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Oil Minister Confirms Iraq’s Keenness To Support Oil Prices And Stabilize The Global Market

Baghdad, The Deputy Prime Minister for Energy, Oil Minister ThamerGhadhban, stressed Iraq's keenness to support oil prices and work with producers from within and outside the "OPEC" to rebalance the world markets by controlling the supply of oil.

He said during his participation in the 13th meeting of the Joint Ministerial Committee to monitor the reduction of production between the Organization of Petroleum Exporting Countries (OPEC) and the major producers outside it, which is held in the Azerbaijani capital of Baku. This meeting comes within the framework of the keenness of the producing countries in the Organization of Exporting Countries (OPEC) and its supporters from outside to monitor the decision to reduce the oil production, which was taken before the end of last year, which was implemented as of January 2019 for period of (6) months.

"The meeting aims to review the reports prepared by the specialized committees and emanating from the meetings of the producers in order to achieve members' commitment to the decision to reduce production to advanced levels and control over the surplus oil supply, and to take the appropriate steps to maintain the goal set by OPEC and its partners is the stability of the world oil markets and access to fair prices both producers and consumers, and this leads to the revitalization of the global economy.

Al-Ghadhban said that Iraq plays an important role in bringing the views of the producers to the logical and realistic solutions and decisions, and that it has seen through his meetings with its counterparts their keenness on that, noting that the decision to extend the agreement or otherwise will be discussed during the next meeting in Vienna next month.

The deputy prime minister for energy and oil minister arrived earlier in Baku to participate in the meeting of the ministerial committee, along with the ministers of (Saudi Arabia, Russia, Azerbaijan) and with the participation of the secretary general of the Organization of Petroleum Exporting Countries (OPEC).

Source: National Iraqi News Agency