Oil directs its formations to reduce production to the rates set in line with the OPEC agreement

by **claud39** Fri Dec 06, 2019 8:11 am

Oil directs its formations to reduce production to the rates set in line with the OPEC agreement

06/12/2019

Oil directs its formations to reduce production to the rates set in line with the OPEC agreement 18193

Economy News _ Baghdad

Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas Ghadhban on Friday, the oil formations of the ministry to reduce production rates to levels set within the agreement of the Organization of Petroleum Exporting Countries "OPEC".

Ghadhban said during his attendance of the 177th ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna that "we directed to reduce production rates to the levels specified in the agreement to reduce production set in December 2018 last year, which limits the production of Iraq (4 million and 513 Thousand barrels per day), including production in the Kurdistan region, "indicating that" this action comes an obligation and anxiety from Iraq to stabilize the global oil market and address the oil surplus in it, and work to restore the balance between supply and demand. "

Ghadhban added that "the ministers of oil-exporting countries in the Organization of Petroleum Exporting Countries (OPEC) and its allies hope to reach a new agreement on Friday to achieve better stability of the global oil market and reduce the anxiety of producers and consumers alike because of the circumstances and challenges facing the oil market."

For his part, Oil Ministry spokesman Assem Jihad said that "oil ministers of oil exporting countries and their allies have held a series of lengthy marathon meetings over the past two days in order to reach a new agreement to reduce production," adding that "Iraq plays a pivotal role to bring the views of members ".

Jihad added that "the ministerial committee for production control held its meeting on Thursday and reviewed and reviewed reports and research on the situation of the oil market and the most important and most prominent challenges facing the global market and the rates of commitment of members to the agreement to reduce production."

The ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) was followed by the 177th session, while the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies from non-oil producing countries including Russia was held on Friday.

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