The Exceeding of Some Producers on the Production which was more than 100% and caused a need to Add More Quantities after Returning to the Commitment Ratio.
The minister of oil declared for the agreement of OPEC members on a new resolution to raise the production of oil starting from July 2018.
Mr. Jabbar Al-Luiebi the minister of oil said after the end of the 4th ministerial meeting of the producers inside and outside OPEC at Saturday the 23rd of June that the raise is 1% of the international crude supply, which equals 700 to 800 thousand barrels. After the exceeding of some producers on the production which was more than 100% and caused a need to add more quantities after returning to the commitment ratio.
Mr. Al-Luiebi expected that this resolution will re-stabilize the oil market.
Mr. Assim Jihad the spokesman of the ministry said that the ministerial meeting of OPEC resulted the commitment of the members with 100% of the reduction, which does not mean to add one additional million barrels on the past reduction of the producers which was 1.8 million barrels. But the compensation will be to go back to the commitment which is 100% of the production.
Mr. Jihad said also that the resolution of OPEC was presented during the 4th meeting at the 23rd of June by the presence of the producers inside and outside the organization. He said also that the resolution will give more confidence to the consumers and strengthen the unity and strength of the organization and the producers outside it to balance and stabilize the international oil market.
Source: Ministry of Oil
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