BAGHDAD: Iraq’s Oil Minister Jabbar Allibi expressed hope to witness a stability in the oil market during the first half of 2017. Allibi said that Iraq is going to participate in the meetings of OPEC with the producers from outside the organization in Vienna Dec.10, according to the website of Iraqi Oil Ministry. He noted that the decision of OPEC to cut the production and the response of the producer countries from outside the organization is a significant step to control the extra production in the global market during the next period, and elevate the prices gradually.
The commitment of the producer countries inside and outside the cartel can be an effective key factor to stabilize the oil market and achieve the common targets, according to the minister. He pointed out that Iraq was and still working on to stabilize the oil market and maintain the unity of OPEC. During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day.
Iraq undertook the second biggest cut after Saudi Arabia, as the country agreed to reduce its oil output by 210,000 barrels per day to 4.351 mbd. OPEC has invited 14 non-OPEC countries to the meeting in Vienna Dec.10. The invited countries are Russia, Mexico, Oman, Kazakhstan, Bahrain, Colombia, Congo, Egypt, Trinidad and Tobago, Turkmenistan, Azerbaijan, Bolivia, Brunei, Uzbekistan. Only Azerbaijan, Kazakhstan, Oman, Mexico and Russia have agreed so far to meet the group for talks aimed at widening a deal to reduce output.
