Saturday, December 5
Social Media Profiles:

Allaibi from Saudi Arabia: The decision to cut production has contributed to restoring balance and confidence to the world oil markets

BAGHDAD The Minister of Oil stressed Iraq's keenness to support the work of the Ministerial Committee to monitor production, which stems from the historic agreement between OPEC and a number of producers from outside.

"The commitment of the producers to the historic decision to cut crude oil production has contributed significantly," the Ministry's statement quoted him as saying during his participation in the eighth meeting of the joint Ministerial Committee to monitor production in Jeddah, in Saudi Arabia, in the presence of the Secretary General of the Organization of Petroleum Exporting Countries, to save the world oil market from the deterioration of oil prices, as well as to achieve tangible results in restoring balance and confidence to global markets. "

He added that Iraq is one of the main supporters of the decision to reduce oil production until achieving the objectives of the members and that the continuation of meetings and contacts and communication between producers inside and outside the Organization (OPEC) is a message to confirm the firmness of the collective position in the face of the challenges of the oil market and in addressing the crisis that hit the global market during the past period and work to prevent the recurrence of the future. "

"The aim of the meeting of the committee is to review and follow up the commitment of the signatories to the agreement to reduce production, which confirmed today and beyond doubt the commitment of all and their keenness on the success of the collective agreement to reach the common goals," adding that the results of this commitment and the recommendations that this meeting is important because it precedes the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC), which will be held during the month of next June, which will result in important decisions in the development of a road map suitable for the changes and developments of the phase.

Source: National Iraqi News Agency