Alforat News

OPEC cuts Iraq’s share to 139 thousand barrels per day (expanded)

The Deputy Prime Minister for Energy and Minister of Oil Thamer Ghadhban, the conclusion of the producers and members of the Organization “OPEC” and outside the agreement to reduce production at the level of {1,200} million barrels per day, starting from the first of January 2019 for the next 6 months .

“Iraq has an active and positive role in reaching this decision and in cooperation with the large member states of the Organization such as Saudi Arabia and the UAE, in addition to the positive role of Russia during the meetings held,” al-Ghadban said in a statement.

“Iraq had hoped that the decision to reduce for one year, but countries outside the organization requested to be 6 months.”

“The (OPEC) countries will bear the bulk of the decision to cut production, where it will be {800} thousand barrels per day and non-OPEC countries {400} thousand barrels, considering that the share of production of the {OPEC} amounts to about {32} million barrels per day, while countries Outside the {OPEC} form about [18} million barrels per day.”

He added that “The share of Iraq from the reduction will be 139 thousand barrels per day instead of 220 thousand barrels per day, which was committed to Iraq previously during 2017,” noting that “the reduction is acceptable to us, especially that the oil barrel approved in the budget of 2019 is 56 dollars Per barrel with a total deficit of 20% and therefore we need a price better practical and not a schematic. ”

“Iraq has played a big role in bringing the points of view closer to the meetings,” said spokesman Assem Jihad. “Iraq has played a major role in reaching the resolution after the issue was resolved during the last day’s meeting because of the divergence of views between the parties. A large and positive role and were able to reach consensus within the organization to pass the resolution.“ Source