College of administration and economics of Baghdad university holds a workshop on global trends of supply and demand of crude oil

College of administration  and economics of Baghdad university holds a workshop on global trends of supply and demand of crude oil

Consultant office at the college of administration  and economics at the university of Baghdad has organized  a workshop entitled ” global trend  of  supply and demand of  crude oil and its impact on the production and export of Iraq during  the coming years”, which is sponsored   by the Dean of the college , Dr. Abdul-Jabbar Mahmood  Fattah. Dr. Jafar Baqir al-Dujaili the  administrative and financial assistant  of the dean of the college has been the head of the session, introducing  the lecturer of the workshop Dr. Falah al-Amiri, General Director of Iraqi Oil Marketing Company (SOMO) beginning with stating his biography  and  all his accomplishments and his  record in the service of Iraq, thanking him to meet the call to discuss the subject of  the vital interest to all Iraqi people, saying that, “It is obvious to economists that agriculture and industry and (tourism somewhat) recently have deteriorated as a result of going through the country of security crises, it is no secret  that we are a renter  state,i.e, we  funded all sectors in the light of the weakness of the private sector, that has to be put several questions  related to the export of  the continuing oil, its challenges and prices between the buyer and the seller, and the production of Iraq and the effects of increases and decreases in production”. The workshop has  included important points focused on the most important factors affecting supply and demand, and the factors that lead to a decline in demand, and specific global demand of crude oil, and the developments and political events,  the rising of world oil prices, the need of the existence of new sources of energy, the rates of production of oil -producing countries, the  environmental  and economic factors, development of technological quotient and  modern explorations,  the growth rates of domestic production (GDP) and the effect of the following factors in it, the total consumption,  weather conditions, and disasters, environmental and periodic maintenance taking place in the refineries, and the stockpiling of strategic crude oil, the first pricing methods of  oil,  prices  of OPEC, and markets outside OPEC, expectations of the global demand of crude oil for the coming years, and the expectations of the global supply of crude oil for the coming years. In these points, Dr. Falah said several details and display the detailed information by the screen show and a breakdown of some of these data, mentioning its  sources, and in a summary he stated that ” Iraq is the first number in OPEC in terms of the accuracy of the figures, information and data in the areas of Mining and productivity, export and import, it is the first country who knows how much will result in production and where to go, why and when”. Then he has opened a discussion for  professors who were asking several questions, including questions about the themes that the researcher has answered, about  the prices of barrels of oil from 90 until now that he considered  has evolved considerably, with the reasons for determining the buyer ‘s price, while the seller is the one who must identifies as it  is customary, and details on the identification of the price per barrel and what the cost of production and how much are profits derived by the company, and the possibility of SOMO in providing outlets for the export of all consequential of crude oil which increasing volumes of production, and the possibility of exporting these massive amounts of oil or keeping them in the ground for being impoverished wealth, as well as discussing the reasons for the absence of  petrochemical factories and how to manage this absence, and what are the strategies expected to develop the product and what are the future  strategies of SOMO to market the crude oil and the importance of global markets in determining the rule of the product among consumers. The dean of the college has also participated in the dialogue and questions, as the subject is of great importance as oil is the single source in Iraq, which finances all sectors. At the end of the workshop the deanery of the college has thanked the  honored  wishing  him continuous success for serving Iraq.

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