Mawazin News

Iraq seeks an agreement that restores global economic activity and increases demand for crude oil

The Ministry of Oil confirmed that Iraq seeks to bring closer views to restore the global economic activity movement to increase the demand for crude oil.

The head of the Iraqi delegation, Undersecretary of the Ministry of Oil Hamid Yunus, said at the conclusion of the eighth ministerial meeting of OPEC members and allies with them in Vienna, according to a statement of the Ministry of Oil received / Mawazine News /, a copy of it, that “some members are asking to give them more time to assess the implications of the Corona virus on the market Global oil, and postpone the additional production cut.”

Younis added, “The members have some time until the end of the current month to assess the oil market conditions by the Ministerial Technical Committee for Production Control, which is the end of the period prescribed for the previous agreement,” expressing his hope that “the views of the members of OPEC and its allies will be brought closer.” From outside, with the aim of reaching an agreement that satisfies everyone and contributes to rebalancing the oil market. ”

He continued by saying, “We have confidence that these countries will overcome the crisis and control it during the coming period, and return to economic activity more than it was before the emergence of Corona.”

He pointed out that he met “a number of oil and energy ministers in the Kingdom of Saudi Arabia, the Islamic Republic of Iran, Algeria, and the United Arab Emirates, as well as the Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barikndo, and discussed with them the importance of reaching an agreement that contributes to achieving the goals of the producers and is a shared responsibility And solidarity, in order to maintain the balance and stability of the oil markets, “stressing” the exceptional efforts of the Iraqi delegation in bringing the views closer, to reaching an appropriate agreement that restores the movement of global economic activity and increases the demand for crude oil. Source