Iraq's oil production quota reveal any agreement to freeze

07/09/2016 13:38

Economy Baghdad oil Ministry, revealed about Iraq's production quantity in any potential agreement to freeze raw production. 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, in a statement released by the economics news that Iraq had agreed to freeze production in any OPEC agreement amount of 4 million and 75 million barrels a day, adding that "Iraq supports any decision serve or support oil prices."

"This figure includes all production of Iraq, including the KRG if freezing is based on this amount [4 million and 75 thousand barrels per day]" stating "we currently don't make all that much, Iraq will export 3 million and 600 thousand barrels next year. He stressed "we should differentiate between production and export and production immediately, 4 million and 75 million barrels a day if the agreement and export 3.6 million barrels.

"We await the outcome of the meeting of Algeria in the search process continued freeze, Iraq with any process designed to support oil prices in the world market." And Jihad, that "these are all temporary measures producing States aim to support and improve the oil prices and are not kept in the long and probably changed the demise." "Drew 4 million and 75 thousand barrels do not meet the ambitions of Iraq it has future plans for all medium and long-term oilfield" stating that the Iraq problem and oil States "isn't a problem of production but low oil prices and the oil States are looking for solutions to support these prices, Iraq is part of the international system and to seek solutions."

He noted that "If the process of freezing the production, serving the oil price so you can export good prices better than exporting large quantities at low prices, and the prices above 50 or 60 and even 70 dollars a barrel is best for producers and reflected positively on its economy. And the oil Ministry spokesman, said "Iraq need additional income reduces the size of the budget deficit," "when the budget was built on the basis of the price of oil at $ 35 if we were selling for 60 or 70 dollars certainly reflected positively on the federal Treasury.

The "Iraq aims to create a kind of balance between supply and demand and prices for producers and consumers." 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. Global measurement ore price jumped Brent following agreement today more than 4.7% surpassing 49 dollars a barrel before it gives up some of its gains.

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.