Economy: Iraq has a golden opportunity to increase its oil production
The Iraqi government has a golden opportunity to increase oil production within the Organization of the Petroleum Exporting Countries (OPEC), the parliamentary committee on economy and investment said on Saturday, pointing out that Saudi Arabia is unable to meet the needs of markets after cutting production.
“Saudi Arabia’s decline in oil production gave Iraq a golden opportunity to increase its oil production within the Organization of Petroleum Exporting Countries,” said a member of the committee, the charter of Ibrahim. “Saudi Arabia blocked the shortage of Iraq when the US sanctions were imposed in the 1990s and refused to reclaim its share. After the end of sanctions despite the continuing claims. ”
“The government is obliged to negotiate with OPEC to increase Iraq’s production and use the current time to achieve a stable economy for the country,” adding that ” tension between Tehran and Washington will push oil prices to rise in the coming days.”“The government will use the surplus of oil money to support the productive and agricultural sectors to eliminate unemployment.”
Saudi Arabia raised production in May, but not enough to offset the drop in Iranian exports after the United States tightened sanctions on Tehran, a Reuters survey found on Saturday. Source