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The Oil Ministry: The Cut Production Decision Re Balanced the Global Oil Market.

The Committee is Stemmed from the Historic Agreement Between OPEC and Other Producers out of it.

During his participation in the eighth meeting of the associated ministerial committee to monitor the production…  The minister of oil confirmed on the keenness of the ministry of oil to support the work of the committee.

   The committee is stemmed from the historic agreement between OPEC and other producers out of it.

   The committee held its works in Jeddah – Saudi Arabia by the presence of Mr. Mohammed Barkindo the secretary general of OPEC.

   Mr. Jabbar Ali Al-Luiebi the minister of oil said that the commitment of the producers with the historic decision of OPEC to cut production contributed significantly to save the global oil market from the oil price drop, and achieved tangible results to re-balance the market.

   Mr. Al-Luiebi said also that, Iraq is one of the main supporters to the decision of OPEC until the achievement of the goals which the members are aiming to. The continuous communication between the members inside and outside OPEC is a confirmation on the strength of the collective to face the oil market challenges and to fix the crisis which was facing the global market during the last period. As well as to work on to prevent this crisis from happening again.

   Mr. Al-Luiebi said that the aim behind the meeting is to review the commitment of the countries whom signed on the agreement and whom confirmed during the meeting on their commitment and keenness to succeed the collective agreement to achieve the associated goals. He also said that the results of this commitment and the recommendations will help us to deal with the challenges during the next stage. He also described this meeting as an important one because it precedes the ministerial conference of OPEC which will be held during the next June and will result in important decisions to put the appropriate road map for the variables and developments of the next stage.

Source: Ministry  of Oil

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