Iraq confirms its intention to maintain its plans for oil production

2015/12/05 (00:23 pm) - hits: 96 - count (3515)

Baghdad/range press

Iraq confirmed his intention to maintain its plans for oil production, adding that "informal consultative meeting" for members of the Organization of petroleum exporting countries "has not resulted in nothing concrete," in Iraq, expressed his readiness to discuss the Saudi proposal for production cuts by members of the organisation of petroleum exporting countries (OPEC), in line with production ceilings outside the Organization, in turn, denied the existence of such a proposal in Riyadh.

Iraq's oil Minister, Adel Abdul Mahdi, quoted information from the headquarters of the organisation of petroleum exporting countries (OPEC), in the Austrian capital Vienna, monitored (range), that "Iraq will maintain oil production rates."
Noting that "OPEC ministers are still discussing at their informal meeting, without something concrete."
"Baghdad is prepared to engage in an open debate on the proposal for a new Saudi production cuts in coordination with producers from abroad."

Abdul Mahdi statement comes in the wake of media leaks on the Saudi intention to invite OPEC members reduced production by one million barrels per day in 2016, coordinate with producers from outside the Organization, as well as Iraq and Iran where members.

OPEC oil Ministers held a consultative meeting, Thursday, "informal" followed by the official League meeting Friday.

And OPEC members are expected to focus on how to stop the deterioration of oil prices that have fallen nearly 60 percent of the current year of 2015.

It was Abdul Mahdi, President of the State Oil Marketing Organisation (SOMO), Falah Al-Amiri, had left Iraq, heading to Vienna to attend OPEC regular meeting, (1 December 2015).
Was published (energy intelligence), said earlier that Saudi Arabia is considering a proposal to reduce progress OPEC million barrels provided by Iran and Iraq to curb the growth in production, and the participation of non-OPEC producers, but oil source, denied any proposal, returned to the release said "baseless."
Mention that Venezuela, Algeria, Nigeria and other OPEC States, want to reduce the ceiling to raise the price, even if it got to 75 dollars per barrel, and criticizing those States Saudi Arabia and other Gulf States, and the continued decline in price below the fifty States of the barrel as a result of more interest to maintain market share against producers from outside the Organization, such as Russia and America.

But Saudi Arabia, the largest oil producer and exporter in OPEC, believes that price correction is best left to market forces.