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Minister: Iraq is looking for the price of oil near $ 65 a barrel

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Minister: Iraq is looking for the price of oil near $ 65 a barrel Empty Minister: Iraq is looking for the price of oil near $ 65 a barrel

Post by RamblerNash Thu Jan 12, 2017 1:43 pm

Minister: Iraq is looking for the price of oil near $ 65 a barrel

Minister: Iraq is looking for the price of oil near $ 65 a barrel 5555929_1024

Two factors one of Iraq 's oil fields - the image of Reuters Arabian Eye

January 12, 2017 10:05

By: Ramy Samih

Abu Dhabi - directly said Iraq's oil minister, said Thursday that his country is committed to OPEC's agreement on reducing production and looks at the price of a barrel of oil in the range of $ 65.

He said Jabar Ali Allaibi, in remarks to reporters on the sidelines of the World Energy of the US Atlantic Council forum in Abu Dhabi: "We are not satisfied with current oil prices, and look forward to the high prices of about $ 65 a barrel or something like that."

Oil prices have dropped by more than half in the last two years; due to the global supply glut; which damaged the main producers budgets.

The Allaibi: that his country will cut its crude oil exports by 210 thousand barrels, with the end of January, he said, adding: "We reduced our exports already about 170 thousand barrels, and our plan includes cuts last about 40 thousand barrels by the end of this month."

OPEC agreed in November last year, to cut production by 1.2 million barrels per day, with effect from January; the aim of reducing the global supply glut, supporting oil markets.

And independent producers are also approved, on 10 December last year, reducing production by 558 thousand barrels per day, with the largest contribution from non-members of OPEC at all.

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