The oil Ministry explains: freeze the production Iraq be 4 million 775 thousand barrels


The oil Ministry said Iraq's production in case the agreement States members of the Organization of the UPC to freeze production would be 4 million and 775 thousand barrels.

Scheduled for members of the Organization of petroleum exporting countries [OPEC] informal meeting in Algeria on the sidelines of the International Energy Forum to be held between 26 and 28 September and is expected to try to revive a global agreement on the installation of production levels.

Ministry spokesman Assem Jihad said "Iraq agreed to freeze production in any OPEC agreement amount of 4 million and 775 thousand barrels, not above four million and 75 thousand barrels."

The oil Ministry, revealed yesterday about Iraq production quantity in any potential agreement to freeze production of crude in OPEC.

The Ministry stated that "this figure includes all production of Iraq, including the KRG if freezing is based on this quantity" shown "we currently don't make all that much, Iraq will export 3 million and 600 thousand barrels next year.

They stressed "the need to differentiate between production and export."

Saudi Arabia and Russia, signed on Monday an agreement for cooperation in the oil market, including curbing production which caused the price rises strongly hoping that the world's biggest producers working together to address global supply glut of crude.

The Prime Minister said Haidar Abadi, last week, that "Iraq is the second largest producer in OPEC after Saudi Arabia, would support any decision to freeze oil production levels to boost prices and that oil Minister Abdul-Jabbar to fault said before that the Ministry wants to increase production.

In April Russia was ready to install production with OPEC but discussions collapsed after Saudi Arabia said it would not accept the deal unless Iran participated the 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 agreement.

But Iran, last Friday, its willingness to support any decision that would restore balance in the oil market, in reference to OPEC sought to activate freeze.