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yota691

Committee looking to extend the OPEC production cut

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Twilight News / told Iraqi Prime Minister Haider al-Abadi press conference in Baghdad on Tuesday that Iraq will support the OPEC installed oil production to support prices.

 

"We're with the freeze on oil production in the OPEC meeting."

 

Hold members of the Organization of Petroleum Exporting Countries held an informal meeting in Algeria next month on the sidelines of the International Energy Forum.

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I'M GETTING DIZZYYYYY :rocking-chair:....I REALLY, REALLY, REALLY HOPE ADAM HAS SOME GOOD SCOOP TO SHARE ON THE NEXT CHAT LOG!! :praying:

I'll FIX MY TABLET LATER, CHEEEEEEEEEEEEEEEEERS! :cheesehead:

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Yota Thanks,  DV,  Yes the stars are aligning on all fronts.  Cut oil production means higher prices and more money for their coffins and reserves.  We are getting there my friends.  No issues paying more at the pump if it means an increase of purchasing power for the citizens and RV of the IQD.  

 

Keeping the faith!!

 

GO RV!!

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Iraq announces a new attitude from the installation of oil production

Iraq 's prime minister said Haider al - Abadi on Tuesday that Iraq would support a proposal to install the Organization of Petroleum Exporting Countries (OPEC) oil production levels to support prices, and a week after saying that his country does not welcome a ceiling for oil production because they are not yet fully market share recovered. And al - Abadi told a news conference yesterday that Iraq "with the freeze on oil production in the OPEC meeting." In reference to the informal meeting, which was intended to members of the organization held in Algeria on the sidelines of the International Energy Forum in the period from 26 to 28 September / September next. Abadi said that the decline in oil prices is causing volatility, Iraq, and hurting because of the adoption of its revenues on oil. Reuters news agency considered that these remarks are the clearest indication of the position of Baghdad from Algeria meeting.The Iraq (the second - largest OPEC producer after Saudi Arabia) has been sent by the conflicting signals about his attitude. Last week, Oil Minister Jabbar Laibi said that Baghdad intends to do with "the role of" actor "with other members of OPEC to support prices, while working at the same time to increase production, which currently stands at about 4.6 million barrels per day . Global oil prices have improved this year, and rose by 20% in August / August this for up to about $ 49 a barrel, but with less than half the figures recorded by mid-2014.

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After Iraq .. Saudi Arabia likely to freeze oil production of OPEC to support prices
After Iraq .. Saudi Arabia likely to freeze oil production of OPEC to support prices

Roudao - Arbil , 
said Saudi Foreign Minister Adel al - Jubeir, on Friday, he was optimistic move oil producers towards a common position regarding crude production. In the last week , Prime Minister Haider al - Abadi said Iraq 's second - largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices , although oil minister , Abdul - Jabbar Laibi said before that the ministry wants to increase production. he said al -Jubeir told reporters on the sidelines of his current visit to Japan , "we begin to hold a meeting place for ideas but there pursuance currently underway and we will see what will happen in the Algiers meeting, and I am optimistic." It is scheduled to hold members of the Organization of Petroleum exporting countries (OPEC) held an informal meeting in Algeria on the sidelines of the international energy Forum , which will be held between 26 and 28 September , it is expected to seek through it to revive a global agreement to stabilize production levels. It is also expected to attend Russia energy Forum , though Russian energy Minister Hun Friday of the possibility of talks regarding the installation of production. collapsed last meeting on the stabilization of production in April in the Qatari capital Doha after Iran refused to freeze its production level as it seeks to regain market share after the lifting of sanctions. he said Jubeir " eventually will control the supply and demand and market forces in the oil price, there may be some arrangements related thereto between the two products, but not on the Saudi account, we abandon play the role of the product is likely a policy for more than 20 years. " He said the Saudi foreign minister" proposals that we presented did not implemented in the last meeting in Doha because of Iran 's insistence on getting a blank check now and I think that other producers are now seeing that the Saudi position is the right one . "

