Reuters (26 June 2018)
Ahmed Rasheed
BAGHDAD (Reuters) - Iraqi Prime Minister Haider al-Abadi said on Wednesday that Iraq would cooperate with OPEC and non-OPEC states to maintain oil price stability and prevent further price hikes.
OPEC states, Russia and some other producers agreed last week to a modest increase in oil output from July, although Iraq had been reluctant to support the move during the talks.
“Any price increase above current levels could lead to a collapse in oil prices,” Abadi said in a weekly news conference. “Higher oil prices could lead to a setback in prices and this is not of interest to us, nor of interest to other OPEC countries.”
He said Iraq had submitted its proposal to the Organization of the Petroleum Exporting Countries at the meeting in Vienna, but did not give details.
Benchmark Brent crude was trading above $76 a barrel on Tuesday LCOc1. The price has surged due to OPEC-led output cuts that were in place since January 2017, climbing from below $30 in 2016. Consumer nations have urged OPEC to prevent further prices rises.
On Friday, OPEC agreed to raise output from July by about 1 million barrels per day (bpd), after Saudi Arabia persuaded its rival Iran to cooperate.
The nominal output rise is equivalent to 1 percent of global supply, although Iraq said the real increase would be around 770,000 bpd because several countries that had suffered production declines would struggle to reach full quotas.
On Saturday, non-OPEC producers agreed to participate in the pact but a communique issued after their discussions with OPEC provided no concrete numbers.
Reporting by Ahmed Rasheed; Writing by Raya Jalabi; Editing by David Evans and Edmund Blair
https://www.reuters.com/article/us-iraq-oil-opec/iraq-says-will-work-with-opec-on-output-to-keep-oil-prices-stable-idUSKBN1JM29G?il=0
No comments yet.
- AZERBAIJAN’S DEPUTY FOREIGN MINISTER ARRIVES IN ARMENIA The Caucasus and Turkish-Armenian Relations 27.06.2018
- GEORGIAN PM PRESENTS CABINET STRUCTURE CHANGES, NO NAMES The Caucasus and Turkish-Armenian Relations 27.06.2018
- BRAZILIAN JUSTICE MINISTER PAYS VISIT TO GEORGIA The Caucasus and Turkish-Armenian Relations 27.06.2018
- EU DELAYS MACEDONIA AND ALBANIA TALKS The Balkans 27.06.2018
- EU AND KYRGYZSTAN DISCUSS COOPERATION ON HUMAN RIGHTS Asia - Pacific 27.06.2018
-
Türk-Ermeni İlişkileri Üzerine Ömer Engin Lütem Konferansları 2023 -
Türk-Ermeni İlişkileri Üzerine Ömer Engin Lütem Konferansları 2022 -
RADİKAL ERMENİ UNSURLARCA GERÇEKLEŞTİRİLEN MEZALİMLER VE VANDALİZM -
PATRIOTISM PERVERTED -
MEN ARE LIKE THAT -
BAKÜ-TİFLİS-CEYHAN BORU HATTININ YAŞANAN TARİHİ -
INTERNATIONAL SCHOLARS ON THE EVENTS OF 1915 -
FAKE PHOTOS AND THE ARMENIAN PROPAGANDA -
ERMENİ PROPAGANDASI VE SAHTE RESİMLER -
Türk-Ermeni İlişkileri Üzerine Ömer Engin Lütem Konferansları 2021 -
A Letter From Japan - Strategically Mum: The Silence of the Armenians -
Japonya'dan Bir Mektup - Stratejik Suskunluk: Ermenilerin Sessizliği -
Türk-Ermeni Uyuşmazlığı Üzerine Ömer Engin Lütem Konferansları 2020 -
Anastas Mikoyan: Confessions of an Armenian Bolshevik -
Sovyet Sonrası Ukrayna’da Devlet, Toplum ve Siyaset - Değişen Dinamikler, Dönüşen Kimlikler -
Türk-Ermeni Uyuşmazlığı Üzerine Ömer Engin Lütem Konferansları 2019 -
Türk-Ermeni Uyuşmazlığı Üzerine Ömer Engin Lütem Konferansları 2018 -
Ermeni Sorunuyla İlgili İngiliz Belgeleri (1912-1923) - British Documents on Armenian Question (1912-1923) -
Turkish-Russian Academics: A Historical Study on the Caucasus -
Gürcistan'daki Müslüman Topluluklar: Azınlık Hakları, Kimlik, Siyaset -
Armenian Diaspora: Diaspora, State and the Imagination of the Republic of Armenia -
Ermeni Sorunu Temel Bilgi ve Belgeler (2. Baskı)
-
CONFERENCE TITLED “HUNGARY’S PERSPECTIVES ON THE TURKIC WORLD"