The Minister of Oil sets the price of a barrel in the budget and expects crude to reach $100

by **RamblerNash** Thu Oct 21, 2021 8:58 pm

10/20/2021

Economy News _ Baghdad

On Wednesday, Oil Minister Ihsan Abdul-Jabbar set the price of a barrel in the 2022 budget, while he expected crude to reach $100.

The Minister of Oil said during a workshop held today at Al-Rasheed Hotel and followed by “Economy News”, that “the central government will fix the price of a barrel of oil in the 2022 budget between 55 to 60 dollars,” noting that “this will help to make changes and a significant improvement in the performance of the national economy and overcome the financial deficit.” in the general budget.

Abdul-Jabbar expected, "The price of a barrel of crude oil will reach $100, in the first quarter of next year, affected by the decline in the US and global strategic stocks and the recovery of the global economy from the repercussions of Covid 19."

He announced that "Schlumbinger will start a project to drill 96 oil wells in the West Qurna 1 field, which is the largest of its kind in the country's history," noting that "the project will add 80,000 barrels per day after its completion to the total production of the Basra Oil Company, which is affiliated with the National Oil Company." ".

He added, "Schlumbinger, which is executing for ExxonMobil, the main operator of the West Qurna 1 field, by using modern technology in drilling operations in West Qurna 1, helps all parties in the Ministry of Oil and licensing companies to reduce the costs of production per barrel and improve productivity."

The Minister of Oil expressed his optimism about “a great development in the oil industry, especially as it entered a new positive phase that competes with companies producing alternative solar energy and green and blue nitrogen fuels,” noting that “giant companies have spent billions of dollars on establishing infrastructures to manufacture modern equipment and devices.” Batteries and other materials used in the alternative energy industry.

For his part, Vice-President of Schlumberger Saad Al-Damen said that "preparations are underway to launch drilling operations in the largest extractive project, which will be implemented according to the latest technology that will work in the project and the preparation and installation of the information system and software rules for its management in the Basra Oil Company."

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