Iraq is preparing to hold the "OPEC 2020" conference in Baghdad

by **claud39** Tue Mar 12, 2019 7:33 am

http://economy-news.net/content.php?id=15740

Iraq is preparing to hold the "OPEC 2020" conference in Baghdad

12/03/2019

Economy News Baghdad

The Ministry of Oil has begun preparations for the OPEC conference in Baghdad next year on the occasion of the 60th anniversary of the founding of the Organization, at a time when Iraq will enter for the first time the membership of the Ministerial Committee to control production, which will be held in April next year with the participation of members of the Organization and the countries that are with them.

The ministry stresses that Iraq's role in OPEC is positive to maintain the unity of the Organization and its ability to defend the interests of producers and the stability of world markets to ensure that there is no fluctuation in crude prices.

"Iraq and the Organization of the Petroleum Exporting Countries are committed to maintaining the level of production to stop the collapse of world oil prices and to ensure that what is happening is not repeated," said Deputy Prime Minister for Energy Affairs Thamir al-Ghadhban in an interview with Al-Sabah newspaper. Last year, when the price of a barrel of oil within 20 days from $ 86 to $ 54, according to the index (Brent) as well as a decline during the US crude under $ 50.

He added that "Iraq has asked a question during its participation in the recent OPEC conference, what will happen if the production is not reduced, the answer was that the price of a barrel will range between 40 and 45 dollars and this is the marginal level of oil production, It is unacceptable to all, especially Iraq because its federal budget has approved the price of $ 56 a barrel export card of 3 million and 880 thousand barrels, so it has a deficit of 20 percent, so Iraq has committed with the (OPEC) to reduce production.

"However, the ministry has not stopped developing its production capacity, but it is committed to the interests of Iraq, the Organization and the countries outside it," he said. "Therefore, the reduction of 140,000 barrels has been committed to keeping prices from sliding into the abyss."

Al-Ghadhban revealed that "the next few days will witness the establishment of three conferences, the first will be held on the 18th of this month, where will see the accession of Iraq for the first time in the Ministerial Committee to control the production of members of the Organization (OPEC) and its member states from outside, which is a positive for Iraq, Pointing out that in April next, the organization will also see a meeting between the oil ministers to assess compliance with the agreement to reduce production and will see the declaration of a pact of non-binding and voluntary cooperation between the Organization (OPEC) and countries outside of the Agreement on mechanisms for cooperation between these countries as an exchange of information and coordination roles and common points and the exchange of experiences, and then the usual ministerial meeting, which is usually held in the month of June.

The Deputy Prime Minister for Energy reiterated Iraq's support for the Organization of Petroleum Exporting Countries (OPEC), especially as the founder of the Organization, revealing preparations and coordination with the Secretariat of the Organization to hold a major conference in Baghdad next year on the occasion of the 60th anniversary of its founding.

by **claud39** Tue Mar 12, 2019 2:11 pm

https://www.mawazin.net/Details.aspx?jimare=37909

[size=36]Iraq is participating in three international economic conferences in the coming months[/size]

12/03/2019

Iraq is preparing to hold the "OPEC 2020" conference in Baghdad 81232019_asasa

BAGHDAD (Reuters) -

Deputy Prime Minister for Energy Affairs and Oil Minister Thamir al-Ghadhban revealed on Tuesday Iraq's participation in three international economic conferences in the coming months.
"Iraq and the Organization of the Petroleum Exporting Countries (OPEC) are committed to maintaining the level of production to stop the collapse of world oil prices and to ensure that there is no recurrence of what happened last year, when the price of a barrel of oil within 20 days from $ 86 to $ 54, according to Brent index, During the US crude under $ 50. "
He added that "Iraq has asked a question during its participation in the recent OPEC conference, what will happen if the production is not reduced, the answer was that the price of a barrel will range between 40 and 45 dollars and this is the marginal level of oil production, This is unacceptable to all, especially Iraq because its federal budget has approved the price of $ 56 a barrel export card of 3 million and 880 thousand barrels, so it has a deficit of 20 percent, so Iraq has committed with the (OPEC) to reduce production.
"The ministry, however, has not stopped developing its production capacity, but it is committed to the interests of Iraq, the Organization and countries outside it," he said. "The 140,000 barrel reduction has been committed to keeping prices from sliding into the abyss."
Al-Ghadhban revealed that "the next few days will witness the establishment of three conferences, the first will be held on the 18th of this month, where will see the accession of Iraq for the first time in the Ministerial Committee to control the production of members of the Organization (OPEC) and its member countries from outside, which is positive for Iraq."
He pointed out that "in April next, the Organization will also see a meeting between the oil ministers to assess compliance with the agreement to reduce production and will see the declaration of a non-binding and voluntary cooperation pact between OPEC and outside countries to agree on mechanisms for cooperation between these countries as information exchange and coordination of roles and points of common and exchange Experiences, and then the usual ministerial meeting usually held in June. "
The oil minister stressed "Iraq's support for the Organization of Petroleum Exporting Countries (OPEC), especially as the founder of them, revealing the preparations and coordination with the Secretariat of the Organization to hold a major conference in Baghdad next year on the occasion of the 60 years of its establishment and will be invited official invitations to all countries to attend the conference." / 43

by **claud39** Tue Mar 12, 2019 2:12 pm

https://www.mawazin.net/Details.aspx?jimare=37947

[size=36]Baghdad starts preparations for the OPEC 2020 conference[/size]

12/03/2019

Iraq is preparing to hold the "OPEC 2020" conference in Baghdad 101232019_dssd

BAGHDAD -

The Ministry of Oil began preparations for the convening of the (OPEC) in Baghdad next year on the occasion of the 60th anniversary of the founding of the organization.
The ministry began preparations for the OPEC conference in Baghdad next year on the occasion of the 60th anniversary of the founding of the organization, at a time when Iraq for the first time to become a member of the ministerial committee to control production, which will be held in April next year with the participation of members of the Organization and its countries.
The ministry stressed that Iraq's role in OPEC is positive to maintain the unity of the Organization and its ability to defend the interests of producers and the stability of world markets to ensure that there is no fluctuation in crude prices.