Abdul-Mahdi calls for the giant oil companies to invest their funds in Iraq


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BAGHDAD / Obelisk: Oil Minister Adel Abdul Mahdi, presided over the Iraqi delegation at OPEC meetings, on Iraq sought to increase its production, calling giant to invest their funds in Iraq’s oil companies.

He called Abdul-Mahdi, while attending the OPEC conference in a statement issued by the Information Office and got “obelisk” a copy of it, to “commitment at a specific price of oil and to support crude prices declining by excess market supplies withheld,” expected “rise in Iraq’s oil production in 2015” .

“It is expected that the participants agree on the obligation of States to production quotas previously established,” adding that “forcing the oil-exporting countries to withhold supplies in excess of the market will ensure control of the conflict at market prices.”

He noted Abdul-Mahdi to “Iraq’s need for huge investments in the Facilities such as ports, pipelines and storage facilities with an additional development of oil facilities to extract.”

The source of the Organization of Petroleum Exporting Countries (OPEC) on Thursday, reported that the organization began its meeting in the Austrian capital Vienna with the participation of Iraq.

The “OPEC” organization, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has collectively between two-thirds and three-quarters of global oil reserves.

It will be the final session of the meeting at 2 pm Baghdad time in the presence of all the heads of delegations of member states as well as the OPEC secretary.

As will be a press conference after the meeting at five o’clock in the evening Baghdad time for the President of the Conference and OPEC Secretary-General.

This meeting comes at a time when oil prices have steadily deteriorated since last June.

And Iraq, which has affected export of crude oil, about 2.9 million barrels of lower prices, which amounted to about $ 73.70 per barrel, according to the organization prices up on Wednesday.

Fell twelve profits ten member of the OPEC country [Iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela] These combined nations produce more than one-third of the world’s crude, is also available on the large proportions of oil reserves.

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