Direct: The Iraqi Minister of Oil, Ihsan Abdul Jabbar, affirmed Iraq’s commitment to the OPEC + agreement to reduce production; Because the interest requires it to raise the market value of oil wealth.
Abdul-Jabbar added, according to the Iraqi newspaper "Al-Sabah", that the ministry is committed to the timelines agreed upon for the remaining months of this year by the OPEC agreement, and large quantities of oil have been reduced in the fields of the southern and central regions in implementation of these obligations.
The minister pointed out that the dialogues are continuing with the region, and affirming the necessity of the region's commitment to OPEC determinants and decisions, and that oil production not exceed 370 thousand barrels per day.
OPEC members and its allies agreed, during a meeting in Algeria, to extend the first stage of the production adjustment agreed at the tenth (extraordinary) ministerial meeting of OPEC and non-members of OPEC for another month, which will continue from May 1, 2020 to 31 July 2020.
Abdel-Jabbar revealed that work is currently underway to implement two large marine export projects, with the completion rate of one of them reaching 85%.
He continued: "Licensing rounds is a" not bad "experience, but he stressed that it had witnessed failures that are being addressed.
The Minister pointed out that the Ministry has a vision to open the door for negotiation with companies, and has begun studying some oil contracts, and that the Ministry is moving towards conducting a review of oil fields of high production cost.
And on the possibility of increasing the price of a barrel of oil sold to refineries to supplement the state treasury with additional resources, between Abdul-Jabbar, that the proposal is still under discussion and not necessarily proceeding with this proposal and its implementation, and the ministry is working on studying the economic feasibility before taking any decision in this regard.www.mubasher.info/news/3659988/وزير-النفط-العراقي-ملتزمون-باتفاق-أوبك-بخفض-الإنتاج-لمصلحة-البلاد/
Abdul-Jabbar added, according to the Iraqi newspaper "Al-Sabah", that the ministry is committed to the timelines agreed upon for the remaining months of this year by the OPEC agreement, and large quantities of oil have been reduced in the fields of the southern and central regions in implementation of these obligations.
The minister pointed out that the dialogues are continuing with the region, and affirming the necessity of the region's commitment to OPEC determinants and decisions, and that oil production not exceed 370 thousand barrels per day.
OPEC members and its allies agreed, during a meeting in Algeria, to extend the first stage of the production adjustment agreed at the tenth (extraordinary) ministerial meeting of OPEC and non-members of OPEC for another month, which will continue from May 1, 2020 to 31 July 2020.
Abdel-Jabbar revealed that work is currently underway to implement two large marine export projects, with the completion rate of one of them reaching 85%.
He continued: "Licensing rounds is a" not bad "experience, but he stressed that it had witnessed failures that are being addressed.
The Minister pointed out that the Ministry has a vision to open the door for negotiation with companies, and has begun studying some oil contracts, and that the Ministry is moving towards conducting a review of oil fields of high production cost.
And on the possibility of increasing the price of a barrel of oil sold to refineries to supplement the state treasury with additional resources, between Abdul-Jabbar, that the proposal is still under discussion and not necessarily proceeding with this proposal and its implementation, and the ministry is working on studying the economic feasibility before taking any decision in this regard.www.mubasher.info/news/3659988/وزير-النفط-العراقي-ملتزمون-باتفاق-أوبك-بخفض-الإنتاج-لمصلحة-البلاد/