Ambition by the Barrel / By Dr. Ahmed Al-Jibouri

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Ambition by the Barrel / By Dr. Ahmed Al- Jibouri
Recently, the government of Iraq had announced
that it will be increasing its crude output by
the end of the year 2017. The targeted oil output
was 10 million barrels per day. But, this value
was reduced to 7 million barrels per day after
a series of considerations. Dr. Ahmed Al-Jibouri
has been following the events pertaining to this
subject and was asked a few technical questions.
The following are the questions he was asked and
the respective answers he had provided. 1. Do
you feel that the Iraqi governments plan to
increase crude exports is reasonable and
feasible? Dr. Ahmed Al-Jibouri said yes. In fact,
Ahmed Al-Jibouri feels there is no better time
to increase the oil output than this. There are
numerous reasons that are worth considering.
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First of all, OPEC countries and other major oil
producing nations have reduced their oil
production in a bid to boost prices on the
market. Iraq can take advantage of this and
boost its own production for purposes of
increasing revenue from oil. The recent
meeting involving OPEC countries ended in favor
of an oil production supply cut extension. This
means that the market is still going to be stable
for the remaining half of the year since prices
are likely to oscillate within the same range.
Many major oil producers including Saudi Arabia,
Iran and Russia have pledged to support the oil
supply cut extension deal. This is further good
news for countries like Iraq which are trying to
utilize this opportunity to generate more
revenue from oil than ever before. Read more
http//economyme.com/2017/08/16/dr-ahmed-al-jibour
i-ambition- by-the-barrel/