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Iraq: Failure to reach a new cut in oil production "not the end" DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Iraq: Failure to reach a new cut in oil production "not the end"

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Iraq: Failure to reach a new cut in oil production "not the end" Empty Iraq: Failure to reach a new cut in oil production "not the end"

Post by claud39 Sun Mar 08, 2020 2:31 pm

Iraq: Failure to reach a new cut in oil production "not the end"


08/03/2020



Iraq: Failure to reach a new cut in oil production "not the end" 18992







The Economy News - Baghdad



The Iraqi Ministry of Oil stressed the need to reach an agreement between members of OPEC and those allied with it from outside the organization, aiming to achieve stability and restore the balance between supply and demand.

The ministry also stressed in a statement yesterday, Saturday, to work to alleviate the effects and repercussions that followed the spread of Corona virus.

The Ministry considered that failure to reach a new cut agreement "is not the end".

The head of the Iraqi delegation to the "OPEC" meetings, Hamid Yunus, said that "some members are asking them to give them more time to assess the implications of the Corona virus on the global oil market, and to postpone the additional production cut."

Yunus added: "We have some time until the end of this month to assess the oil market conditions by the Ministerial Technical Committee for Production Control, which is the end of the period prescribed for the previous agreement."
The head of the Iraqi delegation to the "OPEC" negotiations expressed his hope to "bring the views between OPEC members and those allied with it from outside with a view to reaching an agreement that satisfies all and contributes to rebalancing the oil market."

A report stated that Russia will not support the OPEC agreement to implement an additional reduction in the oil production levels reached by the organization.

OPEC agreed, earlier, to further reduce oil production by about 1.5 million barrels per day until the end of the second quarter of this year, including 0.5 million barrels per day by Russia and other allied crude producers.

The "OPEC +" group is reducing oil supplies by about 1.7 million barrels per day from the beginning of this year until the end of this month.



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