“There is a consensus of producers from the Organization of Petroleum Exporting Countries (OPEC) and outside, to abide by the agreement to reduce production in support of oil prices and the stability of the oil market,” Iraqi Oil Minister Thamer Abbas al-Ghadhban said.
He pointed out in a statement on Monday, there are signs of rising global stocks despite sanctions on some countries.
This came after the conclusion of the thirteenth meeting of the Joint Ministerial Committee to monitor the agreement to reduce production between OPEC and the largest producers from outside, which was held in the Azerbaijani capital Baku.
Thamer Abbas Al Ghadhban said that the Ministerial Council for Production Control listened to the reports of the relevant committees emanating from the producers’ meetings and included an extrapolation of the international oil market and a review of the tables, reports and production data of the Member States.
Ghadban said that the ministerial meeting to be held next month in Vienna and the meeting in June this year will discuss the reduction of production and decision-making by the oil ministers and leading to more stability of the global oil market.
As of last January, OPEC and Russia began cutting oil production by 1.2 million barrels per day.
In February, OPEC cut production by 221,000 bpd.
For his part, spokesman for the Iraqi Oil Ministry Assem Jihad, said that the meeting of the ministerial committee stressed the importance of the commitment of producers agreement, which led to the achievement of positive steps and more stability of the oil market.
Jihad said that the ministerial committee listened to a comprehensive report on the commitment of the members of the agreement to reduce the production and ratios prescribed for each country, pointing to Iraq’s commitment and his concern for the stability of the world oil markets and support oil prices.