The Oil Ministry announced, the position of Iraq from Saudi Arabia and Russia Declaration on Tuesday to extend production cut agreement by the Organization of the member of the Petroleum Exporting Countries agreement [OPEC] to March 2018.
, said ministry spokesman Assem Jihad 'from early final meetings to approve this agreement , but the majority of countries from inside and outside OPEC supports the extension of production cut for another term in order to support oil prices, especially since this decision had an impact on raising prices in the first half of this year , but it was not enough 'indicating that' the extension of the agreement is to raise prices more '.
It 'certainly Iraq with any decision supports to raise oil prices to the global market and any increase which is reflected positively on the Iraqi economy. "
The Saudi Arabia and Russia, the largest oil producers in the world, agreed on Monday on the need to extend production cuts to nine months , until March 2018 to reduce global supply glut of crude and raise prices.
The oil minister said Jabbar Allaibi 27 last April that Iraq would stick to the outcome of the consensus when OPEC meets in Vienna the end of this May to discuss the extension of an agreement to cut production.
The minister told a conference in Paris 'on May 25 , we are heading to OPEC, and no doubt we will abide by the final decision of the organization and collective decisions.'
Allaibi said that Iraq, the second largest producer in OPEC, is fully committed to reducing the supply agreement led by the Organization was reached last year , and it has achieved 97 percent of the goal of reducing its production.
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