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Iraq breaks its silence from the "oil price war" between Saudi Arabia and Russia

rocky
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Saudi - Iraq breaks its silence from the "oil price war" between Saudi Arabia and Russia Empty Iraq breaks its silence from the "oil price war" between Saudi Arabia and Russia

Post by rocky on Sat 28 Mar 2020, 1:54 am

Iraq breaks its silence from the "oil price war" between Saudi Arabia and Russia

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{Baghdad: Al Furat News} Iraq announced its position on the continuing decline in oil prices in world markets due to the “price war” between Saudi Arabia and Russia.
A spokesman for the Ministry of Oil, Assem Jihad, said in a press statement, that "Iraq has enough opportunity and space to control the production of crude oil despite the current global crisis due to the emerging Corona virus, reiterating that the current situation did not affect Iraqi oil production and exports."
He added, "The subject of the Corona virus did not affect production or the Iraqi oil exports, in Iraq the current available energy is 5 million barrels, but Iraq is currently issuing in accordance with its obligations with OPEC and for Corona it has not affected Iraqi production rates and therefore we have an opportunity or space to control Production operations. "
Jihad stressed 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."
And he stated that "Iraq succeeded after the intensification of contacts by the Deputy Prime Minister and Minister of Oil with member states inside and outside the Organization (oil exporting countries) OPEC and with the President of the Organization Mohamed Barkindo, and the president of the current session of the Algerian Energy Minister Mohamed Arqab in bringing the views closer to the necessity of holding a meeting of the Ministerial Committee To monitor production, Iraq is a member, and also to hold a meeting of ministers from inside and outside OPEC.
Jihad added, "Iraq succeeded in making progress to resolve the crisis between the parties concerned and 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 that: "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 agreed 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. "
It is noteworthy that oil futures prices collided by more than 20 percent, 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.
Brent crude prices fell today to $ 24 a barrel.
Iraq’s budget depends about 90% on imports of crude oil, which this year may face an unprecedented financial deficit with its contemporary history.
Ammar Al-Masoudi


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