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Iraq reveals its share of OPEC production cuts

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Iraq reveals its share of OPEC production cuts

Post by claud39 on Thu Dec 13, 2018 6:44 am

http://economy-news.net/content.php?id=14731


  Iraq reveals its share of OPEC production cuts


13/12/2018







Economy News _ Baghdad

Oil Minister Thamer al-Ghadhban revealed Iraq's share of the latest agreement by the Organization of the Petroleum Exporting Countries (OPEC) to cut production last Friday. 
Al-Ghadhban said in a press statement that "Iraq played a constructive and effective role in bringing the views closer after the situation worsened during the ministerial meeting. He proposed that the reduction of 1.2 million barrels be clearly effective. The proposal was supported by the large and influential member states such as the Kingdom Saudi Arabia, and the UAE, and to persuade countries outside the organization. " 
He pointed out that "the amount of production of OPEC members 32 million barrels, and the countries outside the 18 million barrels, a reduction of 800 thousand barrels to member states and 400 thousand barrels to countries from outside."
"Iraq's share of the reduction is close to 140,000 barrels per day, which is acceptable against what it expects from an improvement in oil prices. It is also less than the reduction in the first agreement," Ghadhban said. 
The Organization of Petroleum Exporting Countries (OPEC) last Friday announced an agreement to reduce production by more than one million barrels per day in an attempt to boost prices. 
OPEC and its major oil producers, led by Russia, announced a plan to cut output on Friday, prompting a rise in Brent crude prices. 
The deal is due to begin in January and for six months. 
The plan, which includes production cuts of 1.2 million bpd, came in response to a sharp fall in world oil prices by about 30 percent since last October.

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