Shahereshnyi, the Iraqi Ministry of Oil, said on Monday that the global oil supply has exceeded demand, so even if the Organization of Petroleum Exporting Countries (OPEC) increases output, it will not bring down the price of oil.
"There is more oil in the market than consumers need," he told Reuters. "The increase in speculative funds is pushing up oil prices. OPEC production will not really change this pattern - nor will it affect oil prices."
Iraq plans to increase its daily oil exports from the current 2 million barrels to 2.3 million barrels by the end of the year. Shahristani said that exports from Basra in the southern part of Iraq will increase by 200,000 to 300,000 barrels a day, northern Kiel Cooke exports will increase by about 200,000 barrels, he added.
Iraq is expected to conclude a natural gas agreement with Royal Dutch Shell oil this summer.
Several oil service agreements with large oil companies are also expected to be signed in June, but other agreements have not yet been completed, he added.
Shahristani confirmed that Iraq is negotiating with the consortium consisting of Nadarko, Vida and Dome on the service contract of the Luhais field.
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