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[size=36]Al-Ghadban: The reduction rate applies to all OPEC countries and its implementation in early May[/size]
Economy | 10:28 - 15/04/2020
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Baghdad - Mawazine News
, Oil Minister Thamer Al-Ghadban confirmed, on Wednesday, that the 22.8% oil reduction rate applies to all OPEC countries without exception.
Al-Ghadban said that "Iraq will start reducing its oil production by 22.8% as of May 1, in implementation of the last agreement in OPEC."
He added, "The rate of reduction applies to all OPEC countries without exception," while denying "the reports that Iraq has volunteered to reduce its oil production."
He explained, "Financial resources are more important than the amount of oil production," noting that "the reduction came based on studies in order for the price of oil to rise, so the lower the supply and the stable the market, the better the price."
He continued, "There is no benefit in increasing production with low selling prices, so that everyone will be a loser," noting that "
, Oil Minister Thamer Al-Ghadban confirmed, on Wednesday, that the 22.8% oil reduction rate applies to all OPEC countries without exception.
Al-Ghadban said that "Iraq will start reducing its oil production by 22.8% as of May 1, in implementation of the last agreement in OPEC."
He added, "The rate of reduction applies to all OPEC countries without exception," while denying "the reports that Iraq has volunteered to reduce its oil production."
He explained, "Financial resources are more important than the amount of oil production," noting that "the reduction came based on studies in order for the price of oil to rise, so the lower the supply and the stable the market, the better the price."
He continued, "There is no benefit in increasing production with low selling prices, so that everyone will be a loser," noting that "
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