Oil Minister: Iraq Respects OPEC Agreement And Will Not Make An Individual Decision To Compensate The Shortage Of Oil Supplies

Baghdad, (NINA) -The Deputy Prime Minister for Energy, Minister of Oil Thamer al-Ghadhban stressed Iraq's commitment to the agreement of the producers of OPEC and its allies from outside the organization led by Russia, which was in December 2018. Al-Ghadhban said, according to a statement by the Ministry of Oil after arriving in the Qatari capital Doha, that Iraq respects the agreement to cut production and is committed to it further, because it aims to restore balance to the global oil market, which witnessed during the past years fluctuation and a significant decline in prices, praising the agreement that stopped the deterioration of oil prices and restore confidence to the global market and support oil prices to more than $ 70 a barrel after falling to less than forty dollars. Al- Ghadhban stressed that Iraq does not take an individual decision to increase production to compensate the shortage of oil supplies for whatever reasons, because it respects the collective decision of the Organization, which seeks to strengthen its unity, strength its cohesion in world markets, and to stabilize the world oil markets and obtain fair prices for producers and consumers alike. Al-Ghadhban concluded that the producers of OPEC and its allies from outside are the only ones to take the decision to increase or reduce production according to a study and an in-depth review of the reality of the actual need for the global market and the circumstances and challenges surrounding them. And the Ministerial Committee of Control will hold its meeting in Riyadh on 19 May with the participation of Iraq to discuss the market conditions and listen to the report of the Committee in order to make the necessary recommendations to the ministerial meeting to be held in Vienna in June to take the appropriate decision. "/ End