The minister of oil confirmed that Iraq was committed with the cut production agreement of OPEC since the meeting of the organization in 2016.
Iraq was also one of the countries whom extended the commitment in 2017 in-spite of the challenges and the war against terrorism and the need for the financial outcome, In order to maintain the international market stabilization.
Mr. Jabbar Ali Al-Luiebi the minister of oil said that the producers inside & outside OPEC did not achieve yet the required targets. Iraq also see that the oil prices are less than the requirement and needs for more support and commitment from the producers with the agreement to reach the fair and realistic prices, in order to satisfy the sacrifices of the producers during the past period.
Mr. Al-Luiebi said also that, we should not oversupply the market with oil at the current time, in order not to harm the international market, which might be explained mistakenly by the consumers, and reduces the oil prices “which is un-acceptable for us”. He also refused the unilateral decisions of the producers without reference to the rest of the members. He also warned from the violation of the agreement which might cancel the agreement.
Mr. Al-Luiebi said also: “we must not prejudge the updates of the oil market, and the producers must deal wisely with the facts without being affected by the calls to supply more oil, because this action might cause bad results. While the statements of some producers might also lead to future concern of un-stability in the market”.
Source: Ministry of Oil