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An expert ruled out a long-term agreement to freeze oil production
09:02 - 31/03/2018
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Information / Baghdad ..
The oil expert Hamzah al-Jawahri ruled out Saturday the possibility of concluding a long-term agreement to freeze the increase of oil production among the producing countries, pointing out that any agreement needs a realistic study of oil prices and future outlook as well as political consensus.
"The conclusion of a 10-year long-term agreement between the oil producing countries of the Organization of Petroleum Exporting Countries (OPEC) and the free countries is not possible at present for political and economic reasons," Jawahri said in a statement.
"Saudi Arabia is subject to the American will to determine oil prices, which means that it is not fully bound by the agreements, while countries seek to increase their production, such as Iran and Iraq as soon as possible, there is a conflict between the vision of the main producers."
He went on to say that "any agreement requires a realistic study of oil prices and future outlook, as well as the political consensus between these countries." Ending / 25 d
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