Al-Ghadhban confirms Iraq's full commitment to the OPEC production cut agreement

Friday, January 4th



Alsumaria News / Baghdad
Oil Minister Thamir al-Ghadhban confirmed on Friday Iraq's full commitment to the production reduction agreement reached by OPEC and its partners, pointing out that Iraq played an important role in reaching this agreement in order to find realistic solutions to control the oil supply gap.

Al-Ghadhban said in a statement received by Alsumaria News that "the Ministry of Oil has taken measures to implement the reduction of production by (3%), which constitutes about (140) thousand barrels per day of the total production of Iraq, according to the proportion of the agreement of the producer countries of OPEC members, And its partners, which was taken at the meeting held in Vienna last month and provided for a reduction of (1,200) million barrels, of which (800) thousand barrels per day is the proportion of the members of the Organization of OPEC and (400) thousand barrels per day Producing countries From outside, "asserting" Iraq's full commitment to the agreement to reduce production reached by the Organization (OPEC) and its partners, which entered into force Starting January 1, 2019. "


Al-Ghadhban added that "he instructed the officials of the production and marketing sectors earlier to take urgent measures to comply with the production levels scheduled for October 2018, according to agreement, which was at the rates of (4,653) million barrels," stressing " The stability of production throughout the country at the rate of (4,513) million barrels for the next six months, after calculating the rate of reduction of Iraq's share (140) thousand barrels, and according to the time period of the agreement, which came into force at the beginning of January 2019.

"Iraq played an important role with other producers in reaching this agreement in order to find logical and realistic solutions to meet the challenges of the global oil market, control the oil supply gap and work to restore balance between supply and demand, which in turn will support oil prices." , And that the Ministerial Committee of the meeting of OPEC and its partners, will follow up and monitor the developments of the oil market during the coming period and submit their reports to Member States.

Al-Ghadhban revealed that "through his contacts with his counterparts in OPEC and its partners, he stressed the keenness of all to abide by the oil agreement and achieve the planned targets in support of oil prices in international markets."

The OPEC production cut-off agreement, which was reached by Opec and its partners, came into effect this year, with OPEC production falling by 530,000 bpd, the highest in a year.


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