Economical 23/12/2018 209
Oil Minister Thamer Ghadhban announced that Baghdad and Kuwait reached during the recent meeting in Turkey to appoint a consultant to demarcate the border oil areas between the two countries.
Al-Ghadhban said in a press statement; on the sidelines of the meeting of oil ministers, “OAPEC” in Kuwait; “The consultant will study the two areas adjacent to the border between them;
The minister did not specify the name of the consulting firm;
Turning to efforts to stabilize oil markets; he said: “We believe that the decision (OPEC) and outside producers to reduce production by 1.2 million barrels per day, will adjust the market situation and withdraw most of the surplus.”
Crude oil prices are at their lowest level in more than a year, due to fears of oversupply, after the recent increase in production by major producers such as the United States, Russia, Saudi Arabia, Iraq and the UAE.
The 101st meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) kicked off in Kuwait.