Iraq’s Oil Production Down by 220,000 BPD

Monday 18th March 2019 - 13:04

Iraq’s Oil Production Down by 220,000 BPD

Baghdad- INA

Iraqi oil minister, Thamir al-Ghadban, announced that Iraq has reduced its oil production by 220,000 barrels per day (BPD) compared to February, noting that there is an inclination towards further cuts in April.

In a statement issued by Ghadban, received by INA, the oil minister went on saying that ‘the oil ministry has plans to lower its oil exports further during April, regardless of which oil fields are concerned, but all these cuts will occur within the projects of the Iraqi National Company and its service contracts. During the month of March we made considerable cuts in oil exports by 220,000 bpd compared to the month of February.’

During his participation in the WTO’s 13th Joint Ministerial Committee Conference held in Baku, Azerbaijan to monitor the Production Reduction Agreement between OPEC members and the major outside producers, al-Ghadban added that ‘this conference comes as part of the keenness of OPEC member states, as well as other cooperative outside producers, to monitor the “Lowering Oil Production” resolution, which was agreed upon late last year and came into effect in January 2019 to last for six months.’

The Oil Minister went on saying that ‘this conference aims at reviewing the reports prepared by the specialized committees which emerged from the producers conferences, in order to be ascertain of members commitment to the “Lowering Oil Production” resolution to advanced shares so as to control the surplus in oil supply and take appropriate measures to preserve the main objective defined by OPEC and its partners, that is to stabilize world oil markets in order to get fair prices both for the producers and consumers, which in turn could lead to revitalizing world economy’, noting that ‘Iraq has a vital role in narrowing the gap between producers’ views so as to come up with logical and realistic decisions. Al-Ghadban added that throughout his meetings he could sense the palpable keenness of his counterparts.

Prior to that the oil Minister, and Deputy Prime Minister for Energy, had attended a press conference held in advance to the ministerial conference together with the ministers from Saudi Arabia, Russia and Azerbaijan, as well as the Secretary General of OPEC.

Asim Jihad, the oil ministry spokesman, said that the Deputy Prime Minister for Energy attended a second meeting with the Russian minister of energy, Alexander Novak, in which the two officials discussed ways and means of strengthening relations between their countries and broadening  the cooperation in oil and energy sector as well as to consult and coordinate about global oil markets stability.