Al-Ghadhban is directed to reduce production according to OPEC agreement

Friday 06th December 2019 - 14:47

Al-Ghadhban is directed to reduce production according to OPEC agreement

Baghdad - INA

Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas Ghadhban on Friday, the oil formations to reduce production to the rates set in line with the OPEC agreement.

A statement by the ministry received by the Iraqi News Agency that the anger directed to reduce production rates to levels set within the agreement of the Organization of Petroleum Exporting Countries (OPEC) and its allies outside the organization and full commitment to the agreement to reduce production scheduled for December last year, which was determined Iraq production 4 million and 513 thousand barrels per day, including production in the Kurdistan region.

Al-Ghadhban said during his presence at the 177th ministerial meeting of OPEC in the Austrian capital Vienna: This action comes a commitment and anxiety from Iraq to stabilize the global oil market and address the oil surplus there, and work to restore the balance between supply and demand.

Al-Ghadhban also added that the ministers of oil-exporting countries in the Organization of Petroleum Exporting Countries (OPEC) and its allies hope to reach a new agreement that will achieve better stability of the global oil market and reduce the anxiety of producers and consumers alike because of the circumstances and challenges facing the oil market.