{OPEC} confirm Iraq's commitment to cut oil production
1/14/2017 0:00
[rtl]World oil prices fluctuate
BAGHDAD / morning
experiencing global markets cautious rise in oil prices seesaw varying but generally supported by reports of production cuts in the member states "OPEC" Details, including Iraq , in order to reduce supply.
The Secretary General of the Organization of Petroleum Exporting Countries "OPEC", Nigeria 's Mohammed Barkindo, about Iraq 's commitment to its pledge to cut production in accordance with the organization 's decision.
Barkindo confirmed in response to a question whether there was a likelihood of Iraq 's commitment to his pledge not to cut production " I met with Iraqi officials and that he did not see any reason to doubt that Iraq will be implemented in the entire production cuts."
He said Barkindo told reporters on the sidelines of a conference on Thursday that OPEC "decline in global oil inventories by the second quarter of this year in response to the agreement producers to cut production expect.
" It's not OPEC has a specific target for the price of oil, but wants a price to ensure thecontinuity of investments in the oil sector . " .
Barkindo stressed that "in general and is confident that the producers are committed to the agreement between the members of the" OPEC "and the producers states independent but it is too early to determine if there is a need to extend the agreement for more than six months."
the oil minister Jabbar Ali Allaibi, confirmed on Thursday Iraq is committed to the agreement of oil producers world to cut production and are interested in the price of oil in the range of $ 65 a barrel.
He informed Allaibi reporters on the sidelines of a conference in Abu Dhabi that "Iraq is hoping for a better price."
spin Brent crude prices are currently in the range of $ 55 a barrel.
the Ministry oil announced on Tuesday it has reduced its production of 160 thousand barrels per day since the beginning of January, and added that by the end of this month will decrease production of 210 thousand barrels per day.
The futures contracts for crude International benchmark Brent stood at $ 55.81 , down 20 cents from the previous close.
And increased raw Alomerreqi contracts for West Texas Intermediate also 23 cents to $ 52.78 a barrel.
Traders said: The Chinese crude imports , which hit a record high of 8.56 million barrels per day in December raised pump prices also expected to continue the growth of shipments with
in 2017.
But China 's exports of refined petroleum products rose about 25 percent year on year last month to reach record high of 5.35 million tons , surpassing the previous record level much 4.85 millions tons recorded in the month of November, an indicator of plus production from refiners may not even hungry China could fuel
absorbed.
In terms of supply boosted markets statements from Saudi Arabia, the largest oil exporter in the world, stating that production came down from ten million barrels a day for the first time since
early 2015. This
means that the UK has reduced production by more than its goal of 486 thousand barrels per day , which accepted it in agreement to stem a fall in oil prices framework.[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=129691[/rtl]
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