold emergency meeting. there were some concerns at the moment and if it continues the downward trend of prices, it is natural to expect an emergency meeting.” But the key members of the Organization of Gulf states – Saudi Arabia, Kuwait and United Arab Emirates – have shown interest to call for an emergency meeting before the scheduled meeting in December / December and was a senior official in the region had told Reuters last week that it is unlikely to reduce these countries supply in an attempt to halt the slide in oil prices, but if fell Oil for $ 90 a barrel for a long time. Iran has said it will not propose to change production quotas. Khatibi said “At the moment the price crude Brent and Dubai about $ 100 and is expected to fall below 100 dollars.” “At the moment there is some surplus in the supply market due to lower demand. ” Open: Abdullah Sabri


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