Economy News

Iraq is keen to strengthen cooperation with OPEC to stabilize oil markets

Iraqi Oil Minister Thamir al-Ghadhban said on Saturday that Iraq is keen to strengthen cooperation with OPEC to stabilize oil markets, noting that OPEC will discuss during the meeting the conditions of the global oil market, and follow-up environment and climate change, and studies carried out by the organization.

“The relations between Iraq and the brothers,” he said during a meeting with the ministerial delegation to participate in the 100th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), which will be held in the Kuwaiti capital on Sunday 23 December 2018. Members of the Organization and outside it is witnessing steady growth and development in all economic and political fields, “noting that” Iraq plays a constructive role in achieving cooperation, exchange and economic integration of all brothers, through the promotion and development of joint projects, and that the policy of openness of Iraq Su Accelerating these goals. ”

Al-Ghadhban added that “the OAPEC ministerial meeting is held at a time when the oil market is facing great challenges, which requires all producers more cooperation and effort to develop appropriate solutions and deal with all the developments and changes taking place in world markets and leading to stability and balance. Oil markets and support oil prices to fair and acceptable rates for producers and consumers alike. ”

“The meeting of the Ministerial Council of the Organization of Arab Petroleum Exporting Countries (OAPEC) will discuss the topics on the agenda of the meeting, the most important of which are the facts and recommendations of the 11th Arab Energy Conference, the international oil market conditions, As well as the ratification of the minutes of the 100th meeting of the Council of Ministers of the Organization, and the distribution of prizes to the winning research.

“Deputy Prime Minister for Energy Affairs and Minister of Oil will meet on the sidelines of the conference with a number of brotherly ministers to discuss means of developing bilateral relations and enhancing joint Arab cooperation in the oil and energy sector,” spokesman Assem Jihad said.

The Organization of Arab Petroleum Exporting Countries (OAPEC) was established in 1968 in Beirut, Kuwait, and one of the main objectives of the Organization is the cooperation of Member States in various aspects of economic activity in the field of oil extraction and the strengthening of relations among them in this field. Access to markets on fair and reasonable terms. Source