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Allaibi for {} morning: Iraq, up to 80 percent of its stake to cut production
2/23/2017 0:00
[rtl] BAGHDAD / Farah pumice
revealed the Oil Ministry announced the arrival of reducing Iraqi oil production rates to 80 percent of the share reduction agreement among the countries from inside and outside OPEC. He said the oil minister Jabbarali Allaibi in a statement singled out the "morning" that Iraq is working on the full implementation of its commitments and access to the required rate during the coming period.
He Allaibi that Iraq was keen to be bound by agreement to cut production in order tokeep the unity of the organization , "OPEC" and the stability of oil markets, although confront security and economic challenges and addressing gangs and terrorist fight them on behalf of the world , and despite the financial burdens prohibitive for the war on terrorism.
The minister said that since the agreement between the producers at the end of last year, Iraq had taken the necessary steps to implement its obligations to cut crude oil production rate of 210,000 barrels of national production, by informing national and international oil companies operating in Iraq plans to crude oil reduced from oil fields.
Iraq has begun to take the reduction Ascending procedures since the beginning of the new year until it reached currently rates reduction , according to the Commission monitor output of the Organization of Petroleum Exporting Countries "OPEC" to a rate of 166,000 barrels, what constitutes 80 percent of the share reduction which is an advanced and excellent ratio, according to the minister.
Allaibi also expressed satisfaction with the report issued by OPEC, which indicated that Iraq 's most producing countries , an obligation on some actual agreement Vienna , which aims to cut production, returned producers commitment inside OPEC and outside by 90 percent as stated in the "OPEC" Statement a clear sign of keenness and seriousness of all members to address the glut of oil supply and restore balance to the world market, as well as supporting oil prices in the subsequent period.
He urged the Minister of Oil producers on the commitment to achieve the goals of reduction agreement among them Iraq during the first half of this year, and do not force the organization to be extended to a period of 6 months extra, noting that there are positive signs in the global markets confirm this for the foreseeable level.
Organization of Petroleum Exporting Countries output shrinking by 1.2 million barrels per day from the beginning of January, as Russia has agreed and ten other producers from outside the "OPEC" production also reduced by about 600 thousand barrels per day.
In a related development , Secretary - General of the Organization "OPEC" Mohammed Barkindo stressed that the SCO aims to strengthen the commitment agreement to reduce oil production in an effort to get rid of a glut in the supply of oil to markets, which negatively affected prices.
As for the possibility of implementing a larger cut in production when the "OPEC" organization meets on May 25 Barkindo said at a press conference in London: "I think it would be too early to (talk about it) because the market is very changeable and it is increasingly difficult to predict."
The secretary - general also pointed out that it is too early to say whether it should extend the agreement , which runs to the end of July 2017, despite the return of confidence to the oil market as a result of reduced production agreement, but., Noting that production for the month of January data in the latest monthly report for "OPEC" OPEC 's commitment to the participating countries agreed production cuts show by more than 90 percent.
And helps reduce production to support oil prices , which are now approaching $ 57 a barrel , compared with $ 30 a year earlier agreement, however, continued in US inventories and expectations that the reduction of "OPEC" production will revive drilling to extract US shale oil activities altitude limits Alsaud.waglguet wave prices oil earlier high around one percent after touching its highest level in three weeks due to optimism OPEC greater commitment to its agreement with other producers including Russia to cut production in an effort to drain the oversupply burdening the market.
He concluded by Brent session at $ 56.66 a barrel , up 48 cents, equivalent to 0.9 percent after hitting its highest level since the second of February at 57.31 Dolara.ouhl for US crude contract for March delivery at an altitude of 66 cents or 1.2 percent at $ 54.06 after it climbed to 54.68 dollars , its highest level since the third of December Althani.ooglq US crude contract the most active April delivery was up one percent at $ 54.33, while the OPEC basket containing recorded on 13 types of crude to $ 53.88 a barrel. [/rtl]
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