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Iraq agrees to freeze production at four million barrels

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Iraq agrees to freeze production at four million barrels

New morning
Economic Affairs.
101 hits September 5th, 2016


Russia and Saudi Arabia sign an agreement on oil

Baghdad: new morning:

The oil Ministry has revealed its agreement to freeze the country's production at over 4 million barrels a day. On any potential agreement to freeze production of crude in OPEC.

Scheduled for members of the Organization of petroleum exporting countries OPEC «» informal meeting in Algeria on the sidelines of the International Energy Forum to be held between 26 and 28 September and is expected to try to revive a global agreement on the installation of production levels.

Ministry spokesman Assem Jihad, "Iraq agreed to freeze production in any OPEC agreement at 4 million and 75 million barrels," stressing that «no decision supports Iraq serves or supporting oil prices.

He added that "this figure includes all production of Iraq, including the KRG if freezing is based on this amount (4 million and 75 million barrels)», «we currently don't make all that much, Iraq will export 3 million and 600 thousand barrels next year.

Jihad stressed «must differentiate between production and export and production immediately, 4 million and 75 million barrels if its agreement to have export 3.6 million barrels.

He continued "awaiting the results of a meeting Algeria in the search process continued freeze, Iraq with any process designed to support oil prices in the world market».

And Jihad, that these are temporary measures purpose "by producers in order to support and enhance oil prices and are not kept in the long run and may change with the demise of the reasons».

The «4 million and 75 thousand barrels do not meet the ambitions of Iraq it has future plans for all medium and long-term oil field», «Iraq problem and oil States is not a problem of production but low oil prices and the oil States are looking for solutions to support these prices, Iraq is part of the international system and looking for solutions, too.

He noted that "If the process of freezing the production, serving the oil price so you can export good prices better than exporting large quantities at low prices, and the prices above 50 or 60 and even 70 dollars a barrel is best for producers and reflected positively on its economy.

And the oil Ministry spokesman, said Iraq needed additional income reduces the size of the budget deficit» stating «when the budget was built on the basis of the price of oil at $35 if we were selling for 60 or 70 dollars certainly reflected positively on the federal Treasury.

The «Iraq aims to create a kind of balance between supply and demand and that there are prices for producers and consumers.

In Saudi Arabia, Russia signed an agreement Monday to cooperate in the oil market, including curbing production which caused the price rises strongly hoping that the world's biggest producers working together to address global supply glut of crude.

The agreement was signed by the energy ministers of Saudi Arabia and the Russian Federation in China on the sidelines of the G20 Summit, after a meeting between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.

Russian Energy Minister Alexander Novak triggered two energy strategic partnership towards the high trust level will allow them to confront global challenges.

And there will be the Organization of petroleum exporting countries (OPEC) informal discussions in Algeria later this month and is expected to meet in Vienna in November.

A number of OPEC producers invited to install production to curb crude supply glut as the Organization's largest producer Saudi Arabia has hinted to her desire to cooperate at a time when the pressures on its budget, and strive to put up part of the Aramco oil producing State.

Any agreement between OPEC and Russia is not a member of the Organization would be the first of its kind in 15 years since Moscow agreed to cut with the Organization at the beginning of the Millennium but Russia never failed to comply with its promises.

In April Russia was ready to install production with OPEC but discussions collapsed after Riyadh said it would not accept the deal unless Iran participated the third largest crude producer in OPEC.

Iran says it needs to regain market share lost during the years of Western sanctions lifted in January.

Putin said last week that a new agreement on oil production may involve some concessions for Iranian production.

Russian Energy Minister Alexander Novak said in a statement that his country and Saudi Arabia are currently discussing specific criteria for oil production agreement.

Novak's statement came after talks with his Saudi counterpart Khalid Al-Falih.

Novak said «we agreed with Saudi Energy Minister on joint actions aimed at achieving stability in the oil market. Consider installing the most effective tool production and specific standards are being discussed at the moment.

For his part, hailed the UAE energy Minister Suhail Al mazroui today Russia and Saudi Arabia signed the biggest oil producers in the world signed an agreement for cooperation in the oil market.

Mazrui wrote on Twitter «we believe that this positive step comes in light of the largest producers of eagerness in the world market and balance the interests of both producers and consumers.

«UAE as a producer responsible for OPEC is keen to support and contribute to any joint efforts aimed at achieving a balance in the oil market.

In effect, said a senior official of the National Iranian oil company yesterday that his country was ready to increase crude output to four million barrels a day in two months, according to market demand.

Syed Mohsin komsari Director of international affairs at NIOC during a forum on public sector «we can raise crude production according to market needs.»

Iran plans come to increase crude production to the level before the sanctions was exceeding four million barrels a day before an informal meeting later this month between the Member States of the Organization of petroleum exporting countries (OPEC) in Algeria where producers are expected to try to revive global production Pact.

Komsari said that Iran is the third largest Member of OPEC currently produces just over 3.8 million barrels per day.

And failed attempts by oil producers inside and outside OPEC to reach an agreement on installing production earlier this year because of the Iran refrained from participating in the agreement under its aspiration to increase exports following the lifting of international sanctions.

In Asia, Iran reaped the fruits of its tireless efforts to regain market share lost due to international sanctions imposed because of its nuclear program while raising four biggest purchasers of Iranian oil imports continent rose 61 percent in July compared with their level a year ago.

Oil prices collapsed to $27 a barrel earlier this year, compared with $115 in mid-2014, but then recovered to around $50 a barrel.

Global measurement ore price jumped Brent today more than 4.7% surpassing 49 dollars a barrel before it gives up some of its gains to being traded as high as three percent.

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