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Oil Minister: Iraq is committed to reducing production .. And the beginning of October DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Oil Minister: Iraq is committed to reducing production .. And the beginning of October

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Oil Minister: Iraq is committed to reducing production .. And the beginning of October Empty Oil Minister: Iraq is committed to reducing production .. And the beginning of October

Post by claud39 on Sun Sep 08, 2019 2:23 pm

Oil Minister: Iraq is committed to reducing production .. And the beginning of October


08 September 2019 04:39 PM





Oil Minister: Iraq is committed to reducing production .. And the beginning of October 1024










Iraqi Deputy Prime Minister for Energy and Oil Minister said on Sunday that Iraq is committed to the agreement to reduce production, according to a ministry statement.




Speaking before leaving for the UAE to attend the meeting of OPEC's ministerial committee to monitor production this weekend, Thamer Abbas al-Ghadhban said that Iraq's total production will be less in the coming days than in the past months.




Ghadhban explained that Iraq was forced to raise production because of the summer months; to increase domestic consumption to cover fuel for power plants.




Ghadhban heads the Iraqi delegation participating in several events this week in the UAE, starting with the World Energy Conference, in conjunction with the activities of the World Energy Forum followed by the meeting of the Ministerial Committee for Production Control, a joint committee between OPEC producers and allies outside OPEC.




The minister pointed out that Iraq will start to reduce production agreed in December 2018, as of these days, especially in the month of October next.




Ghadhban pointed out that refinery maintenance activities will start, in addition to the reduction of domestic consumption due to mild climate, and therefore will also result in reducing electricity consumption of crude oil.




He continued: "There are serious discussions reached the advanced stages between the federal government and the regional government on the organization of production and export in the region and in coordination with the federal government, and we hope to reach a unified policies and plans will be a major role for the Iraqi Oil Marketing Company (SOMO) with regard to the process of export regulation, To maximize financial resources. "




The minister stressed that this will help Iraq to abide by its share as agreed within the agreement with the countries of "OPEC" and outside "OPEC", and up to full commitment to what was agreed upon and this stems from their interest and awareness of the importance of market stability, and the absence of sharp fluctuations affect the economies Producing Countries.




He added that Iraq is known to all relied in its general budget for the current year 2019 on the flow of imports of crude oil exports, which constitute at least 90 percent, as well as is the case will be with the budget 2020, and therefore keen to obtain equitable supplies to the producing countries at the same time Do not overburden oil-consuming countries.




Ghadhban pointed out that Iraq will hold many meetings with energy ministers, companies and international organizations to discuss the future of energy in the region, as well as to strengthen bilateral relations and expand the prospects for cooperation with them.




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