Oil Minister: Iraq is committed to cut its production in compliance with an international agreement
Oil Minister: Iraq is committed to cut its production in compliance with an international agreement
12.12.2016 17:19
[Oan- up]
Oil Minister Jabbar Luaibi said that Iraq is committed to cut its oil production in compliance with the global agreement to support prices , adding that he nonetheless is confident that Iraq ‘s second – largest producer in OPEC has the ability to increase production in the coming years. ”
He Allaibi in an interview to Reuters that “Iraq is considering several options for the application of cuts including reduced production from the Kirkuk oil fields and fields of the South being developed by major oil companies or production in other areas run by the government.”
He said Allaibi ” The cuts aim to reach the numbers that have been agreed upon with OPEC , but in terms of the cut areas, there are several options on the table.”
Last month , OPEC agreed to cut output by 1.2 million barrels a day starting in January January 2017, and will reduce Iraq ‘s production by about 200 thousand barrels per day to 4.351 million Bermaa day.
Iraq demanded exemption from OPEC restrictions due to the need for oil revenues to fight Daesh.
Allaibi He pointed out that the oil ministry is locked in discussions with foreign companies that occupy the giant fields in southern Iraq to implement some cuts during scheduled maintenance periods. ”
alliraqnews.com
