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Oil prices expected to fall

Iraq plans to increase exports to a record

Baku. 27 May. REPORT.AZ/ Iraq plans to increase daily oil exports to 3.75 million barrels on the world market.Thus, OPEC is trying to displace US producers of shale oil from the market.

According to Bloomberg, oil sales in June show that Iraq will increase the daily load by 26%, or 800 thousand barrels.For comparison, it is more than the volume of supplies of the Qatari oil to the world market.

Report informs, in the semi-annual meeting of June 5, OPEC is not expected to reduce oil production by members of the cartel.Although the quota is maintained at the same level of 30 million barrels per day, today the real OPEC oil production will exceed this mark. In April, the average daily oil production totaled 30.84 million barrels.With the increase in production by Iraq, this figure will raise even more.In April, Iraq exported a record amount of oil (3.1 million barrels per day).Last year, daily production in Iraq was 3.3 million barrels.This is the highest production volume since 1979.In 2018, Iraq plans to increase daily production up to 6 million barrels.

The report of the International Energy Agency (IEA) said in May that OPEC has made displacement from the market of some US producers of shale oil. However, the document stresses that this is only the beginning of the struggle with the OPEC countries outside the cartel.

Under the influence of this information, the price of Brent crude oil fell to 63.73 dollars / barrel, while the WTI - 58,21 dollars/barrel.

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