War affects Iraqi oil industry

SWITZERLAND: The US war in Iraq is seriously affecting the oil facilities in that Arab nation, Royal Dutch Shell Chief Executive Peter Voser asserted on Thursday.

Speaking in the 40th World economic Forum, Vpser explained that if the situation in the country returns to normalcy, exploitation of its natural oil reserves would bring about huge profits and subsequent national development. He also said that lack of the necessary technology to optimize results adds to these problems.

Other representatives of the international oil industry predicted that the Iraqi crude oil production would reach 10 million barrels a day in 10 years, exceeding four times the current figures.

Saudi Aramco Company Chief Executive Jalid A. Al Falih explained that achieving this increase in the Iraqi production would be positive, because Saudi Arabia underwent difficulties to respond to the increase in the world demand for the so-called black gold.

British BP oil company Chief Executive Tony Hayward said around 100 million daily barrels would be necessary in 2030 to deliver the orders, thus the price of a barrel will range between $60 and $90. Current world oil production is around $85 million barrels a day and Iraq is one of the countries with largest reserves, according to the International Energy Agency.

Davos, Prensa Latina