OPEC Secretary General to discuss with Iraqi leaders ways of coordination between the producing countries


 

Economy

Since 04/02/2017 00:22 am (Baghdad time)

Baghdad balances News

Discuss Iraqi Prime Minister Haider al-Abadi, in Baghdad on Saturday evening, with the Organization of Petroleum Exporting Countries Secretary General (OPEC) Mohammad Bakndo and his accompanying delegation ways to maintain coordination between the oil-producing countries and the rights of the members of the Organization.

Abadi said the office in a statement seen / balances News / on a copy of it, “the latter” received today, Secretary General of the Organization (OPEC) Mohammed Sanusi Bakndo and his accompanying delegation. ”

He noted that the meeting, which was attended by Iraqi Oil Minister Jabbar Allaibi saw a discussion of ways to maintain coordination between the oil-producing countries and the rights of the members of the Organization.

The President of the Republic Fuad Masum, met in Baghdad on Saturday evening, Secretary General of the Organization of Petroleum Exporting Mohammed Sanusi Bakndo and his accompanying delegation organized.

He welcomed the infallible at the beginning of the meeting Bbakndo and the visiting delegation, noting the importance of hoped the role of the Organization in maintaining coordination between the oil-producing countries and maintain the rights of members, and to Iraq’s desire to keep the oil marketing and export of policy influences, where he stressed the need to edit the sale of oil from the effects of policy and not subdue the supply and demand and prices to the differences and the effects of policy.

For his part, Bakndo praised the important role of Iraq in OPEC as an institution of the Organization and Iraq’s desire for the unity of OPEC and strengthen its efforts to serve the interests of all.

The Iraqi oil minister stressed Iraq’s commitment to reduce the production ceiling according to an agreement by OPEC producing countries outside the organization, which began to be applied since January .. He said that Iraq is committed to the reduction decision despite the achieved record levels in oil exports over the past year and wish for improved oil prices after controlling the supply glut and the growth of global demand for oil during the coming period.

It announced on Thursday the Iraqi Oil Marketing Company (SOMO) The average Iraq’s oil production reached 4.464 million barrels per day since the beginning of March, down more than 300 thousand barrels per day compared with levels before the application of the reductions established by the Organization of the Petroleum Exporting Countries (OPEC) from Jan. .

Falah Al Amri, Director Somo told reporters in Baghdad that the average Iraqi crude exports since the beginning of March amounted to 3.756 million barrels per day, down from 3.869 million bpd in February, adding that the March level includes 515 thousand barrels per day, issued by the Kurdistan region of Iraq.

He added that Iraq’s commitment, the second largest oil producer within OPEC after Saudi Arabia, production cuts amounted to 90 percent.

Iraq’s exports reached a record high of over four million barrels per day in November ahead of OPEC’s announcement of an agreement to cut production during the first six months of 2017

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