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[size=39]OPEC confident Iraq commits to oil production cuts[/size]
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OPEC secretary-general Mohammed Barkindo.
Baghdad (IraqiNews.com) OPEC is confident that Iraq will commit to obligations to reduce its oil production in line with a decision adopted by member states at the organization in December.
OPEC secretary-general Mohammed Barkindo told reporters on Thursday there was no need to doubt that Iraq will keep up with the decision to reduce member state’s production, which was adopted during a meeting in Vienna.
Iraq, which maintains the world’s second largest reserve after Saudi Ar Arabia, pledged to cut 210.000 barrels a day to 4.35 million barrels starting January in line with an historic OPEC members agreement reached in a Vienna meeting in December. It had previously been reluctant to take the move citing its terrorism-battered economy. OPEC took the move in an attempt to prop up falling oil prices.
He was quoted by Reuters as saying that OPEC had no specific oil price objective in mind, but wanted a price that would sustain investment in the oil industry.
Earlier on Thursday, Iraqi oil minister Ali al-Luaibi said his country will adhere to the OPEC resolution, and revealed that his country was eyeing a US$65 price for an oil barrel. Brent Crude currently hovers around US$55.
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OPEC secretary-general Mohammed Barkindo.
Baghdad (IraqiNews.com) OPEC is confident that Iraq will commit to obligations to reduce its oil production in line with a decision adopted by member states at the organization in December.
OPEC secretary-general Mohammed Barkindo told reporters on Thursday there was no need to doubt that Iraq will keep up with the decision to reduce member state’s production, which was adopted during a meeting in Vienna.
Iraq, which maintains the world’s second largest reserve after Saudi Ar Arabia, pledged to cut 210.000 barrels a day to 4.35 million barrels starting January in line with an historic OPEC members agreement reached in a Vienna meeting in December. It had previously been reluctant to take the move citing its terrorism-battered economy. OPEC took the move in an attempt to prop up falling oil prices.
He was quoted by Reuters as saying that OPEC had no specific oil price objective in mind, but wanted a price that would sustain investment in the oil industry.
Earlier on Thursday, Iraqi oil minister Ali al-Luaibi said his country will adhere to the OPEC resolution, and revealed that his country was eyeing a US$65 price for an oil barrel. Brent Crude currently hovers around US$55.
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