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OPEC Holds its Ministerial Meeting to Discuss the Cut Production Agreement Amendment

In Order to Determine the Needed Quantities in the Oil Market, to Support the Targets of the Producers to Stabilize the Oil Market.

Mr. Assim Jihad the spokesman of the ministry of oil said that Mr. Jabbar Al-Luiebi the minister of oil submitted a compromise proposal to bring the views closer between the members of OPEC.

   The proposal Provides for initial approval for the producers to amend the agreement, but without specifying the quantities. And to wait for three months from now until making more stability in the international market to achieve balance between the supply and demand.

   He said also that then it is possible to hold a meeting in the first of December to review the market situation according to the suggestions of the Iraqi delegation to make the appropriate decision, in order to determine the needed quantities in the oil market, to support the targets of the producers to stabilize the oil market.

   Mr. Jihad said also that Iraq finds it necessary for the producers to wait for a while before the amendment decision at the current time. Because the Abundance of oil supply in the international markets might reduce the prices and harm the producer countries economy, which is Contrary to the interests of the members of the organization. He was also hopeful to make a consensual solution to keep the achievements of the agreement during the past period.

Source: Ministry of Oil


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