Today .. informal meetings starting point for oil producers

8/10/2016 0:00

Oil Minister: We seek to increase the production of refineries

BAGHDAD / Hussein Tgb / Farah pumice

With Iraq's move to determine the share of fair yield to him within the organization «OPEC» after he objected to the results of Algeria's last meeting, the major powers begin to «OPEC» with Russia in Istanbul on Saturday, a series of informal meetings to discuss the re-balance to the global oil market amid experts anticipate an improvement soon crude prices departing from the realities of the most important of the lack of strategic stockpiling major states and install production and the need for funds for the sustainability of the oil fields.

Oil producers meeting

He announced Algeria's energy minister, Noureddine Bouterfa, a meeting between oil producers within the Organization of Petroleum Exporting Countries «OPEC», and outside, between the eighth (today) and the tenth of October now in Istanbul, Turkey to discuss the situation of the market.

Bouterfa said in an interview: «We will hold an informal meeting in Istanbul between the Turkish Countries (OPEC) and other oil producers in the International Energy Week, which is held in conjunction (rapporteur between 8 and 13 October) of this».

According to the Algerian minister, the «unite Countries (OPEC) after the Algiers meeting will facilitate negotiations on restoring the balance of the oil market, and will also examine the market situation in Vienna, the official meeting next November end».

Members and reach of the Organization of «OPEC» at an informal meeting during the last week in Algeria turned into a formal meeting exceptional, and its decisions are binding and described Pal «historic» an agreement on the installation of production in order to prop up prices on global markets, which sow hope the seeds of States producing better future for oil prices in world markets.

Iraqis refused

But the oil minister Jabbar Laibi questioned in one of two ways Taatbahma «OPEC» to estimate oil production to its members, noting that this issue may be a source of trouble for the country to participate in a possible agreement to limit production reached by the organization in Algeria last week.

He revealed inform Iraq, Saudi Arabia and Iran rejected the agreement between the countries, members of the Petroleum Exporting (OPEC) at the level of production of 32.5 million barrels per day, which took place on the sidelines of the meeting of the Global Forum held on 27-28 of last September in Algeria, with the participation of Iraq.

And it used the «OPEC», which also meets on November 30 two sets of figures are estimates of production, are the figures provided by the Member States themselves and the estimated secondary sources, which are usually less. The estimated secondary sources of Iraq's oil production in August at 4.343 million barrels per day, but according to OPEC figures Iraq's production amounted to 4.638 million barrels per day in August.

Production levels

It is scheduled to host Iraq this month with the entities sold in calendar oil production levels ahead of an informal meeting of the Organization of «OPEC» next month amid an increase in the hottest issue with members of the organization to compete on production allocations.

He called on Iraq's second-largest oil producer in the «OPEC» international organizations and media groups assesses its oil production to visit the Ministry of Oil.

The Iraqi Oil Marketing Company (SOMO) in the invitation letter: The meetings to be held on 24 and 25 October, come »for the purpose of detailed participate in more accurate to Iraq's oil production numbers».

She said the company «During the meetings mentioned you will have the opportunity to record the agency you represent in order to obtain circular is expected to meet the needs in the estimation of Iraq's oil production.»

New understandings

In the meantime, he saw a member of the Baghdad Economic Forum Jassim Al Aradi said declining oil revenues to the states to make it looking for new understandings help improve the crude oil prices in world markets and commensurate with the producing and consuming countries.

He pointed out that Iraq has become a major player in the oil market after the Algiers meeting after the latter proved that Iraq no matter how prominent among the major oil producing countries in the world role, this stemmed from its potential productivity that emerged clearly during the past years. Aradi between the producing countries covet access to the balance of the price is the negative effects of the lack of revenue in their economies after the Big steep decline, as all producers realized that large among major consuming countries precautions quantities began to decline, and this is one of the reasons that help lift crude prices in different international markets.