Iraqi Oil Minister: we are targeting 4.75 million barrels per day of global oil produ
Iraqi oil exports heading to a record level
Iraqi Oil Minister: we are targeting 4.75 million barrels per day of global oil production
09/23/2016 Roudao - Erbil Iraq 's oil minister, said Jabar Ali Allaibi, said his country would support a cap on the production of oil in the "OPEC" the upcoming meeting in Algeria this month, but he pointed out that it aimed to maintain its share of the production of between 4.75 million and five million barrels a day.
Iraq is the second largest oil exporter in the "OPEC", after Saudi Arabia, and the export of up to 3.2 million barrels per day out of about 4.7 million barrels produced in the country.
He Allaibi in a press statement broadcast on state television on Thursday that he hoped to reach members of the Organization of Petroleum Exporting Countries (OPEC) during their next meeting in Algiers agreement aims to install a production ceiling and would contribute to putting an end to the decline in the volatility of oil prices.
He pointed out that "Iraq's oil policy aimed at cooperation with producers inside OPEC and outside in achieving the desired balance between supply and demand and stabilize the market and to achieve our common goals in finding solutions and treatments effective to curb the decline and volatility of oil prices in the global markets."
Allaibi explained that "Iraq's consistent policy aims to maintain its stake, estimated between 4.750 and 5 million barrels per day, taking into account the right to adopt the quantities of the oil fields and in proportion to the oil reserve, which is owned and who put it in the top tier among producers and exporters."
The minister pointed out that his country was deprived of the natural market share over the decades due to wars, "It is therefore natural that works to make up for it."
Algeria will host between 26-28 of this month a conference of energy, peppered meeting of Member States of the Organization of Petroleum Exporting Countries (OPEC) and senior producers, in order to agree on steps to restore stability to oil markets.
Over the last two years, world oil prices fell, with the landing flight began in June 2014, down from 140 a barrel to $ 110, and in the beginning of 2015 dropped to $ 60, while a fall unprecedented during 2016, amounted to $ 30.
Observers believe that the "OPEC" might rekindle, at a meeting expected in Algeria, the revival of an earlier launch whereby the Group and the major oil producers outside and especially Russia to freeze crude production at the levels of January / December second last in order to contribute to the strengthening prices in the market global, which is suffering from a sharp decline.
And failed to oil-producing countries in the consensus on this proposal at a meeting in Qatar in April / April last.
Iraq relies on the sale of oil revenues to finance up to 95 percent of state spending, and put lower prices more than 50 percent of the Iraqi government in the financial crisis is also exacerbated by the war to organize "Daesh" expenses.