Wednesday, 13 Nov 2019

Iraq Will Participate In Next OPEC Meeting. .. Iraq Will Be With Any Positive Decision Taken In Vienna

BAGHDAD, Oil Ministry spokesman Assem Jihad said on Monday that Iraq will participate in the meeting of the Organization of Petroleum Exporting Countries (OPEC) scheduled to be held in the fifth to seventh of next month in the Austrian capital Vienna, while stressing that Iraq with any positive decision aimed at rebalancing the oil market.

Jihad said in a statement to the National Iraqi News Agency (NINA) that "Iraq will participate with a high-level ministerial delegation in the meeting of (OPEC) and producers from outside, indicating that it is a very important meeting, which will review the conditions of the oil market and the challenges it faces, and discuss the appropriate decision to address the repercussions of the current low oil prices.

He added "The meeting will take appropriate decisions to address the rapid decline in oil prices, which rose to $ 80 and then fell to $ 60, and will achieve a balance between supply and demand of oil."

He explained that "there are several options for the next ministerial meeting where there are some parties or some countries are asking to reduce the ceiling of oil production at rates of one million to one million and 400 barrels to control the oil supply at the present time, thus these measures can rebalance the required and protect oil prices from the decline, and there will be a serious stands from prices. "

"Iraq, with any resolution aimed at rebalancing the oil market and with any positive decision, keeps oil prices and protects the producers," the spokesman for the oil ministry said.

The Organization of the Petroleum Exporting Countries (OPEC) will meet at the headquarters of the Organization in the Austrian capital Vienna from the fifth to the seventh of next month.

The upcoming meetings include the meeting of the ministerial monitoring committee to monitor production on December 5, followed by the ministerial meeting of the OPEC countries, and the next day and the last meeting of ministers of OPEC and independents, which is expected to announce a new strategic partnership among the 25 producers.

Source: National Iraqi News Agency

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