The International Monetary Fund is expected to be contributing as Iraq oil equipment
13/07/24 17: 44
The International Monetary Fund, said Wednesday that Iraq is one of the leading States in oil production, while occupying the second largest oil producer in OPEC and the third-largest global exporter and fifth at the level of the reserves of about 143 billion barrels, while the expected continued expansion of Iraqi oil production in the medium term to be the main contributors to the international market of oil processing,
despite its challenges, the country faces significant financial challenges after three decades of blockade and war as you need to convert oil wealth To assets based on the processes of reconstruction and development.
This came in the annual report of the International Monetary Fund, International Monetary Fund (IMF), on Iraq for 2013, obtained by (range).
The report on development of the oil sector, realized that "Iraq in the past 10 years, became one of the leading States in oil production in the world," adding that Iraq "contains the equivalent of 143 billion barrels of oil, the backup Installer ranks fifth largest in the world after Saudi Arabia, Venezuela and Arabic Canada and Iran".
The report said that with Iraq production daily access to 2.95 million barrels last year, it contributed more than three percent of international oil processing", stating that" Iraq is the second largest oil producer in the Organization of petroleum exporting countries OPEC, OPEC’s third largest oil exporter in the world."
The Fund said in its report that "Iraq’s oil resources has been strengthened since the year 2011 with a barrel to $100", but "but at the same time, Iraq is facing a politically unstable GEO and down in standby processing power".
The IMF, "the continuing expansion of Iraqi oil production in the medium term, which would make the country the main contributors to the international market of oil processing," returned to "the Asian region is the home of Iraqi oil exports as percentage of exports to the continent, yellow from 24 percent in 2005 to 53 percent in 2011.
The Fund said that "infrastructure for the export of Iraqi oil and that oil production in Iraq is facing challenges such as the need for water pumping installations during the production process and a few electrical installations which are in the process of oil production," and felt that "the Iraqi Government is now focusing on building projects and infrastructure development to export facilities in the South, North and West, by creating storage tanks and pumping stations in al Zubayr and FAO which is expected to be completed in 2016 and increase export capacity 5 million barrels per day."
The report also stated that "instability in Syria have hampered plans for a new pipeline to Iraq Syria card 2.25 million barrels per day," but part of the tube will be created through the modern card one million barrels per day would be extended through Jordan to the port of Aqaba.
The Fund stressed in his report that tedious bureaucracy "that the Government deals with oil companies are other challenges affecting the development of the oil sector, and the delay in project implementation, and continued as the" political and security instability in the country increases these problems and their impact on export and production rates.
In another axis of his report, the report of the International Monetary Fund, financial policy instruments to Iraq, stressing that "Iraq faces major fiscal policy challenges after 30 years of sanctions and wars which caused very large needs of the country at the social and infrastructure development."
The Fund, considered that "Iraq needs to convert oil wealth to assets based on their reconstruction and development continuously," pointing out that "the Iraqi Government is now working on casting of oil resources in the domestic economy, which received 100 percent of the exports of oil resources and decide how much spare overseas or into the domestic economy through government expenditure which constitutes a significant impact on the operations of the major development in the non-oil sectors, stability and equity."
The Fund said that "Iraq depends on fiscal policy on the default scenario of income given that oil production will increase gradually at a rate of 400 to 500 barrels a year to up oil production to 3.5 million barrels per day by the year 2018," likely "the non-oil sector will grow by six percent to constitute 15 percent of GDP in 2018, which will keep the growth rate maintaining the level of eight percent over the medium term."
Point the International Monetary Fund in his report, that "Iraq has witnessed economic growth accelerated from 5.9 percent in 2010 to more than 8.4 percent in 2012, when the average oil production to three million barrels per day, the highest level achieved over the past 30 years."
The Fund cited in his report, that "the news due to the expected growth in Iraq during the year 2013 to nine percent with increasing oil production to around 3.3 million barrels per day, and recovery activity in the non-oil sectors (Government services, trade, real estate, construction and transport). The report also referred to the rate of inflation decreased from six percent at the end of 2011 to 2.2 percent at the end of 2012, but it is expected to increase slightly in 2013.
Deputy Prime Minister for Energy Affairs Hussein Al-Shahristani, said (12 June 2013), the launch of the national integrated strategic plan for energy (2013-2030), indicating that it will provide to Iraq six trillion dollars and 10 million jobs, and it includes building ports of export to raise the export capacity of the country’s 2014 next to six million barrels per day.
The IMF is a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945 to work on strengthening the integrity of the global economy, the Fund’s headquarters in Washington, and managed by its members who include almost all the countries of the world number 186 countries.