Oil: Do not expect a shake prices after the OPEC meeting and rises slowly

 It excluded the Iraqi Oil Ministry, for "jolt" of crude prices in the global markets after theforthcoming meeting later this month of the Organization of Petroleum Exporting Countries [OPEC] in Vienna to discuss the freeze of production. 
And seeking [OPEC] to reach agreement at a meeting in Vienna on November 30 with thecurrent 14 countries inside and outside the organization ensures a coordinated cut production to support the market over the balance between supply and demand. 
He said ministry spokesman Assem Jihad , in a press statement " I do not expect to get ashake in oil prices after the OPEC meeting , but positively affected and now just statements Alaaahabih to reach agreement reflected positively on oil prices." 
" The higher the price of crude higher useful for Iraq, but we must be realistic , " noting that " the expectation process difficult in light of the failure to reach an agreement in OPEC and when this is done will reflect positively on crude prices, oil - producing countries monitor theoil market to the extent of the impact of the freeze on Price and what rate, and on the basis of that possible further action [is freezing] or maintain it. " 
Jihad explained that the "freeze the process of progress and temporariness and some countries propose to be between 3 to 6 months depending on the meeting which will be held the end of the month to OPEC." 
He noted , "We see there is a rise in oil prices may be slow to reach an agreement to apositive impact , but not at the level to jump its prices to unexpected numbers, but slow and certainly remain better than the current prices." 
The price of oil has surged on Tuesday to its highest level since late October last jumped futures for Brent crude to $ 49.63 a barrel , up 1.5 percent from the last settlement price, taking markets in their accounts cut expected production led OPEC, but analysts havewarned that a failure to reach an agreement on production cuts may exacerbate oversupply by early 2017. 
the Minister of oil Ali Hussein Allaibi Monday that Iraq holds the ideas and proposals for new ministerial meeting next OPEC "aimed at the events of greater convergence and consensus among members to reach an agreement guaranteeing the achievement of the objectives common for producers, including the stability of the market and support oil prices to acceptable levels. " 
He stressed that "Iraq reaffirms his commitment to the unity and cohesion of theorganization and must not understand Mtalibh legitimate as an obstacle to reaching a new agreement to freeze production, and that Iraq relies heavily at the next meeting on theconcern and efforts of members and producers inside OPEC and outside to reach agreement just take into account the interests of all and put an end to the oversupply of crude oil in the global market. " 
And pre - empted the Foreign Minister Ibrahim al - Jaafari OPEC meeting by saying he was"not fair" Iraq 's claim to freeze production and is fighting a war against Daesh. 
He said al - Jaafari told reporters in the Hungarian capital Budapest on Tuesday he believed that Iraq increased its production being in a special situation and OPEC should allow Iraq tocontinue to raise its production of crude without restrictions. " 
Said a senior government official, last Friday that Iraq does not want any agreement to theOrganization if it would reduce production because they need money to cover the expenses of the war against Daesh, services and salaries. 
he said the official told Reuters, described Palmqrb of Prime Minister Haider al - Abadi said that "for OPEC to recognize the fact that Iraq must remain away from any agreement on reducing production because it is in the midst of war difficult and needs every dollar to stay afloat. " 
OPEC agreed members in late September in Algiers to reduce the total oil production to between 32.5 million and 33 million barrels a day. 
he estimated Iraq 's oil production at 4.77 million barrels per day in October and says he production will not again reduced to less than 4.7 million barrels a day, said Falah al - Amiri representative of Iraq 's OPEC governor and the president of state oil marketing company SOMO] national that it will not happen for OPEC or the other. "

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