ready to discuss a Saudi proposal to cut OPEC production by 1.5 million barrels 12-3
Oil Minister: ready to discuss a Saudi proposal to cut OPEC production by 1.5 million barrels 03 December 2015
He showed Oil Minister Adel Abdul Mahdi, Iraq's readiness to discuss the proposal by Saudi Arabia to cut OPEC output. Said Abdul-Mahdi -almtoagd in Vienna to attend OPEC meeting on Friday and continues to Ummen- in response to a question about media reports of a new Saudi proposal to cut OPEC production coordination with producers from outside the organization, "we are ready for an open discussion" in this regard.
The Saudi Oil Minister Ali al-Naimi said yesterday in Vienna that he would propose to the Organization of Petroleum Exporting Countries [OPEC] at its meeting Friday to cut output between 1.5 million to two million barrels per day.
Al-Naimi said, "It should be for OPEC to agree on a sharp reduction in oil production to prevent a drop in crude prices," expected "decline in oil prices from $ 20 if OPEC does not act to curb the excesses of production at its meeting this," stressing "We must work hard in order to convince everyone OPEC to this proposal. "
The eyes of the oil markets to the OPEC meeting to be held on Friday at its headquarters in Vienna, which Members will determine the policy in the face of the oil market, which is still oversupplied. The International Energy Agency on Tuesday that the global oil supply increased 185 000 barrels per day in November as a result of higher production of oil-producing countries outside OPEC.
The agency said in its monthly oil market report that "production outside the Organization would rise by 1.3 million barrels per day, bringing the total to 49.31 million barrels per day next year, up 170 000 bpd from the previous forecast."
For his part, Iraq called on the Organization of Petroleum Exporting Countries OPEC observe faithfully the current production ceiling, "the organization warned of" deterioration "in prices.
A spokesman for the Oil Ministry, Assem Jihad, in a press statement which emphasized the need for "strict adherence to the ceiling of the current production of 7.21 million barrels per day, and through coordination with other oil-producing countries outside of OPEC," adding that "the worsening oil surplus end of winter threatens danger Low prices and degradation for the rest of the year. "
Jihad also stressed the need "for Member States to abide by severe production quantities allocated to them and to refrain from production above quota under OPEC decisions sixth arrived surplus in recent months in which more than 3 million barrels per day."
He pointed out that "Iraq's position in the meetings will focus on the adoption of the current and projected abundance of oil supplies and the continuation of large increases in production from outside OPEC and weak demand for oil market realities."