The start of the OPEC conference in the presence of Oil Minister Adel Abdul-Mahdi

Friday, June 5, 2015 14:24


BAGHDAD / Baghdadi News / ... Featured Oil Minister Adel Abdul Mahdi, on Friday, in the work of the OPEC oil-exporting countries conference.

He said Oil Minister Adel Abdul Mahdi, in a statement received / Baghdadi News /, that "the ministry is working in accordance with the three strategic plans to increase Iraq's production of oil and gas", Makdaan "Iraq have accomplished a great accomplishing represented licensing round."

Abdul-Mahdi said that "the national effort that accompanied the licensing round was running the oil extraction process," noting that "the Ministry of oil companies is run by some of the wells."

The minister stressed that "there are many patches still far from oil operations are trying to still fit either new licenses or a tour of national effort."

"The third element which contributes to the increase in production is the cooperation with the neighboring countries," adding that "Iraq has begun negotiations with the Islamic Republic of Iran, and with Kuwait in all matters relating to the fields of common and joint action between neighboring countries to facilitate and help each party to the other party which contributes in maximizing production and help in the diversity of production. "


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Friday, June 5, 2015 16:40







Iraq participates semi-annual meeting of the Ministers of oil, "OPEC" in Vienna


Baghdad / follow-up Baghdadiya News / .. began oil ministers Organization of Petroleum Exporting Countries (OPEC) meeting semi-annual in Vienna, on Friday, with the participation of Iraq to follow up on price developments and production for the remainder of the year and the search in the best options available to keep the world market stability.

And looking ministerial meeting one-day paper prepared by the Secretariat of the Organization and includes forecasts of supply and demand for oil during the second half of this year and the extent of the member states commitment quotas system agreed and future prospects of global oil market amid hopes for an improvement in global demand for crude in the second half of the year ongoing.

And contributed to the excess oil is located in the market and political tensions in fluctuations in crude prices to fall to low levels in recent months, causing significant financial damage to the member states, but prices recovered recently surpassing the rate of $ 60 a barrel Meanwhile keen OECD countries to declare a permanent willingness to pump adequate supply as long as the need arises.

It is widely believed that the prevailing within the trend (OPEC) and through some oil ministers in favor of keeping the current production ceiling without modification statements, particularly in the light of indications to the existence of an adequate supply of raw commensurate with the market fundamentals of supply and demand and with the pace of global economic growth.

The total production of OPEC countries {} are currently about 30 million barrels a day, a roof was reinstated last December after deteriorating crude prices have since stabilized oil prices ranging between two months ago, $ 60 and $ 65 a barrel.

And increased Countries (OPEC) output limits ranging between 200 and 400 thousand barrels per day above the production ceiling of 30 million barrels per day.

The General Secretariat of the Organization predicted in its monthly report last persistence of relatively high crude prices to the end of the year.

According to traders in the market that the growth rate of the global economy and the abundance of supply of crude and developments geopolitical and especially with regard to developments in the Iranian nuclear file directly affect the price of oil and acknowledge the existence of a surplus in production in the market, but the (OPEC) attributes this surplus to lower global demand shale oil production and not increase the production of its member states.

And looks (OPEC) to better cooperation with the rest of producers to help stabilize prices by reducing production of an existing surplus on the world market .


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