Urgent reveal oil's [where] Iraq 's share of production in any OPEC agreement to freeze

2016/9/5 16:21

[Oan- special]

It revealed that the Ministry of Oil, Iraq's production of the amount of any possible deal to freeze the production of crude.

It is scheduled to hold members of the Organization of Petroleum Exporting Countries [OPEC] an informal meeting in Algeria on the sidelines of the International Energy Forum, which will be held between 26 and 28 September and is expected to seek through it to revive a global agreement to stabilize production levels.

He said ministry spokesman Assem Jihad, told all of Iraq [where] that "Iraq agreed to freeze its production in any agreement that OPEC amount of 4.075 million barrels per day," stressing that "Iraq supports any resolution serving or supporting oil prices."

He added that "this figure includes all production from Iraq, including the Kurdistan region, and if he gets a freeze be on the basis of this quantity [4.075 million barrels a day]," noting, "We currently do not export all of this amount, and will be exporting Iraq's 3.6 million barrels in Next year".

Jihad and stressed "We must differentiate between the production, export and production Sndjemd to 4.075 million barrels per day, and if he got an agreement and be exporting 3.6 million barrels."

"We await the results of the meeting of Algeria in the search process continued freeze action, and Iraq with any operation aimed at supporting oil prices in the global markets."

And Jihad, said that "these are all temporary measures aimed undertaken by producing countries in order to support and improve the oil prices which do not remain in the long term and may change, the demise of the reasons."

He pointed out that "4.075 million barrels does not meet the aspirations of Iraq, he has future plans for each oil field, medium and long term," noting that "the problem of Iraq's oil and the states are not the problem of production, but lower oil prices and oil states are looking for solutions to support these prices, and Iraq is part of the international system and that it is also looking for solutions. "

He pointed out that "if the process of freezing production for some time, serving oil prices so it can export good quantities suitable best of export large quantities at low prices price, the more prices rise above 50 or 60 and even $ 70 a barrel is the best-producing countries and reflected positively on the economy." .

The spokesman for the oil ministry, that "Iraq is in dire need for additional revenue reduces the size of the budget deficit," noting that "when they were building the budget based on oil price of $ 35. If we sell 60 or $ 70 is certainly reflected positively on the federal treasury."

And that "Iraq is designed to create a kind of balance between supply and demand and that there be producing countries and consumer prices."

The Saudi Arabia and Russia, have signed on Monday an agreement for cooperation in the oil market, including curbing production which caused the price rise strongly in the hope that the biggest hike was slapped in the world working together to address the global supply glut of crude.

It jumped International benchmark Brent crude following the agreement today, more than 4.7 percent to above $ 49 a barrel before they give up some of its gains.

The Prime Minister said Haider al-Abadi, last week, that "Iraq is the second largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices, although oil minister, Abdul-Jabbar Laibi said before that the ministry wants to increase production.

In April, Russia was ready to install the production with OPEC, but the talks collapsed after Saudi Arabia said it would not accept the agreement unless attended by Iran's third-largest crude producer in OPEC.

Iran says it needs to regain market share lost during the years of Western sanctions lifted in January after the nuclear deal.

But Iran, expressed last Friday, is ready to support any resolution that would restore the balance in the oil market, referring to OPEC's quest to activate the freeze.