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[size=36]Oil Minister: We are still negotiating with Türkiye to resume exporting Kurdistan's oil[/size]
Economy| 09:26 - 02/06/2023
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Baghdad - Mawazine News
Oil Minister Hayan Abdul Ghani said on Friday that negotiations are under way with Turkey to resume exporting Kurdistan's oil.
The Iraqi Oil Minister stressed, "We will not hesitate to take any decision to achieve more balance in the market, and 'OPEC +' will take decisions that serve consumers, producers and investors."
And the oil minister stressed that "the 'OPEC +' alliance has proven that it reads the market correctly."
On the other hand, Abdul-Ghani confirmed that "we are still negotiating with Turkey to resume pumping oil exports from the Kurdistan region."
The major oil-producing countries will hold a meeting, on Sunday, that is supposed to test the strength of the understanding between Saudi Arabia and Russia, after indications that recently revealed a divergence in some positions.
The 13 member states of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its ten partners, led by Russia, meet in Vienna, the headquarters of the organization.
Financial news agency Bloomberg reported that its reporters, as well as those of Reuters and the Wall Street Journal, were not invited to the meeting. Contacted by Agence France-Presse, OPEC refused to make any comment.
The Financial Times indicated that the decision was taken at the initiative of Riyadh, which is suffering from the pressure of falling prices.
And a number of the countries of the group raised a surprise, last April, by announcing cuts amounting to more than one million barrels per day in an attempt to raise prices.
After improving for a short period, prices fell more than 10 percent amid fears of a global economic recession, an increase in interest rates for major central banks and a slower-than-expected recovery in demand in China after the end of restrictions imposed during the Covid-19 epidemic.
At the end of last May, the price of a barrel of Brent North Sea oil came dangerously close to the $70 threshold, below which it had not fallen since December of 2021.
And this alliance was shaken, in March of 2020, when Russia refused to cut its production to support prices, which fell due to the spread of the Corona virus to the lowest levels, according to AFP.
Then, Saudi Arabia responded by flooding the market with black gold by increasing its oil exports to a record high, sending prices down to less than $50 at a threshold that took eight months to return to.
The Iraqi Oil Minister stressed, "We will not hesitate to take any decision to achieve more balance in the market, and 'OPEC +' will take decisions that serve consumers, producers and investors."
And the oil minister stressed that "the 'OPEC +' alliance has proven that it reads the market correctly."
On the other hand, Abdul-Ghani confirmed that "we are still negotiating with Turkey to resume pumping oil exports from the Kurdistan region."
The major oil-producing countries will hold a meeting, on Sunday, that is supposed to test the strength of the understanding between Saudi Arabia and Russia, after indications that recently revealed a divergence in some positions.
The 13 member states of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its ten partners, led by Russia, meet in Vienna, the headquarters of the organization.
Financial news agency Bloomberg reported that its reporters, as well as those of Reuters and the Wall Street Journal, were not invited to the meeting. Contacted by Agence France-Presse, OPEC refused to make any comment.
The Financial Times indicated that the decision was taken at the initiative of Riyadh, which is suffering from the pressure of falling prices.
And a number of the countries of the group raised a surprise, last April, by announcing cuts amounting to more than one million barrels per day in an attempt to raise prices.
After improving for a short period, prices fell more than 10 percent amid fears of a global economic recession, an increase in interest rates for major central banks and a slower-than-expected recovery in demand in China after the end of restrictions imposed during the Covid-19 epidemic.
At the end of last May, the price of a barrel of Brent North Sea oil came dangerously close to the $70 threshold, below which it had not fallen since December of 2021.
And this alliance was shaken, in March of 2020, when Russia refused to cut its production to support prices, which fell due to the spread of the Corona virus to the lowest levels, according to AFP.
Then, Saudi Arabia responded by flooding the market with black gold by increasing its oil exports to a record high, sending prices down to less than $50 at a threshold that took eight months to return to.
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