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Iraq’s oil minister talks OPEC and barrel prices

Members of the Organization of Petroleum Exporting Countries (OPEC) as well as the world’s largest producers of oil gathered in Algeria on Monday

Published: Updated:

Members of the Organization of Petroleum Exporting Countries (OPEC) as well as the world’s largest producers of oil gathered in Algeria on Monday in an effort to negotiate and reach a deal to support the market. Skepticism still presides over whether or not a deal will be met, as it will have to force money managers to slash their buoyant bets to a one-month low.

“Iraq supports all actions aimed at boosting oil prices in world oil markets,” Iraqi Oil Minister Jabar Hussein Ali al-Luaibi told Al Arabiya English.

He expressed hope in reaching consensus with members OPEC during their meeting in Algeria aimed at setting a production limit, so as to contribute to put an end to the decline and volatility of oil prices in world markets, which negatively affected producers during the last period.

OPEC members are informally meeting on the sidelines of the International Energy Forum which spans from September 26 to 28, in an effort to reach a deal to limit output.

Al-Luaibi added that Iraq’s oil policy aimed at cooperation among producers in OPEC and outside it, in achieving the desired balance between supply and demand and to stabilize the market and achieve shared goals in finding solutions and treatments effective to curb the decline and volatility of oil prices in world markets.

The oil minister stressed Iraq’s consistent policy aimed at preserving the country’s share, estimated between (4.750 to 5 million barrels per day), taking into account the adoption of the right quantities produced from oil fields, proportionate with the oil reserve which is owned and put it in the top tier among producers and exporters.

It should be noted that Iraq has been deprived over the past decades from oil export volumes appropriate with its abilities and natural productivity, and away from the oil market. Wars have deprived the Iraqi people and economy of large revenues and what was known as the economic blockade was witnessed during the past decades. As well as the challenges faced by Iraq after that, including the fight against terrorist gangs Daesh (ISIS) and so Iraq has the natural right to work to make up for it.