Looking for some good weekend reads, we could not let the following article We need a New Narrative for Globalization of Klaus Schwab [ . . . ]
A piece of information as reported by Reuters yesterday Saturday August 27, 2016 regarding an OPEC member oil producer of importance. That is Iraq set to get back to its pre-war Market Share. Its sight is on expanding its production and would not hear of reducing it at the forthcoming September meeting of Algiers.
A general view shows a lake of oil at Al-Sheiba oil refinery in the southern Iraq city of Basra, in this January 26, 2016 file photo. Iraq set on expanding oil output to gain market share
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad. (Image: Reuters)
Iraq is willing to play an active role within OPEC to support oil prices but will not sacrifice its goal of expanding market share and will continue to ramp up output, its oil minister said on Saturday.
Jabar Ali al-Luaibi, on a visit to the southern oil city of Basra, renewed calls for local and international oil companies in Iraq to increase production and announced plans to double crude storage capacity at the country’s southern export terminals to 24 million barrels in the “coming years” from 12 million barrels currently.
“The ministry has new ambitious plans to develop the oil sector,” he told reporters. “Among them, the most important is to increase crude output to reach a level that suits Iraq’s needs; we don’t want to specify a ceiling for future production like in the past.”