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[size=36]Oil Minister: We do not rule out taking additional measures to absorb the oil surplus[/size]
Economy | 11:39 - 04/21/2020
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Baghdad - Mawazine News
Oil Minister Thamer Al-Ghadban confirmed on Tuesday that he does not rule out taking additional measures to absorb the oil surplus.
Al-Ghadhban said in a statement that he participated, along with a number of OPEC + ministers, a direct meeting via an electronic circuit today centered by the headquarters of the Organization of Petroleum Exporting Countries (OPEC +) to discuss the implications of the sharp drop in oil prices, as well as measures that can be taken during the subsequent period.
Al-Ghadhban said in a statement that he participated, along with a number of OPEC + ministers, a direct meeting via an electronic circuit today centered by the headquarters of the Organization of Petroleum Exporting Countries (OPEC +) to discuss the implications of the sharp drop in oil prices, as well as measures that can be taken during the subsequent period.
He Ghadhban said the meeting also dealt with the repercussions of the reasons for the decline in oil prices in the US market, and the effects on other global markets. "
He stressed" the agreement at this meeting to intensify contacts between ministers (OPEC +) to the purpose of standing closely on the oil market developments and changes thereto After the agreement entered into force as of May 1, 2020.
Al-Ghadhban pointed out that “the recent production cut agreement is one of the measures and steps taken to absorb the oil surplus in global markets after the spread of the Corona epidemic.” Anger
did not rule out taking Other actions by Aloo Behind the producing countries, but it depends on the global market developments, and the extent of commitment from OPEC producers + and the rest of the producers outside the agreement to cut production. "
It is noteworthy that the meeting included the ministers of all of Algeria, Nigeria, Venezuela, Kazakhstan, Azerbaijan, in addition to the Secretary General of the Organization of Petroleum Exporting Countries (OPEC).
He stressed" the agreement at this meeting to intensify contacts between ministers (OPEC +) to the purpose of standing closely on the oil market developments and changes thereto After the agreement entered into force as of May 1, 2020.
Al-Ghadhban pointed out that “the recent production cut agreement is one of the measures and steps taken to absorb the oil surplus in global markets after the spread of the Corona epidemic.” Anger
did not rule out taking Other actions by Aloo Behind the producing countries, but it depends on the global market developments, and the extent of commitment from OPEC producers + and the rest of the producers outside the agreement to cut production. "
It is noteworthy that the meeting included the ministers of all of Algeria, Nigeria, Venezuela, Kazakhstan, Azerbaijan, in addition to the Secretary General of the Organization of Petroleum Exporting Countries (OPEC).
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