Iraq: Oil Prices Still Below The Level Of Ambition

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Baghdad, Iraq (NINA) - The Ministry of Oil said that oil prices are still below the level of ambition and they need more support and stability and the commitment of producers agreement to reach fair and realistic prices.

Oil Minister Jabbar al-Luaibi said in a statement that "Iraq has initiated a reduction in production and implemented the agreement of the" OPEC "in the meeting of December 2016 on the determination of production levels and committed to the agreement, and was also from the countries that confirmed the extension in 2017 despite the challenges faced by Iraq and the war against terrorism and the need for revenue, "explaining that" all this was in the interest of stability of the global market. "

"Producers from within and outside the OPEC have not yet reached the planned targets after the historic decision to cut production, and Iraq believes that oil prices are still below the level of ambition and that they need more support and stability and the commitment of producers to reach fair and realistic prices, and equivalent to the sacrifices made by producers during the past period. "

"We have not to exaggerate very much the need for the oil market to pump more oil at the present time, which could cause great damage to global markets, and may also be interpreted in the wrong way by speculators and consumers, leading to a significant decline in oil prices and this is unacceptable for us , refusing to monopolize unilaterally decisions by some producers without reference to the rest of the other members, "warning that" this may constitute a breach of the agreement in one way or another and may lead to the collapse of the agreement."

"We have not to anticipate developments in the oil market, and producers have to deal wisely with the facts on the ground without being influenced by the pressures, factors and conflicting calls to pump more oil into the market, which could lead to undesirable results," he said.

He pointed out that "the statements issued by some producers before the meeting lead to more concern and instability in the market and fluctuation in prices." / End