Iraq Begins With Measures To Reduce Oil Production In Line With OPEC’s Decision

BAGHDAD / The oil minister, Jabbar al-Laibi confirmed that "Iraq has begun procedures to reduce the national production of crude oil with the beginning of the new year 2017 in line with the decision of Organization of Petroleum Exporting Countries" OPEC ".

The ministry's spokesman, Assem Jihad quoted the minister as saying that "Iraq reaffirms its commitment to the decision of" OPEC ", which was adopted at the last meeting in Vienna by putting a deliberate plan to reduce production from the country's fields with the beginning of the new year, and Iraq is dealing wisely with this file."

He added that "Iraq has been working with producers inside and outside OPEC to control the glut of oil supply in the world oil market and achieve the required balance between supply and demand to support oil prices in the coming stage," stressing that "the decision to reduce the oil production is to address the problem of declining oil prices in the global market and will no longer be needed if the producers achieved the goals. ".

Source: National Iraqi News Agency