Abadi: Iraq will participate in the OPEC plan

Abadi: Iraq will participate in the OPEC plan

Last Updated: 24/11/2016 13:43 pm (Mecca)



Abadi confirms that Iraq is responsible for part of the OPEC cuts (Reuters-archive)


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Iraq 's prime minister said Haider al - Abadi said that his country is ready to reduce its oil production in the framework of a plan Organization of Petroleum Exporting Countries (OPEC) to improve oil prices, a clear commitment contrasts with the Iraqi ministers demanded statements with the exception of Iraq , of the plan.

He said al-Abadi told reporters on Wednesday, saying "that Snkhosrh reducing our production Snrbha in oil revenues, Iraq is responsible for part of this reduction."

Raise prices a priority
He added Abadi "We want to protect the rights of Iraq but our priority to raise prices of a barrel of oil , " was the Iraqi ministers have pointed to the contrary, when they said that OPEC should Iraq exempt from production cuts in light of the need for oil revenues in order to fight the organization of the Islamic state .

And was OPEC members have agreed in principle in Algeria in September / September last to reduce total production to between 32.5 and 33 million barrels per day, it is expected to announce a final agreement at their meeting to be held in Vienna next Wednesday approved the thirtieth of November.

And OPEC experts recommended after talks in Vienna to reduce production of each member including between 4% and 4.5% state, except Libya and Nigeria , but the sources said there were reservations on that part of Iran and Iraq.



OPEC experts recommended that each member lowers production by 4.5% , except for Libya, Nigeria (Reuters)

Russia 's participation
On the other hand, he expressed Russia -the are not members of Oopk- willingness to install oil production at current levels. He said Russian Energy Minister Alexander Novak said Thursday that talks are continuing with OPEC positively.

Novak explained that "according to our plans will increase oil production in the next year, and if we have kept production at the current level this is our contribution, which means for us a cut of between two hundred and three hundred thousand barrels a day (in 2017)."

And the Russian minister said that the oversupply in the oil market was 1.8 million barrels per day at the beginning of 2016, but is expected to be one million barrels per day until the end of the year.

In a related context, said the director of the International Energy Agency Fatih Birol , at an energy conference in Tokyo on Thursday that it is likely to decline investments in oil production in 2017 for the third year in a row.

He added, "Our analyzes show that we are entering a period of greater volatility in oil prices with the decline in global oil investment, and this is the first time in the oil in which investments fall for three consecutive years history."

Global oil prices have been recorded little changed this morning, with markets watching for the OPEC meeting next Wednesday, and the price of Brent blend the world of $ 48.9 a barrel, and US crude to $ 47.9 a barrel.

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