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History of edits:: 2.9.2016 13:16 • 92 visits readable
Putin: Install oil production would be the right decision and waiver on Iran to agree
[Oan- up] 
Russian President Vladimir Putin said that oil exporters agreement to stabilize crude production would be the right decision for the global oil market and that Iran must give up in order to reach an agreement.
And failed attempts by the Organization of Petroleum Exporting Countries [OPEC] and producers from outside to reach an agreement on the installation of production levels earlier this year because of the reluctance of Iran to participate in a forward to increase its exports after lifted international sanctions. 
Putin said in an interview with Bloomberg published website of the Kremlin , "I think it is the economic benefit and logic gate would be right to find a compromise" over Iran 's production. 
"I hope very much to take all the participants in this market - and who want world prices fair and stable resources Energy - necessary decision in the end." 
and between Putin , "he would convey his position to the crown of Saudi Crown Prince Mohammed bin Salman ,who may meet with him on the sidelines of the meeting of the Group of twenty in China early next week. 
the agency quoted Putin as saying , " We were not of our refusal to install production levels , but its refusal to Saudis are our partners , who have changed their point of view at the last minute and decided to prudence in making this decision, if you talk and the Prince Mohammed bin] Salman in this topic I shall certainly our position again and we believe that it [install production levels] the right decision of World energy. " 
it is scheduled to hold an informal meeting between OPEC and exporters from the outside in Algeria later this month. 
last week , Prime Minister Haider al - Abadi said Iraq 's second - largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices , although oil minister , Abdul -Jabbar Laibi said before that the ministry He wants to increase production. 
he said Saudi Foreign Minister Adel al - Jubeir said Friday he was optimistic oil producers move towards adopting a common position regarding crude production.
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On 8/30/2016 at 10:32 PM, tigergorzow said:

Yota Thanks,  DV,  Yes the stars are aligning on all fronts.  Cut oil production means higher prices and more money for their coffins and reserves.  We are getting there my friends.  No issues paying more at the pump if it means an increase of purchasing power for the citizens and RV of the IQD.  

 

Keeping the faith!!

 

GO RV!!

Why do they need more money for their coffins?  hehehe I couldn't resist

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Iran stands ready to support any decision on the freeze oil production in the OPEC

History of edits:: 3.9.2016 23:41 • 171 visits readable
Iran stands ready to support any decision on the freeze oil production in the OPEC
[Oan- up] 
expressed Iran, its willingness to support any resolution that would restore the balance in the oil market, referring to the quest countries of OPEC members to activate the decision to freeze the production of the producers.
Quoted newsletter official of the Ministry of Oil of Iran [Shana] on Saturday , a senior oil official as saying that Iran was ready to support any decision to help restore balance to the oil market after it regain market share that was before her punishment. 
She Shana "by Amir Hossein Zamani Nia for Iran 's support for any resolution that would help restore the balance of the oil market and said the country can only cooperate in this field when you return to its stake in the oil market , which had a pre - sanctions. " 
the Zamani Nia speaking after a meeting in Tehran between Iranian oil Minister Bijan Zanganeh and his Algerian counterpart Noureddine Bouterfa. 
and send Iran - the third - largest oil producer in OPEC - positive signs that it may support joint action to support the oil market that may help efforts to revive the global agreement on freezing production levels. 
it is scheduled to hold members of the Organization of Petroleum exporting countries [OPEC ] an informal meeting in Algeria on the sidelines of the international energy Forum , which will be held between 26 and 28 September , is expected to seek through it to revive a global agreement to stabilize production levels. 
Zanganeh confirmed that he will attend the meeting in Algeria. 
he said Zamani Nia OPEC countries need to find a the way to revive the quota system. 
he added : " of course if it wants state production at full capacity , there will be no balance in the market , " without mentioning any country by name but in an apparent reference to Saudi Arabia. 
the Prime Minister Haider al - Abadi, said last week that "Iraq the second largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices , although oil minister , Abdul - Jabbar Laibi said before that the ministry wants to increase production. 
he Saudi Foreign Minister Adel al - Jubeir said on Friday he was optimistic move oil producers towards the adoption of a position joint regarding crude production, saying, told reporters on the sidelines of his current visit to Aliaba: "we begin to hold a meeting place for ideas but there pursuance currently underway and we'll see what happens at the meeting of Algeria, and I am optimistic." 
said Russian energy Minister Alexander Novak on Saturday to freeze production will be one of the topics to be discussed by oil producers during their meeting in Algeria later this month.
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Oil markets need to be producing countries deal

