Oil Minister: Iraq respects the OPEC agreement and will not make an individual decision

by **claud39** Sun May 05, 2019 8:28 am

Oil Minister: Iraq respects the OPEC agreement and will not make an individual decision

05/05/2019

Economy News _ Baghdad

The Deputy Prime Minister for Energy and Minister of Oil, after his arrival in the Qatari capital Doha, on Sunday, Iraq's commitment to the agreement of producers in the Organization "OPEC" and its allies from outside the organization led by Russia, which was in December 2018.

The Minister of Oil Thamir Abbas Ghadhban, A press statement issued after his arrival in Doha, and received the "Economy News" a copy of it, that Iraq respects the agreement to reduce production and committed to beyond, because the aim to restore balance to the global oil market, which witnessed during the past years fluctuation and a significant decline in prices, Which led to a halt to the deterioration of prices Oil and restore confidence in the global market and support oil prices to more than $ 70 a barrel after falling to below forty dollars.

He stressed that Iraq will not take an individual decision to increase production to compensate for the shortage of oil supplies, whatever the reasons, because it respects the collective decision of the Organization, which seeks to strengthen its unity and strength and cohesion in global markets and work to
stabilize world oil markets and obtain fair prices for producers and consumers alike.

Al-Ghadhban concluded that the producers of OPEC and its external allies are the only ones to take the decision to increase or decrease production according to a study and an in-depth review of the actual need of the global market and the circumstances and challenges surrounding it. The Ministerial Committee for Monitoring will hold its meeting in Riyadh on May 19, Iraq to discuss market conditions and listen to the report of the Committee in order to make the necessary recommendations to the ministerial meeting to be held in Vienna during the month of June to take the appropriate decision.

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