Iraq begins extensive contacts with OPEC and outside it to remedy the collapse of oil prices
09:28 - 11/03/2020
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The information / Baghdad ..
Undersecretary of the Ministry of Oil Hamid Al-Zobaie revealed, on Wednesday, the continuation of continuous contacts with countries in OPEC and outside the organization in order to develop appropriate solutions to prevent the deterioration in the oil markets currently.
Al-Zobaie said in a statement received by the official newspaper Al-Sabah and seen by him / the information. “The resigned Prime Minister [You must be registered and logged in to see this link.]
’s visit to SOMO yesterday came in conjunction with the monthly meeting in which Iraqi crude oil prices are determined according to the Asian, European and American markets on the basis of Brent price. ”
He added, "This meeting came in conjunction with the drop in prices, and it was important and in the presence of the Prime Minister to see the market situation and expectations. Abdul Mahdi was briefed on the analyzes taking place in the oil market in order to take appropriate decisions in this regard, especially since the commitment to reduce crude oil from Before and outside OPEC, it stopped, and accordingly, [You must be registered and logged in to see this link.]
is also able to increase the quantities of oil exports to international markets whenever it wants and has the potential for that, especially since it currently exports approximately three million and 250 thousand barrels per day.
Al-Zobaie emphasized that "Deputy Prime Minister and Minister of Oil, Thamer Al-Ghadban, is currently in intensive contact with OPEC ministers and outside to bring views closer and find appropriate solutions to stop the decline in global oil prices."
On the reasons behind the decline in oil prices, the undersecretary stressed that "OPEC countries came out after their meeting by agreeing to reduce the volume of production by one million five hundred thousand barrels per day, as the million barrels are divided among OPEC countries and 500 thousand barrels are divided among the countries outside OPEC in addition to the quantities that were reduced in The previous one, which amounted to two million and 100 thousand barrels. ”
He added, "Russia objected to the additional reduction, justifying that the Corona virus, which led to the contraction of oil demand, will end during the next few days, and the following day the Saudi position on increasing its production in April will follow, leading to a further price collapse." In that, " [You must be registered and logged in to see this link.]
extensive contacts contribute to bringing the views closer and in a way that serves the interests of the peoples of OPEC countries and outside it and strikes a balance in the global oil markets." Ended / 25