Zebari: Iraq is ready to discuss the reduction of oil production to raise prices, provided a consens

Zebari: Iraq is ready to discuss the reduction of oil production to raise prices, provided a consensus (OPEC)

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Date: 01/27/2016 17:39




Baghdad - INA / Finance Minister, Hoshyar Zebari, said Iraq is ready to participate in the extraordinary meeting of OPEC, and even cut production fast growth, if producers from within the organization and outside, it was agreed, which seems far-fetched at the moment.
Zebari said in an interview with Reuters news agency, that Iraq wants to participate in the meetings called by Venezuela to raise oil prices, which have tumbled to the lowest level in 12 years near $ 30 a barrel.
According to the Organization of the Petroleum Exporting Countries (OPEC) that they seek a request from Venezuela, which suffered a liquidity crisis for an emergency meeting.
Venezuela called on OPEC countries to meet and producers from outside the next month.
Zebari said that "Iraq is a founding member of OPEC and therefore we will participate and certainly the idea is to reduce the actual production to influence the price of oil."
He continued, "I'm not sure we agree with Venezuela as we need to increase production because of the challenges that confront us. But if we are convinced that there is a consensus or a collective decision we support it."
The Minister of Finance that so far only Algeria and Venezuela have shown their support to reduce production, while not in favor of Saudi Arabia, a member of the Organization, and Russia, a non-OPEC producer of the measure.
The head of Venezuela, Nicolas Maduro, last night that Venezuela's oil minister will tour in the countries of OPEC and outside in an attempt to drum up support for a joint move.
Zebari commented that the decision to cut production "must be collective or it will not be feasible. It does not seem that there is a consensus with the exception of Venezuela and Algeria. "
This was followed by "For other countries, such as Saudi Arabia and the BRICS group of countries .. I do not think."
Brix Russia and includes a set of Petroleum Exporting and Brazil, a major crude producer, along with India, China and South Africa.
The Secretary-General of OPEC, Abdullah al-Badri, last Monday, it behooves to work with other OPEC producers to cope with the glut of global stocks, stressing that the position of OPEC is to discuss production cuts if others submit to it.
And yet it refuses to Moscow, which is a party president in any agreement, cooperation. But quoted Leonid Fedun, vice president of Lukoil's second-largest oil producer in Russia, he said, on Monday, he said that the Moscow start to work with OPEC.
Oil prices fell to around $ 30 a barrel from more than $ 100 two years ago, what hurt the budget of Iraq at a time when the country is battling al (Daash) terrorist.
Iraq relies on crude sales in about 95 percent of its revenues.
Zebari expressed the view that there are "encouraging signs" on the recovery of prices in the spring with high-cost low US crude shale production.
He added that the reason behind the continuation of shale oil producers is that they have sold long-term contracts at a price of $ 70 and that these contracts will expire this spring.
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