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

1. 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 government’s 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.

2. 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-jibouri-ambition- by-the-barrel/