Oil Minister reveals from Vienna the position of Iraq to reduce OPEC production

Oil Minister Thamer al-Ghadhban said that Iraq is a founding member of the Organization of Petroleum Exporting Countries (OPEC) and is ready to reach an understanding on reviewing the distribution of the Organization's production level.

"Our role will be positive, responsible and effective, and what happened in the last two months of falling oil prices is not in Iraq's favor or in favor of the producing countries," Ghadhban told a news conference on the sidelines of an OPEC meeting in Vienna on Thursday.

"What happened could at the same time lead to market instability even for consuming countries," he said.

"We are concerned about the stability of the market, and the resolution is not individual and not related to a particular state, but is done by consensus and consensus, and we hope everyone to correct their positions in these circumstances, and be at the level of responsibility to reach an agreement that takes into account the interest of all."

He also stressed that "if the general trend is to reconsider the distribution of the level of production of OPEC as a whole, we are ready for understanding."

OPEC, through 2017 and 2018, decided to cut production, in agreement with independent producers, notably Russia, to counter the price deterioration, in a plan to be completed by the end of this year.

Members of the Organization of Petroleum Exporting Countries (OPEC) were unable to reach a final agreement on production cuts in Vienna on Thursday, while the Russian energy minister returned home to consult with President Vladimir Putin.

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