University Technology holds a Workshop About Economic Studies in Petroleum Markets and Petroleum Prices

Anxious Nanotechnology Research Center at the University of Technology to keep up with scientific and economic issues of interest to the economy of Iraq, a scientific workshop was held entitled:

"Economic Studies in Petroleum Markets and Petroleum Prices"

The lecture submitted by (Asst. Prof. Dr. Khalid Ajmi Sukkar) on Thursday Janu./15/2015 in the presence of the Director of the Nanotechnology Center (Prof. Dr.Adawiya J. Haider), Director of Environmental Research Center (Prof. Dr. Abd-Hamid Jawad Kadhim), and Chairman of Sustainable Development Department in Environmental Research Center (Mr. Mekdad Al-Khatib) and the Center staff.

The workshop addressed the study's most important economic factors that affect the price of oil in the world and to highlight the display policy and demand for crude oil in the oil markets. The lecturer Dr. Khalid Ajmi said that the main reasons that led to the fall in oil prices at this stage many different was the most important: an oversupply of crude oil in the world markets for reasons most notably accounts and geopolitical strategies,  Economic growth decline in some of Asian countries and Europe, which are the important costumers for oil, increase the production of shale oil and shale gas in the United States, Canada and some European countries (although the cost of production range from $ 50-70 per barrel), increased demand for natural gas in the world for environmental reasons, as considered a clean fuel in comparison  to crude oil, increase the economic value of the US dollar on the rest of the foreign currency account. All these factors have contributed to society directly and indirectly to lower oil prices.

Through what was presented and discussed, some recommendations are submitted  in this workshop including: emphasis on the economic diversification of the financial returns to Iraq and not to rely on oil. On the other hand focus on investment scientific minds in the Iraqi Universities and research centers in order to open a new economic channels and develop of the industrial sector. Also, the  workshop recommended to encourage researchers to invest and marking the  scientific output in order to achieve financial returns contribute to the development of society and the economy. An example on the investment  the  scientific output is the Nanotechnology applications in all industrial sectors.

Date: 19/1/2015