Iraq succeeds in bringing the views of the concerned countries closer to resolving the oil dispute[/size]
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The Iraqi Oil Ministry confirmed, on Sunday, that Iraq succeeded in bringing the views between the parties concerned to hold a meeting of the Ministerial Committee for Production Control and a meeting of ministers from inside and outside "OPEC" in order to restore balance to the global oil market.
A spokesman for the Ministry of Oil, Assem Jihad, said in a statement reported by the Russian "Sputnik" agency that "Iraq succeeded after the intensification of contacts by the Deputy Prime Minister and the Iraqi Minister of Oil with member states inside and outside the Organization (oil exporting countries) OPEC and with the head of the organization, Mohamed Barkindo And the president of the current session, Algerian Energy Minister Mohamed Arqab, in bringing the views closer to the necessity of holding a meeting of the Ministerial Committee for Production Control and Iraq is a member and also in holding a meeting of ministers from inside and outside OPEC.
Jihad added, "Iraq has succeeded in making progress to resolve the crisis between the parties concerned and has received a great response from the concerned authorities, especially Russia and the rest of the members, and Iraq is optimistic in this context."
He explained, "The measures taken by some European countries and other countries regarding restricting flight traffic may postpone this meeting, but the important thing is that we have made progress in determining the date of the meeting for the production control committee and for the ministerial meeting, and communications will continue and everyone is in agreement that what is currently taking place is not in the interest of anyone and everyone Damaged and everyone must find quick solutions to restore balance to the oil market. "
And oil futures prices fell by more than 20 percent, last Sunday evening, after Saudi Arabia reduced the official price for selling its crude oil, indicating the start of a price war after OPEC talks with Russia failed to reach an agreement on reducing production.
Moscow rejected a proposal to increase production cuts from its current level by 1.5 million barrels per day until the end of the current world. For its part, Riyadh refused to extend the agreement to reduce production under the current conditions for a period of 3 months.
Saudi Arabia also immediately offered cuts in its oil prices for next April, and media reports spoke of the kingdom's intention to increase its production of crude oil to more than 10 million barrels per day, which contributed to the sharp decline in black gold prices. Ended 6/29 N[/size]