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[rtl]Date: 2019/9/12 18:32 • 109 times read[/rtl]
Deputy Prime Minister for Energy and Minister of Oil, Thamer Ghadhban, said that the oil surplus in the global oil markets is still a major challenge for producers from within the Organization (OPEC) and outside, which led to the emergence of sharp fluctuations and instability in the market in Last August.
This came after the conclusion of the work of the Joint Ministerial Committee to follow up and monitor the production of OPEC and its allies from outside Abu Dhabi.
Ghadhban said in a statement that "global demand for crude oil has grown at (1.1 - 1.3) million barrels per day, and the next stage requires more collective action and adhere to the agreement to reduce production, because it is a joint responsibility of all oil producing countries in order to ensure the stability and balance of the global oil market , stressing Iraq 's commitment to the decision to cut production down to achieve the goal.
he Ghadhban that this meeting is to review and follow - up to the decision to cut production and make recommendations for the ministerial meeting to be held in Vienna before the end of this year , taking into account the changes and developments in the oil market has witnessed an agreement Of the coming period.
For his part, the Saudi Minister of Petroleum and Mineral Resources Abdul Aziz bin Salman, Chairman of the Committee praised the cooperation and commitment of the member countries in this agreement and that the coming period will witness a greater commitment of the producing countries, praising the bilateral relations between Iraq and the Kingdom and that the coming period will witness significant development and growth.
Oil Ministry spokesman Assem Jihad said that the Deputy Prime Minister for Energy and Oil Minister attended a meeting of the ministers of Saudi Arabia, the Russian Federation, the United Arab Emirates, Algeria, and Nigeria, where they discussed the developments of the oil market and the agreement to reduce production.
Jihad added that "the meetings of the ministerial committee to control production are periodic meetings agreed upon in advance, aimed at studying the situation of the world oil market and its prospects in the short and medium term, and the levels of conformity of production adjustments with the obligations of members of the Organization of Petroleum Exporting Countries (OPEC) and allied countries outside led by Russia.
the agreement was signed in January 2018 between the producing countries within OPEC and producing countries from outside, providing for a joint reduction of oil production by 1.2 million barrels per day from 800 thousand barrels per day to producers from within the organization, and 400 thousand barrels From the countries of origin Alliance, this agreement aims to rebalance supply and demand
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Oil Minister: sharp fluctuations behind the instability of the global market
[/rtl][rtl]Date: 2019/9/12 18:32 • 109 times read[/rtl]
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[rtl]Deputy Prime Minister for Energy and Minister of Oil, Thamer Ghadhban, said that the oil surplus in the global oil markets is still a major challenge for producers from within the Organization (OPEC) and outside, which led to the emergence of sharp fluctuations and instability in the market in Last August.
This came after the conclusion of the work of the Joint Ministerial Committee to follow up and monitor the production of OPEC and its allies from outside Abu Dhabi.
Ghadhban said in a statement that "global demand for crude oil has grown at (1.1 - 1.3) million barrels per day, and the next stage requires more collective action and adhere to the agreement to reduce production, because it is a joint responsibility of all oil producing countries in order to ensure the stability and balance of the global oil market , stressing Iraq 's commitment to the decision to cut production down to achieve the goal.
he Ghadhban that this meeting is to review and follow - up to the decision to cut production and make recommendations for the ministerial meeting to be held in Vienna before the end of this year , taking into account the changes and developments in the oil market has witnessed an agreement Of the coming period.
For his part, the Saudi Minister of Petroleum and Mineral Resources Abdul Aziz bin Salman, Chairman of the Committee praised the cooperation and commitment of the member countries in this agreement and that the coming period will witness a greater commitment of the producing countries, praising the bilateral relations between Iraq and the Kingdom and that the coming period will witness significant development and growth.
Oil Ministry spokesman Assem Jihad said that the Deputy Prime Minister for Energy and Oil Minister attended a meeting of the ministers of Saudi Arabia, the Russian Federation, the United Arab Emirates, Algeria, and Nigeria, where they discussed the developments of the oil market and the agreement to reduce production.
Jihad added that "the meetings of the ministerial committee to control production are periodic meetings agreed upon in advance, aimed at studying the situation of the world oil market and its prospects in the short and medium term, and the levels of conformity of production adjustments with the obligations of members of the Organization of Petroleum Exporting Countries (OPEC) and allied countries outside led by Russia.
the agreement was signed in January 2018 between the producing countries within OPEC and producing countries from outside, providing for a joint reduction of oil production by 1.2 million barrels per day from 800 thousand barrels per day to producers from within the organization, and 400 thousand barrels From the countries of origin Alliance, this agreement aims to rebalance supply and demand
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