Oil Minister: Iraq aims to share 5 million barrels per day of global production

2016/9/22 23:13

[Oan- follow-up]

Oil Minister Ali Jabbar Luaibi said on Thursday that Iraq would support a cap on oil production at an informal meeting between oil producers Algeria, but aimed to defend its share of the production ranging between 4.75 million and five million barrels a day.

Luaibi said in a statement, "Iraq's consistent policy aimed at maintaining the country's share of which was estimated between 4.75 to five million barrels per day."

It is expected that salutes the Organization of Petroleum Exporting Countries [OPEC] and Producers are not members of the Organization agreement on the installation of production for the first time in eight years when they meet in Algeria from 26 to 28 September after the collapse of a similar initiative in Doha in April because of Iran's refusal to curb supplies .

The lifting of Iraq - as well as Saudi Arabia, Iran and Russia - production to historic lows over the last year as the struggle for market share with those with high-cost producers such as the United States, where production declined because of low oil prices.

Iraq is seen as one of the obstacles that stand in the way of reaching an agreement on the world oil production because it wants to continue to increase production in the next year, while Iran and Russia may have reached a maximum energies productivity while Saudi production reached record levels.

But the representative of Iraq at the OPEC Falah al-Amiri, said Thursday that Baghdad would not thwart agreement.

He added that his country does not intend to flood the market, but intends to support and will not participate in any action that would reduce prices.