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We expect there will be positive effects of the decision to reduce production at the levels of oil prices and the stability of the global market

The Reduction Decision to be Positive on the Global Oil Market and Price Levels facing major challenges

The Deputy Prime Minister for Energy and Oil Minister Thamer Abbas Al-Ghadhban said that Iraq confirms its commitment to the decision to cut production, which was approved at the meeting of the Organization of Petroleum Exporting Countries (OPEC) in early December.

This came during his attendance at the meeting of the Ministerial Council of the Organization of Arab Petroleum Exporting Countries (OAPEC), one hundred and one hundred held in Kuwait on Sunday, 23 December.

Al-Ghadhban said that the responsibility is incumbent on all signatories of the decision, members of OPEC and the producer countries from outside the commitment to the reduction decision to control the abundance of oil supply in the world oil markets and rebalance in order to support oil prices. Noting that Iraq, Saudi Arabia, Saudi Arabia, Algeria, Kuwait and the United Arab Emirates, have confirmed their commitment to the decision to reduce production during the meeting, "OAPEC"

"We expect the impact of the reduction decision to be positive on the global oil market and price levels facing major challenges.

The oil minister met on the sidelines of the OAPEC meeting in Kuwait with the oil ministers of Egypt, Qatar, UAE and Algeria, the secretary general of the organization, the representative of the Kingdom of Saudi Arabia, the State of Kuwait and the Sultanate of Oman. The meeting discussed the future of energy in the Arab region and the world and means of enhancing relations and cooperation in all fields, And energy.

The OPEC meeting approved a reduction of production at the level of (1,200) million barrels per day to bear the countries of OPEC (800) thousand barrels and outside countries (400) thousand reduction rates, and will be effective in early January next year 2019 and for six Months.

The meeting of the Ministerial Council of the Organization of Arab Petroleum Exporting Countries (OAPEC) has concluded its work in the Kuwaiti capital and the Ministers approved the decisions of the one hundredth session and included many topics, activities and events of the Organization.

Source: Ministry of Oil

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