Jihad: ongoing efforts to reach a formula to ensure price stability

Monday 09th March 2020 - 17:44

Jihad: ongoing efforts to reach a formula to ensure price stability

Baghdad - INA

The Ministry of Oil confirmed today, Monday, that the lack of agreement between the Kingdom of Saudi Arabia and Russia contributed to the decline in oil prices in global markets.

A spokesman for the Oil Ministry, Assem Jihad, told the Iraqi News Agency (INA): "The Iraqi delegation made a great effort to bring the views between the Russian and Saudi sides at the meeting, which was held a few days ago in Vienna."

He added that "the meeting was between the OPEC oil-exporting countries and the countries allied with OPEC, that is, the non-OPEC producing countries, with the aim of bringing the views between the Russian and Saudi side to reach a fair agreement to face the repercussions of the Corona virus, which led to a decline in demand in the oil markets, and also a decline Development and economic movement in the world, which led to a decline in oil prices.

He pointed out that "the insistence of the two sides, the Saudi and the Russian, on their positions, led to the failure to reach the agreement, and gave a message to the oil markets not to agree, which contributed to the rapid decline in oil prices, as well as Saudi Arabia's announcement of lower oil prices."He pointed out that "the collapse of oil prices will affect all producing countries, including Iraq, and also will hit the world's economies with shrinking investment.

" Pointing out that "Iraq is not the only victim, all oil-exporting countries will be affected. Pointing out that" speculations taking place between countries do not serve everyone and all countries must determine production levels to absorb the oil surplus in global markets and restore the balance between supply and demand, and this contributes to high prices Oil. "