Shahrestani: OPEC production will decrease again ..Petrol prices shouldn’t be less than 70$ per barrel

Husain Shahrestani Iraqi oil Minister expected that the ministerial meeting of OPEC next month will result on another decrease of production to push prices to at least 70$ per barrel.

OPEC decreased its production by 4.2 million barrel a day since last September by two stages in a way to enhance prices that dropped to 40 $ last week after it reached to its max level 147.24 $ per barrel in mid last July.

 
Shahrestani said in a symposium about developing of Oil and Gas Production in Iraq that this year will be hard for most of the world and will have its impact on the bad economic situation of oil demand which will result cut of prices.

 
“we expect that oil prices will not be less than 70 $ a barrel ” he added.

 
Iraq which has more than 115 billion barrel of oil, had offered the international companies two stages of offers for 19 fields of oil and gas to be developed.

Iraq produces 2.4 million barrel of oil and it tends to add between 4 to 4.5 million barrels per day during four to six years.

 
Iraqi government tends to sign first phase contracts in the mid of this year and the second phase on its end.