 

 

   
 

 
 


9/4/2016 0:00 

 Baghdad .. Imad Emirate 
Oil is tributary of the first to the sustainability of life in most of the world 's oil and shares effective contribution to development projects and provided technological and since the late nineteenth century expanded trading volume in oil markets and contracts so that those contracts became Lady commodity markets. 
Academic d. Haider Frejee said that the oil market needs regulation by the relevant in this regard organizations, where it would take to reach the producing countries to agreements on crude production and export to world markets at affordable prices to all parties. 
He said the oil and since extracted and Bmarora in various refining processes and even consumption but is an integrated financial cycle contribute to cash flows around the world, as it is extracted about 160 different articles of crude oil directly or indirectly , and these materials enter into intermediate and final Industries of up to 400 industrial product or a consumer, and thus, oil prices but also reflected in the costs production and therefore different products costs. 
He said the oil market is made up of a number of collaborating parties, including the petroleum exporting countries, accounting for producing and exporting countries, which includes the countries of «OPEC» comes Saudi Arabia at the head of these countries exports exceed 10 million barrels a day, and then importing countries oil which countries are importing crude oil or its derivatives for the purpose of domestic consumption , the United States and the US are at the forefront of these countries import amounted to 10 million barrels a day, then there are big companies and includes a number of companies which manufacture and marketing of crude oil, is the most prominent of seven sisters, which consists of five US companies and a British company and other Dutch British joint.
he pointed to the existence of a group of national companies operating in some oil -producing countries , as is the case in most of the Arab Gulf states, this is handled oil contracts in a number of stock exchanges around the world , such as Rotterdam and Genoa and Singapore Exchange and Texas and other global bourses. 
Frejee pointed out that when they are eating oil prices by professionals in the field of oil ,it is usually treated with a different set of these prices, which measure each specific value of oil Among the most prominent price used is the advertised price , a price of a barrel set by the major seven sisters calculated monetary union , the US dollar has begun to deal with this kind of price in 1880 when Standard oil company announced Bermiha the oil price at the wellhead and then to work with this kind of price in the United States and abroad has continued to the present.
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23 minutes ago, SnowGlobe7 said:

Why is Iran so willing to cooperate?

 

they are getting cheap oil from Iraq if I had to guess

I suspect Iran is wanting to get more money from international customers due the oil they produce and sell internationally.  Likely, OPEC members cutting back production somewhat will cause the market to react fairly quickly with increased crude oil prices per barrel.  The increase in crude oil price per barrel will likely increase oil revenues somewhat at the reduced production rate.  In essence, based on agreements with other OPEC entities, less crude oil production for sale on the international market is more money in the crude oil producer's pockets.

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| Mon Sep 5, 2016 5:07am EDT

Oil jumps amid talk of producer action to support prices

 
A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia January 29, 2015. REUTERS/Sergei Karpukhin/File Photo
A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia January 29, 2015. REUTERS/Sergei Karpukhin/File Photo
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By Ahmad Ghaddar | LONDON

Crude oil futures rose sharply on Monday amid renewed speculation that major producers including Saudi Arabia and Russia could cooperate to tackle weak prices and rein in oversupply.

Brent crude futures for November delivery were up $2.09 per barrel at $48.92 a barrel at 0902 GMT.

U.S. crude for October delivery was up $1.70 a barrel at $46.14 a barrel.

Saudi Arabia and Russia later on Monday are due to make a joint statement during the G20 summit in China calling for cooperation to support oil markets, several sources with knowledge of the matter said.

One of the sources added Russia would likely attend the upcoming meeting of the Organization of the Petroleum Exporting Countries which will be held in Vienna in November.

This comes after Saudi deputy crown prince told Russian President Vladimir Putin on the sidelines of the same summit that cooperation between the two countries would bring benefit to the global oil market.

Saudi energy minister Khalid al-Falih will make a "significant announcement" at a news conference at 0930 at the summit.

"Verbal intervention was again needed to trigger a recovery towards $50," senior ABN Amro economist Hans van Cleef said.

"After all, if prices remain too low ahead of the meeting, there is a risk that at some point Russia and Saudi Arabia actually need to act. That would probably be the last thing they want as long as Iran is raising output."

