Iraq Ministry of Oil News: Mr. Allibi: Iraq Starts Cutting Oil Production Soon In Line With the Decisions of OPEC.

   Mr. Jabbar A. Allibi the minister of oil confirmed that Iraq has started the procedures of cutting the national production of crude oil within the beginning of 2017 in line with the decision of OPEC.

   Mr. Allibi said "Iraq confirms its commitment with the decision of OPEC which was taken during the last meeting in Vienna by putting a studied plan to cut production from the national fields with the beginning of 2017, and Iraq will deal wisely with this case".

   Mr. Allibi said also that Iraq is working on with the producers inside & outside OPEC to control over the glut of oil supply in the global oil market in order to achieve the appropriate balance between the supply & demand to raise the oil prices during the next period. He confirmed also that cutting the production is the treatment for the problem of the falling of the oil prices in the global market and this action will not be necessary after achieving the targets of the producers.