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The need to develop a medium and long term strategy in order to achieve more stability required for oil prices

Global Oil Market faces New Challenges of Low Oil Price

The Deputy Prime Minister for Energy and Oil Minister stressed the importance of holding the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and producers from outside, at a time when the global oil market faces new challenges of low oil prices.

"The Iraqi position will be positive and constructive in order to contribute to achieving the required balance of the oil market and support oil prices," Oil Minister Thamer Abbas al-Ghadhban said before heading to the ministerial meeting in Vienna on December 7. Putting medium and long term strategy in order to achieve more stability required for oil prices, and work to reduce the geopolitical and other factors on the oil market and fluctuation of prices, which caused a lot of damage to our economies and development programs, and undermined the movement of the global economy, Lyra to the need to develop ideas and new proposals to deal with all this, and not shortcut solutions only cut production, but to go to more, and if what has been agreed between the producers at the ministerial meeting of the new formula, it must take into account producers the interests of the members of the Organization "OPEC"

"We will listen to the report of the technical committee on the conditions of the global market, and we will discuss this to the proposals that contribute to reaching an agreement between the producers contribute to address the decline in oil prices, which lost more than twenty points in a short period, and this is a source A real concern for us and other producers.

Source: Ministry of Oil

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