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Iraq Ministry of Oil News: Deputy Prime Minister for Energy and Oil Minister confirms that the global market is experiencing sharp fluctuations leading to instability

The Minister of Oil Thamer Abbas Ghadhban said that the global demand for crude oil has grown at (1.1 - 1.3) million barrels per day,


The Deputy Prime Minister for Energy and Oil Minister said that the surplus oil in the global oil markets is still a major challenge for producers from within (OPEC) and outside, which led to the emergence of sharp fluctuations and instability in the market last August, came after the conclusion of the work Joint ministerial committee to follow up and monitor production of OPEC and its allies from outside Abu Dhabi.

The Minister of Oil Thamer Abbas Ghadhban said that the global demand for crude oil has grown at (1.1 - 1.3) million barrels per day, and the next stage requires more collective action and adhere to the agreement to reduce production, because it is a joint responsibility of all oil producing countries in order to ensure the stability and balance of the oil market He stressed Iraq's commitment to the decision to reduce production to reach the goal.

Ghadhban pointed out that this meeting is to review and follow up the agreement to reduce production and make recommendations to the ministerial meeting to be held in Vienna before the end of this year taking into account the changes and developments that may witness the oil market during the coming period.

For his part, the Saudi Minister of Petroleum and Mineral Resources Abdul Aziz bin Salman, Chairman of the Committee praised the cooperation and commitment of the member countries in this agreement and that the coming period will witness a greater commitment of the producing countries, praising the bilateral relations between Iraq and the Kingdom and the coming period will witness significant development and growth.

The deputy prime minister for energy affairs and oil minister attended a meeting of the ministers of Saudi Arabia, the Russian Federation, the United Arab Emirates, Algeria and Nigeria during which they discussed the developments of the oil market and the agreement to reduce production.

Jihad added that the meetings of the ministerial committee to control production are periodic meetings agreed upon in advance, aimed at studying the situation of the world oil market and its prospects in the short and medium term, and the levels of conformity of production adjustments with the obligations of members of the Organization of Petroleum Exporting Countries (OPEC) and allied countries outside Russia.

It is noteworthy that an agreement was signed in December 2018 between OPEC and non-OPEC producers, which provides for a joint reduction of oil production by 1.2 million barrels per day, including (800,000) thousand barrels per day for producers from within the Organization, and (400,000). One thousand barrels of allied countries, this agreement aims to restore the balance between supply and demand.

Source: Ministry of Oil 

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