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[size=36]Iraq: We seek to reach an agreement within the "OPEC" that restores the global oil market[/size]
Economy | 07:52 - 09/03/2020
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Baghdad - Mawazine News
, a spokesman for the Iraqi Oil Ministry, Asim Jihad, announced today, Monday, that Baghdad is working to invite member states in "OPEC" and outside it, to reach an agreement that restores the balance of the oil market.
Jihad said in statements to "Sputnik" today, Monday, that "Iraq is currently in contact with the concerned authorities to reach an agreement that guarantees the stability of the oil market and puts an end to the collapse of oil prices."
The official pointed out that "the previous production cut agreement expires at the end of the month, and Iraq will work to invest this time in order to invite OPEC member states and outside to reach an agreement that restores balance to the global oil market."
The ministry spokesman added: "It is not wise for Iraq to pump more crude oil to world markets." And that "this means more collapse in prices, and Iraq deals wisely with the issue, so declining oil prices are very great harm, especially for the oil producing countries."
Jihad stressed that "it is in everyone's interest to reach an agreement and to determine production levels in order to absorb the oil surplus in global markets."
Jihad also pointed out that "the Iraqi delegation made great efforts in bringing views between Russia and Saudi Arabia at the Vienna meeting a few days ago."
Oil prices fell more than 30% in trading today, after OPEC failed to reach an agreement with its allies regarding production cuts, and Saudi Arabia's decision to reduce oil prices and its intention to increase production.
The Organization of Petroleum Exporting Countries and its allies ("OPEC +") failed, last week, to reach an agreement on reducing crude production, after demand declined due to the outbreak of the new Corona virus. Ended 29 / h
, a spokesman for the Iraqi Oil Ministry, Asim Jihad, announced today, Monday, that Baghdad is working to invite member states in "OPEC" and outside it, to reach an agreement that restores the balance of the oil market.
Jihad said in statements to "Sputnik" today, Monday, that "Iraq is currently in contact with the concerned authorities to reach an agreement that guarantees the stability of the oil market and puts an end to the collapse of oil prices."
The official pointed out that "the previous production cut agreement expires at the end of the month, and Iraq will work to invest this time in order to invite OPEC member states and outside to reach an agreement that restores balance to the global oil market."
The ministry spokesman added: "It is not wise for Iraq to pump more crude oil to world markets." And that "this means more collapse in prices, and Iraq deals wisely with the issue, so declining oil prices are very great harm, especially for the oil producing countries."
Jihad stressed that "it is in everyone's interest to reach an agreement and to determine production levels in order to absorb the oil surplus in global markets."
Jihad also pointed out that "the Iraqi delegation made great efforts in bringing views between Russia and Saudi Arabia at the Vienna meeting a few days ago."
Oil prices fell more than 30% in trading today, after OPEC failed to reach an agreement with its allies regarding production cuts, and Saudi Arabia's decision to reduce oil prices and its intention to increase production.
The Organization of Petroleum Exporting Countries and its allies ("OPEC +") failed, last week, to reach an agreement on reducing crude production, after demand declined due to the outbreak of the new Corona virus. Ended 29 / h
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