Brent rallied to above $50 a barrel in late August, helped by growing talk of a coordinated production freeze, but prices have since fallen as few believe OPEC will act. 

Russian Energy Minister Alexander Novak has said that an oil production freeze would be one of the issues discussed by crude producers later this month in Algeria.

Iran, OPEC's third largest producer, has said it would only cooperate in talks to freeze output if fellow exporters recognised its right to fully regain market share.

Iran is ready to raise its output to 4 million barrels per day in a couple of months depending on market demand, a senior official from the National Iranian Oil Company said.

"Even if successful, an OPEC freeze would likely be a short-term positive but a medium-term negative for oil prices," Morgan Stanley analysts wrote in a note.

 

(Additional reporting by Osamu Tsukimori; editing by Jason Neely)

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Iraq agrees to freeze more than 4 million barrels of oil in agreement with OPEC

 

logo jumhuriya
Mon, 05 Sep 2016 13:31:53
 
 
 
 

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It revealed that the Ministry of Oil, Iraq's production of the amount of any possible deal to freeze the production of crude.

It is scheduled to hold members of the Organization of Petroleum Exporting Countries [OPEC] an informal meeting in Algeria on the sidelines of the International Energy Forum, which will be held between 26 and 28 September and is expected to seek through it to revive a global agreement to stabilize production levels.

He said ministry spokesman Assem Jihad, that "Iraq agreed to freeze production of any OPEC agreement the amount of 4.075 million barrels per day," stressing that "Iraq supports any decision to serve or support oil prices."

He added that "this figure includes all production from Iraq, including the Kurdistan region, and if he gets a freeze be on the basis of this quantity [4.075 million barrels a day]," noting, "We currently do not export all of this amount, and will be exporting Iraq's 3.6 million barrels in Next year".

Jihad and stressed "We must differentiate between the production, export and production Sndjemd to 4.075 million barrels per day, and if he got an agreement and be exporting 3.6 million barrels."

"We await the results of the meeting of Algeria in the search process continued freeze action, and Iraq with any operation aimed at supporting oil prices in the global markets."

And Jihad, said that "these are all temporary measures aimed undertaken by producing countries in order to support and improve the oil prices which do not remain in the long term and may change, the demise of the reasons."

He pointed out that "4.075 million barrels does not meet the aspirations of Iraq, he has future plans for each oil field, medium and long term," noting that "the problem of Iraq's oil and the states are not the problem of production, but lower oil prices and oil states are looking for solutions to support these prices, and Iraq is part of the international system and that it is also looking for solutions. "

He pointed out that "if the process of freezing production for some time, serving oil prices so it can export good quantities suitable best of export large quantities at low prices price, the more prices rise above 50 or 60 and even $ 70 a barrel is the best-producing countries and reflected positively on the economy." .

The spokesman for the oil ministry, that "Iraq is in dire need for additional revenue reduces the size of the budget deficit," noting that "when they were building the budget based on oil price of $ 35. If we sell 60 or $ 70 is certainly reflected positively on the federal treasury."

And that "Iraq is designed to create a kind of balance between supply and demand and that there be producing countries and consumer prices."

The Saudi Arabia and Russia, have signed on Monday an agreement for cooperation in the oil market, including curbing production which caused the price rise strongly in the hope that the biggest hike was slapped in the world working together to address the global supply glut of crude.

It jumped International benchmark Brent crude following the agreement today, more than 4.7 percent to above $ 49 a barrel before they give up some of its gains.

The Prime Minister said Haider al-Abadi, last week, that "Iraq is the second largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices, although oil minister, Abdul-Jabbar Laibi said before that the ministry wants to increase production.

In April, Russia was ready to install the production with OPEC, but the talks collapsed after Saudi Arabia said it would not accept the agreement unless attended by Iran's third-largest crude producer in OPEC.

Iran says it needs to regain market share lost during the years of Western sanctions lifted in January after the nuclear deal.

But Iran, expressed last Friday, is ready to support any resolution that would restore the balance in the oil market, referring to OPEC's quest to activate the freeze.

