Laibi: Iraq opposes reducing production (OPEC), our candidate for the post of Secretary General of t

Laibi: Iraq opposes reducing production (OPEC), our candidate for the post of Secretary General of the Organization of staying in the competition



30-05-2013 Economy and Business Muhannad Muhammad Alsumaria News / Baghdad

Said Iraqi Oil Minister Abdul Karim and coffee, on Thursday, that Iraq opposes reducing production ceiling Organization of Petroleum Exporting Countries (OPEC), believing that this would weaken oil consumption, as he emphasized that the candidate Iraqi staying within the race for the post of Secretary General of the Organization.

He said Laibi told reporters in the Austrian capital Vienna on the sidelines of the meeting of Ministers of the Organization of Petroleum Exporting Countries (OPEC), today, reported Agence France-Presse, said that "Globally, the objectives of OPEC for establishing the stability of the oil market to be achieved at the moment," noting that "we do not want to make shock in the market hurt the global economy. "

The coffee that "we are opposed to reduce the production of the cartel who called for by Iran," adding that "the oil market is stable now, which is reflected in the price of oil which has maintained good levels of stability in the past few months."

And agree Iraq in his position with the position of Saudi Arabia, the UAE and Kuwait, which were considered in the past few days that the market is in a satisfactory condition, and in return, Iran calls for reducing the production ceiling to raise prices, which fell in March and April to less than a hundred dollars for a barrel of Brent oil, as shown Venezuela , (27 May present), willingness to cut production if OPEC considers it necessary to keep the prices.

Analysts expect is to keep the production ceiling unchanged, which is set at 30 million barrels per day at the end of 2011.

The OPEC oil ministers will meet on Friday in the Austrian capital Vienna, where the headquarters of the cartel, which provides about 35% of world oil production.

In another context, with regard to the succession to the post of Secretary General of OPEC, Abdullah al-Badri, which is supposed to decide at the end of the year, said Iraqi Oil Minister that "the selection criteria will be determined on Friday," asserting that "the candidate Iraqi former Minister Thamer Ghadban staying in the race to compete on position. "

The coffee that "OPEC ministers will discuss and endorse the selection criteria for this position and this in itself is success through a well-defined standards."

Mention that due to lack of consensus on a new candidate OPEC decided in December 2012 to extend the functions of Badri (SEO) since 2007 for one year.

http://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D1736927

IMHO I think that the greed alone won't let them slow or stop production.

lol, I hear you ron-man and hate OPEC myself.. ;)