Oil Minister confirms the convergence of views between Baghdad and Moscow on the reduction of production

Oil Minister Jabbar al-Luaibi said on Friday that Iraq and Russia are in agreement to support production cuts to restore stability in the oil market.

"The solidarity and unity of the producers towards the challenges facing the world oil market have succeeded to an acceptable degree in stopping the deterioration of oil prices," Al-Allaibi said after the meeting, which was held by his counterpart, Russian Energy Minister Alexander Novak in Moscow. "He said.

He added that he agreed with the Russian Energy Minister to activate the work of the Iraqi-Russian committee, which includes a number of agents from the ministries of the two countries. He confirmed that the views between Iraq and Russia on supporting the procedures of producers from within and outside the Organization of OPEC to reduce production levels to restore balance and stability of the market Oil ".

For his part, praised the Russian Energy Minister Alexander Novak, "Iraq's commitment and support for the agreement to reduce production," calling on the Committee to monitor the market by adopting statistics from its main sources, the producing countries and not rely on other sources, which are a lot of mistakes.

And Novak, that "the major Russian oil companies expressed their desire to invest and contribute to the development of the oil industry in Iraq as well as companies Lukoil Kazprom and Ross Naft," stressing that "Russia is committed to refer to the federal government and the Ministry of Oil on the subject of oil contracts and other It can not be deviated from. "

Novak denied "what was raised about the conclusion of a contract between the Rose State Oil Company with the Russian Ministry of Natural Resources in the Kurdistan region," explaining that "it is a memorandum of understanding did not come into force."

"Oil Minister Jabbar al-Luaibi and the accompanying delegation met with the President of the Russian Lukoil company Yevkini Alekbarov and assured him that Iraq is keen to encourage international investments and provide opportunities for cooperation with international companies, including Lucoyel, which has made progress A large project in West Qurna / 2 in the province of Basra and in the tenth exploration area. "

Jihad said that "it was agreed in principle with Lukoil on the development of a road map for the development program of these projects," expressing his hope for "the final signing between the two sides on the amendment program for West Qurna / 2 and the tenth exploration by the end of this year to achieve and ensure the interests of Sides ".

He pointed out that "it was also agreed to develop an ambitious program to optimize the gas associated with oil operations in the field of West Qurna / 2, and to ensure the provision of good quantities added to national production."

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