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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Iraq: Failure to reach a new oil production cut agreement is not the end

rocky
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Iraq: Failure to reach a new oil production cut agreement is not the end Empty Iraq: Failure to reach a new oil production cut agreement is not the end

Post by rocky Fri 06 Mar 2020, 5:08 pm

[size=35][size=35]Iraq: Failure to reach a new oil production cut agreement is not the end[/size]
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Economie

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06-03-2020 | 13:45
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[size=18]On Friday, the Ministry of Oil stressed the need to reach an agreement between members of OPEC and its allies outside the organization, aiming to achieve stability and restore the balance between supply and demand, and work to reduce the effects and repercussions that followed the spread of Corona virus, but considered that failure to reach an agreement New cut "not the end".


The head of the Iraqi delegation, Undersecretary of the Ministry of Oil Hamid Yunus, said at the conclusion of the eighth ministerial meeting of OPEC members and allies with them in Vienna, according to a statement by the Ministry of Oil, Alsumaria News received a copy of it, "Some members are asking to give them more time to assess the implications of the Corona virus on the global oil market, And postpone the further production cut. "







Yunus added, "We have some time until the end of the current month to assess the oil market conditions by the Ministerial Technical Committee for Production Control, which is the end of the period prescribed for the previous agreement," expressing his hope that "the views of the members of OPEC and those allied with it will be brought closer." With the aim of reaching an agreement that satisfies everyone and contributes to rebalancing the oil market. "

Yunus went on to say, "We have confidence that these countries will overcome the crisis and control it during the coming period, and return to economic activity more than it was before the emergence of Corona."


Younis added that he met "a number of oil and energy ministers in the Kingdom of Saudi Arabia, the Islamic Republic of Iran, Algeria, and the United Arab Emirates, as well as the Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barikndo, and discussed with them the importance of reaching an agreement that contributes to achieving the goals of the producers and is a responsibility Joint and solidarity, in order to maintain the balance and stability of the oil markets, "stressing" the exceptional efforts of the Iraqi delegation in bringing the views closer, to an appropriate agreement that restores the movement of global economic activity and increases the demand for crude oil. "
 
For his part, Director General of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri said, "The Joint Technical Committee (JTC) met on the first day and submitted its recommendations to the OPEC ministerial meeting, which was held Thursday, and to the ministerial meeting of the organization and its allies, which is held on Friday." After reviewing the reports prepared by the OPEC Research Center regarding the effects of the virus on the demand for crude oil in the oil market and its effects on Chinese and global economic growth, the third meeting was between members of OPEC and their allies.

In turn, said a spokesman for the Ministry of Oil, Assem Jihad, "The producers in OPEC and allied with it, facing great difficulties towards this crisis, which directly affected the Chinese economy and undermined its imports of crude and reduce the size of economic growth in general."

Jihad pointed out, "The continued efforts of members to re-evaluate the challenges facing global economic growth and the conditions of the oil market, where everyone hopes to reach a new agreement that contributes to the stability of the oil market, and that Iraq made great sacrifices during the last period in this framework along with a number of Other countries in the organization in order to save the oil market from collapse, and played a wise role in bringing views closer to the previous meetings, and despite all that, Iraq was and still supports strongly all the agreements that aim to achieve the required balance between supply and demand and lead to the stability of global markets ".


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