Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Iraq's Shahristani on oil market, production outlook

Wednesday, Nov 14, 2012 - 05:22

Nov. 14 - Iraqi Deputy Prime Minister for Energy Hussain Shahristani speaks to Reuters about crude production in the country and the global oil market outlook.

▲ Hide Transcript

View Transcript

I cannot give you any definite figures in five years. But the total investments required in the initial sectors. And the related in this season is that the chemicals and fertilizers. And yes based in this sees. That portal. Investments required is more than 500. Billion dollars. And in about ten -- time. What proportional between abuse and -- is time it would be difficult. This is finished specified. But that's the level of investment that Iraq expects. Have to spend of course mostly -- spend by the international. Companies that have contracted to develop oilfields. But before we got taken by the size of that kind of investment. We should also. Not to us. That that revenues. That could legitimately. As a result of developing and that dissect that particular. The toilet. It -- Wouldn't be in excess of six trillion dollars. And today's oil prices. Over the coming twenty's. So that I wouldn't have would be inevitable position. To repay all of those investments in the short time it took about -- and that it. Have been handles investments with expected to attend a six trillion dollars. And of course as you say parts of this expansion win it will involve foreign companies. Iraq has hit some -- bums between X and move bill that case give us an update is that situation. That Iraq has consistently he informed all oil companies. Estimates reflect it's an obstacle to the conflict that has it's that has been signed. That the Iraqi laws have to -- Of zipped. Signing a contract develop oil and gas fields. With all of the approval of the federal government of -- the event. In Baghdad. At me because it hasn't each of their actual. The company's. The scientists contact with the approval of the government. Those conflicts have no standing with the government. Companies have no right to -- and Iraqi -- city. And they've all been adequately informed from the -- beginning. And then the -- the company that has. Jason. At -- course. Of action. And has been a -- I think. Respect that I capitalism and some of those contacts or submit them. Twenty. Government that I can look at them. Pulled them out to support them. Or they have to -- with digital. From that context in this house because that in -- Those conflicts and that's what has happened in the case of some of them. How quickly can Iraq and both -- How quickly it. It has taken a bit longer in case of ExxonMobil. I don't think it would take. Long in the case of any other company. That chooses to follow that course. Do you expect to production costs of the next meeting. No not a production cuts but we expect. And Iraq is calling upon all member countries. To just pick that quarters. That can't do that sort of quartile OPEC members except Iraq because Iraq has no quarter. Is fifty million battled spears thing. Or participant using just one million -- but -- that some members over the -- using. The court is. We have calling. And a number of other members according that that quote -- should -- -- And we believe if there's no need to beautiful production. The market is well supplied Willis talked. Prices -- stable. There is no way Adam. -- they -- moment. So there's no need to be -- -- -- is the current crisis sustainable prices that is at the right pricing your view. Yes I think he couldn't prize subplots how that -- those -- battled. Is that is applies that would encourage investors. To keep on developing marginal fields. And it's a price that would not impact. The dad. The economic. Development. And that is to the world that there has been a slowdown in some parts of the local stability in the U little. But that has got beaten because of oil prices are out the and as -- bills. That that issues that has impacted. Economic development in these countries we have not noticed that kind of applies has caused. And slowed down in an academy. Then the of the. Thank you very much -- house are stunning. That's the latest from the -- and many conference in London I'm inching all full wages.

Iraq's Shahristani on oil market, production outlook

Wednesday, Nov 14, 2012 - 05:22

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)