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Iraq surprises OPEC a day before its expected meeting

rocky
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Iraq surprises OPEC a day before its expected meeting Empty Iraq surprises OPEC a day before its expected meeting

Post by rocky on Wed 08 Apr 2020, 6:27 am

Iraq surprises OPEC a day before its expected meeting

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{Baghdad: Al Furat News} Iraq, members of the Organization of Petroleum Exporting Countries (OPEC) surprised about its crude production, two days before its expected meeting tomorrow, Thursday, to discuss a big reduction in oil and try to recover global markets.
Oil rose again today, Wednesday, after a two-day drop, as it received support from hopes that a meeting between OPEC members and allied producers tomorrow will launch production cuts aimed at supporting prices that have retreated in light of the Corona virus pandemic.
A spokesman for the Oil Ministry, Ass Jihad, said in a press statement today, Wednesday, that "Iraq agreed during the previous meeting to reduce OPEC production to one and a half million, provided that its production is not compromised," stressing that "it is not possible to reduce production rates as a result of the current situation and the exceptional circumstance." That Iraq is going through. "
He pointed out that "Iraq has made extensive contacts with the oil ministers of OPEC member states and alliances with them from outside the organization in the past days in order to bring the points of view closer to reaching an agreement that will restore stability to the global oil market."
He pointed out that "it was agreed to hold a ministerial meeting {OPEC +} tomorrow, Thursday, which is an important step to reach an agreement that saves the oil market from the great decline."
Jihad stressed "the need for the main producing countries from outside (OPEC +), including the United States, Canada, Norway and others, to initiate a commitment to reduce production by them, which in turn is an important factor to control the oil surplus in global markets, and to restore the required stability and balance."
He stressed, "The decline in oil prices did not affect production and export rates, because the available capacity for production is estimated at 5 million barrels per day."
And that "Iraq production, according to the commitment of the (OPEC +) agreement, amounted to about 4 million and 500 thousand barrels per day. As for exports, it ranges between 3 million and 300 thousand barrels to 3 million and 500 thousand barrels per day."
It is noteworthy that it is widely expected that a meeting scheduled to be held via closed-circuit television tomorrow Thursday between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is more successful than a meeting held in early March. The meeting resulted in a failure to extend cuts and a price war between Saudi Arabia and Russia amid falling demand.
But concerns remain about the US role in any production cuts.
Ammar Al-Masoudi is done


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rocky
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Posts : 188836
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Iraq surprises OPEC a day before its expected meeting Empty Iraq surprises OPEC a day before its expected meeting

Post by rocky on Wed 08 Apr 2020, 6:31 am

Iraq surprises OPEC a day before its expected meeting

[You must be registered and logged in to see this image.]
  
{Baghdad: Al Furat News} Iraq, members of the Organization of Petroleum Exporting Countries (OPEC) surprised about its crude production, two days before its expected meeting tomorrow, Thursday, to discuss a big reduction in oil and try to recover global markets.
Oil rose again today, Wednesday, after a two-day drop, as it received support from hopes that a meeting between OPEC members and allied producers tomorrow will launch production cuts aimed at supporting prices that have retreated in light of the Corona virus pandemic.
A spokesman for the Oil Ministry, Ass Jihad, said in a press statement today, Wednesday, that "Iraq agreed during the previous meeting to reduce OPEC production to one and a half million, provided that its production is not compromised," stressing that "it is not possible to reduce production rates as a result of the current situation and the exceptional circumstance." That Iraq is going through. "
He pointed out that "Iraq has made extensive contacts with the oil ministers of OPEC member states and alliances with them from outside the organization in the past days in order to bring the points of view closer to reaching an agreement that will restore stability to the global oil market."
He pointed out that "it was agreed to hold a ministerial meeting {OPEC +} tomorrow, Thursday, which is an important step to reach an agreement that saves the oil market from the great decline."
Jihad stressed "the need for the main producing countries from outside (OPEC +), including the United States, Canada, Norway and others, to initiate a commitment to reduce production by them, which in turn is an important factor to control the oil surplus in global markets, and to restore the required stability and balance."
He stressed, "The decline in oil prices did not affect production and export rates, because the available capacity for production is estimated at 5 million barrels per day."
And that "Iraq production, according to the commitment of the (OPEC +) agreement, amounted to about 4 million and 500 thousand barrels per day. As for exports, it ranges between 3 million and 300 thousand barrels to 3 million and 500 thousand barrels per day."
It is noteworthy that it is widely expected that a meeting scheduled to be held via closed-circuit television tomorrow Thursday between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is more successful than a meeting held in early March. The meeting resulted in a failure to extend cuts and a price war between Saudi Arabia and Russia amid falling demand.
But concerns remain about the US role in any production cuts.
Ammar Al-Masoudi is done


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