Oil Ministry said on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) will hold a meeting in Saudi Arabia next May, noting that Iraq's decisions are "not individual".
"There is a meeting of the ministerial committee of OPEC countries will be held next month in Saudi Arabia to review its report and make recommendations on everything related to prices and the market," spokesman Assem Jihad said in an interview with Alsumaria News.
"Iraq is committed to the decision to cut production in full and no ambiguity," Jihad said, adding that "the decision to increase and reduce production is through the ministerial meeting of the Organization of Petroleum Exporting Countries" OPEC "and the producing countries from outside.
Jihad pointed out that "Iraq does not take any individual decision to compensate for the shortage in the oil market for any reason because it respects the agreement and the collective decision within the Organization," pointing out that "the commitment of members contributed to reduce the deterioration of oil prices and absorb excess supply and surplus oil."
Prices have received support from efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and other countries under the alliance known as OPEC to reduce 1.2 million barrels per day of oil, in a strategy aimed at reducing supply to markets.
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