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Iraq joins Saudi Arabia Russia in extending oil production cuts
2019/07/01 02:11:39
A group of producers from within and outside OPEC has been ready to extend the production reduction agreement in force since 2017, which has cut output by 1.2 million barrels per day, representing 1.2% of global demand.
Iraq has joined Saudi Arabia and Russia in recognizing the importance of extending these cuts amid the weak global economy.
"The extension of the oil production reduction agreement will probably be for nine months," said Saudi Energy Minister Khalid al-Falih, on the sidelines of his meeting with OPEC and independent producers in Vienna.
"OPEC members agreed on the need to extend the production cut, but they did not make a decision on whether it was for six or nine months," Faleh told Reuters.
"Certainly there is an extension, there is a consensus that is forming ... All those who talk to them assert that the commitment in the second half will be more than what we saw in the first half," he said.
Al-Falih said demand for oil had fallen but remained strong, adding that keeping production quantities as is the most likely option.
For his part, UAE Energy Minister Suhail bin Mohammed Al Mazrouei said in his Twitter account that he hoped for fruitful results on his way to Vienna to attend the meetings of OPEC and its allies, according to "Reuters."
"We expect fruitful meetings and we have reached a decision that restores the oil market to its balance at the required inventory levels," he wrote.
Iraqi Oil Minister Thamir al-Ghadhban said on Sunday he expected the agreement to cut global oil production to be extended from six to nine months.
"The main oil producers are moving towards a decision to extend the oil production agreement between six and nine months," the minister said in a statement.
Russian President Vladimir Putin said earlier that Russia had agreed with Saudi Arabia to extend the agreement with OPEC to reduce oil production, as crude prices are under renewed pressure from growing US supplies and the global economic slowdown.
Oil ministers from the Organization of the Petroleum Exporting Countries meet in Vienna on Monday, followed by talks with non-OPEC producers on Tuesday.
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