Iraq will cooperate with OPEC to Decrease Production: Iraqi Oil Minister

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The Iraqi Oil Minister Adel Abdul Mehdi issued a statement that Iraq will accept the decision of OPEC to decrease Iraqi crude oil production.

Abdul Mehdi said in a press statement on Saturday that Iraqi government is agreed to cooperate with OPEC, as most of the oil producing countries have shown their desire in cooperation in decreasing their production. He further added that Iraqi oil production is recorded at 3.7 million barrels per day and Iraqi oil exports is amounted at 3.324 million barrels per day from southern Iraq until 24th January 2016. On Tuesday, the undersecretary of Oil Ministry Fayyad also said that Iraq is ready to coordinate with Organization of Petroleum Exporting Countries to reduce Iraqi oil production in order to participate in stopping the continuous decreasing crude oil prices, which has reached at 30 U.S dollars per barrel.

He stressed that Iraq will not pay the price for cut output after getting a deal with OPEC, but we will cooperate with them. He said that we will not sacrifice Iraqi customers to feature the quality of Iraqi oil and we have markets in all around the world. He added that Iraq supports the reduction of quotas for OPEC countries. The undersecretary of Iraqi Oil Ministry also said that we are with the Organization on the call for an emergency meeting to review oil prices and we are with OPEC for any call to the improvement in the oil market. He added that Russia and hidden senior OPEC officials are responsible for the worst situation due to oversupply of crude oil for last decades. The Saudi Arabia has expressed its objective to leave the market to recover it with self-balance.

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