OPEC: Iraq vows to comply fully with the agreement to reduce oil production

OPEC: Iraq vows to comply fully with the agreement to reduce oil production

April 2 .2017 - 16:17 | Number of Views: 328

Sommer News: Baghdad

Mohammed Barkindo Secretary - General of OPEC said on Sunday that Iraq gave assurances that he would abide by the organization is fully committed to reducing the agreement aimed at strengthening the prices of crude oil supply .

He said Iraqi Oil Minister Jabbar Luaibi told reporters after a speech at a conference in the Iraqi capital Baghdad , attended by Barkindo Iraq now committed by 98 percent agreement to cut production .

Barkindo Congress was informed that the commitment to the agreement between the producer level inside and outside OPEC to cut supply at the end of last year , "encouraging ."

He said that the level of public commitment to producers of oil cuts amounted to 86 percent in January and 94 percent in February .

He pointed out that the market is already balanced , adding that oil stocks go down .

Through Allaibi he expressed satisfaction with the current agreement, but declined to say whether Iraq supports extended or not leaving the decision to a ministerial meeting awaited OPEC in May .

He said that the current agreement "contains many positive elements and achieved a lot of goals and work continuously to reach a reduction of 1.8" million barrels per day , OPEC also agreed and 11 independent producers , including Russia during the first half of the year 2017 .

The lifting of the agreement in crude oil prices to around $ 50 a barrel. But the increase in the price also encouraged the US shale oil producers who did not participate in the agreement to increase production .

Allaibi said that while Iraq is committed to achieving the goal of reducing the entire production , it will spend in the implementation of projects to increase production capacity to five million barrels per day .

He added that Iraq 's second - largest oil producer within OPEC after Saudi Arabia, will go parallel exploration plans to increase its reserves equivalent to 15 billion barrels per day in 2018 178 billion barrels .

He pointed out that the increase in the production capacity of existing fields plans include a plan to inject seawater .

Announced that the Iraqi Oil Marketing Company (SOMO) that the average oil production reached 4.464 million barrels per day since the beginning of March , which means a decrease of more than 300 thousand barrels per day from levels before applying the OPEC agreement which entered into force on the first last January .

It said that the SOMO average crude exports amounted to 3.756 million barrels per day in March , compared to a record high exceeding four million barrels per day in November .

He described Barkindo meetings on Saturday with Iraqi Prime Minister Haider al - Abadi and other Iraqi leaders in Baghdad that it was "very constructive ."

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