Iraq calls for improved oil prices

Iraq calls for improved oil prices
Tehran, Nov 21, IRNA – Iraqi Oil Minister, Adel Abdel Mahdi, on Saturday called for collective measures of the petroleum exporting countries to improve oil prices.


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He made the remarks at the end of the extraordinary session of the Gas Exporting Countries Forum.
Abdel Mahdi said unity of the OPEC members should be preserved to address the irregularities of the oil market.
Briefing reporters on current situation of the world crude oil markets, Mahdi said the world crude markets are experiencing unwarranted hardship.
He said that for the time being, the market experiences over-supply and the crude prices are at unacceptable low level.
He hoped that the oil prices will improve as early as 2016.
'We should wait and see what decision will the OPEC members made on the December 4 meeting in Vienna, Austria.'
The Iraqi minister said the OPEC members should develop cooperation and make appropriate decision studying the situation.
'Though any of the members have their own view, the OPEC unity should be maintained.'
'We are busy making efforts to take strong strategies so that global crude oil prices will improve,' he said.
The meeting, which aims at setting the agenda for the GECF Summit scheduled for Monday, is underway in Tehran.
The ordinary meeting of the organization is underway chaired by the Nigerian Oil Minister, Emmanuel Iheanacho.
Presidents of Bolivia, Equatorial Guinea, Iraq, Nigeria, Russia, Venezuela and Algerian premier have participated in the event.
Also President of Turkmenistan, Gurbanguly Berdimuhamedow and President of Azerbaijan, Ilham Aliyev whose countries are not GECF members are attending the summit as observer countries and guests, according to Shana.
In addition to heads of state and government representatives from 17 permanent and observer countries and guests, general secretaries of the Organization of Petroleum Exporting Countries (OPEC) and International Energy Forum have confirmed their participation in the third summit meeting.
The OPEC-like gas forum was established in Tehran in 2001. Previous GECF gas summits were held in Qatar in 2011 and in Moscow in 2013.
The GECF is the gathering of the world’s leading gas producers that provide a framework for exchange of experience, views, information and data, as well as coordination in gas related developments among member countries.
It consists of 17 main and observer members with its permanent secretariat is located in Doha, Qatar.
Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates are the main members of the gas exporting forum. Observer countries include the Netherlands, Iraq, Oman, Peru and Norway.
GECF members account for 42 percent of global gas output, 70 percent of global gas reserves, 40 percent of pipe gas transfer, and 65 percent of global trade of Liquefied Natural Gas.
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