Iraq To Participate In OPEC Meetings Today In Algeria

BAGHDAD (NINA) - Iraq will participate in the meeting of the Organization of Petroleum Exporting Countries (OPEC) in Algiers on Sunday to discuss the conditions of the oil market and the extent of the commitment of OPEC's countries to its decisions. Oil Ministry said. The spokesman for the Ministry of Oil Assem Jihad said in a statement to the National Iraqi News Agency (NINA) that "the Director General of the Iraqi Oil Marketing Company / SUMO/ Alaa al-Yasiri will represent Iraq," the Oil Ministry "in OPEC meetings today in Algeria, noting that" this meeting represents an extension of the series of OPEC meetings held in Algeria in 2016 and the subsequent meetings, as well as represents the keenness of producers in OPEC and outside on the stability of the oil market. " He pointed out that "the meeting is periodic of the OPEC Monitoring Committee, whose task is to monitor the oil market and monitor the commitment of OPEC countries to decisions on determining the amount of production and therefore the Committee will submit its report at this meeting and through the reports, decisions on the ceiling of oil production will be taken." He added, "OPEC and outside countries aim to maintain the balance between supply and demand. During the last period, OPEC worked to determine the production and absorb the surplus in the oil market in order to stabilize the oil market and return to their situation and OPEC producers and non-OPEC countries succeeded to rebalance the oil market." He explained that "Iraq is part of this organization and plays an active role, and played an active role in reaching the historic decision to revive oil prices since 2016 Algiers conference and other conferences, therefore Iraq is keen on the stability of the global market and also obtain a suitable price, whether to producers or consumers. It is mentioned that the tenth meeting of the Ministerial Observation Committee between OPEC countries and non-OPEC is currently taking place in Algeria, amid a state of widespread international anticipation in the oil markets. The meetings coincide with the two-year "Declaration of Cooperation", which brought together 25 oil-producing countries, including the 15 OPEC member states and Saudi Arabia and Russia. The meeting comes amid broad market challenges, notably US sanctions on Iran, the escalating US-China trade war, increased geopolitical risks due to the conflict in Libya and the worsening economic crisis in Venezuela./ End