Urgent Iraq begins to reduce oil production to the rates set in the OPEC agreement

Urgent Iraq begins to reduce oil production to the rates set in the OPEC agreement



12/6/2019 12:12

{Baghdad: Al Furat News} The Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas al-Ghadhban directed the oil formations of the ministry to reduce production rates to the levels specified within the agreement of the Organization of Petroleum Exporting Countries {OPEC} and those allied with it from outside the organization.

The Minister of Oil also directed, according to a ministry statement, that the Al Furat News Agency received a copy of it "in full compliance with the production reduction agreement scheduled for December of the year 2018, according to which Iraq was determined to produce {4 million and 513 thousand barrels per day}, including production in the Kurdistan region" .

The Minister of Oil, during his attendance of the 177th Ministerial Meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital, Vienna, said, "This measure comes as a commitment and concern of Iraq to stabilize the global oil market and address the oil surplus in it, and work to restore the balance between supply and demand."

Al-Ghadban added, "The ministers of the OPEC countries and their allies are hoping to reach a new agreement today, Friday, which will achieve better stability for the global oil market, and reduces the anxiety of producers and consumers alike due to the circumstances and challenges facing the oil market."

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

Jihad added, "The Ministerial Committee for Production Control held its meeting yesterday, Thursday, and reports and research on the oil market conditions were reviewed and reviewed, and the most important and most important challenges facing the global market and the ratios of members' commitment to the production reduction agreement. Then the Ministerial Meeting of the Organization of Petroleum Exporting Countries {OPEC} followed {177}, while the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies from oil-producing countries from outside it, including Russia, is being held today, Friday.

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