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.