Oil Minister: Iraq has the right to be proportional to its production with its reserv
Oil Minister: Iraq has the right to be proportional to its production with its reserves
Iraqi Oil Minister Jabbar al-Allaibi said during an event in London on Monday that his country has the right to access its oil production to a level commensurate with its reserves of crude.
Iraq is the second largest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.
Opec members and other non-OPEC producers led by Russia agreed last year to cut output by 1.8 million barrels a day to reduce crude oil inventories and support prices.
Under the deal, Iraq agreed to cut output by 210,000 bpd.
Iraq’s output reached 4.4 million bpd in June, a reduction of 170,000 bpd, according to a Reuters monthly survey of OPEC production.
Iraqi Oil Minister Jabbar al-Luaibi said he would wait for the outcome of the next OPEC meeting before announcing his position on whether the organization needed to cut production further. Al-Luaibi said in response to a question on whether the organization needs to cut more than 1.8 million bpd agreed with 11 of its partners.
“There is no movement at the moment and things are going well and in the right direction, I think prices will rise again, but let’s see the outcome of the meeting,” he told reporters.
Oil ministers from five countries monitoring the implementation of the cut-off agreement plus Saudi Arabia as OPEC’s president are scheduled to meet in Russia on July 24. The meeting may refer recommendations to a broader group convening a meeting in November to amend the agreement.
Posting Permissions
Reply With Quote