BAGHDAD, Oil Minister announced an agreement with the Organization of the Petroleum Exporting Countries (OPEC) to increase oil production from next July.
Oil Minister Jabbar al-Allaibi said after the end of the fourth ministerial meeting of producers from the members of the Organization of Petroleum Exporting Countries (OPEC) and producers from outside OPEC that the planned increase accounts for 1% of global supplies of crude oil, and equivalent to 700-800 thousand barrels per day after binding the producers return to the reduction rates set in the previous agreement at one million and 800 thousand barrels, after the past period exceeded some producers of the reduction rates, which exceeded 100%, which generated the need to strengthen the market in new quantities after the return to the commitment.
The Oil Minister expected that this decision will contribute to the stability of world oil markets.
The ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) had decided in Friday's meeting on the commitment of member states by 100% of the reduction, and this does not mean adding an additional 1 million new barrels at the level of the previous reduction of the total Producing countries, which is at one million and 800 thousand barrels per day, but will be compensated from the return to the commitment of 100%.
" Jihad said, the decision of the Organization was presented at the Fourth Producers' Meeting on Saturday, which includes producers from within the Organization of Petroleum Exporting Countries (OPEC) and outside,". "This decision will give more confidence to consumers and strengthen the unity and strength of the Organization and producers outside it in achieving the required balance and stability for international oil markets.
Source: National Iraqi News Agency