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History of edits:: 9.6.2016 10:49 • 112 visits readable
Oil Ministry explains: freeze Iraq's production to be 4.775 million barrels
[Special Oan-] 
Oil Ministry made clear that Iraq 's production in the event of the Organization member states agreement [OPEC] to freeze production will be 4.775 million barrels.
It is scheduled to hold members of the Organization of Petroleum Exporting Countries [OPEC] an informal meeting in Algeria on the sidelines of the International Energy Forum , which will be held between 26 and 28 September and is expected to seek through it to revive a global agreement to stabilize production levels. 
He said ministry spokesman Assem Jihad He told all of Iraq [where] that "Iraq agreed to freeze its production in any agreement that OPEC amount of 4.775 million barrels, not the previously reported four million and 75 thousand barrels." 
the oil Ministry, yesterday revealed the amount of production from Iraq of any possible agreement freeze crude production in OPEC. 
and showed the ministry, said : "this figure includes all production from Iraq , including the Kurdistan region ,and if he gets a freeze be on the basis of this amount , " indicated "We currently do not export all of this amount, and will be exporting Iraq 's 3.6 million barrels in the year next. " 
and stressed" the need to differentiate between the production and export. " 
the Saudi Arabia and Russia, have signed on Monday an agreement for cooperation in the oil market , including curbing production which caused the price rise strongly in the hope that the biggest hike was slapped works in the world together in order to address the glut of global supply of crude. 
the Prime Minister said Haider al - Abadi, last week, that "Iraq is the second largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices , although oil minister , Abdul - Jabbar Laibi said before that the ministry wants to increase production. 
in April Russia was ready to install the production with OPEC , but the talks collapsed after Saudi Arabia said it would not accept the agreement unless attended by Iran 's third - largest crude producer in OPEC. 
Iran says it needs to regain market share lost during the years of Western sanctions which lifted in January after the nuclear deal. 
but Iran, expressed last Friday, is ready to support any resolution that would restore the balance in the oil market, referring to OPEC 's quest to activate the freeze.
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06-09-2016 11:06 AM
image.php?token=fb955bb805f19da3c6d6bf5d
 


 

 

The Oil Ministry made clear that Iraq 's production in the event of the Organization member states agreement [OPEC] to freeze production will be 4.775 million barrels. 

It is scheduled to hold members of the Organization of Petroleum Exporting Countries [OPEC] an informal meeting in Algeria on the sidelines of the International Energy Forum to be held between 26 and 28 September and is expected to seek through it to revive a global agreement to stabilize production levels. 

he said ministry spokesman Assem Jihad, that "Iraq agreed to freeze its production in any agreement that OPEC amount of 4.775 million barrels, not previously mentioned four million and 75,000 barrels. " 

the oil Ministry, yesterday revealed the amount ofproduction from Iraq of any possible agreement to freeze the production of crude in OPEC. 

and showed the ministry, that 'this figure includes all production from Iraq , including the Kurdistan region , and if he gets a freeze be on the basis of this quantity' indicating 'We currently do not export all of this amount, and will be exporting Iraq 's 3.6 million barrels in the next year.' 

stressed ' the need to differentiate between the production and export'.

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Oil gains continue after the signing of the Saudi Russian agreement

 
     
Tuesday   06   September   2016
| 12:36
 

Oil gains continue after the signing of the Saudi Russian agreement

 
 
 
 

 

 
 

Oil prices extended gains after Russia 's agreement the largest producers of crude in the world to cooperate and Saudi Arabia to stabilize the oil market , but the failure to take immediate action to curb the production end of the gains,  
and increased global London Brent crude futures Nov. 22 cents delivery to $ 47.85 a barrel reached International benchmark crude highest level in nearly a week at $ 49.40 a barrel after Saudi Russian agreement but gave up part of its gains after the energy minister of Saudi Arabia Khalid al - Falih said there was no need now to install the production, but described the move as a potential favorite

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Iran And Iraq To Increase Oil Output Despite OPEC Meeting In September

By Julianne Geiger - Sep 08, 2016, 11:41 AM CDT Oil Rig

Iran and Iraq have served up the latest round of comments on the highly anticipated—and highly analyzed—OPEC meeting in Algiers that many hope will end with a freeze agreement by all members.

Previous comments from Saudi Arabia, Russia, and even Iran have held a fair amount of market sway up until now, but the market may have a limited attention span before tuning out, and tuning into other market fundamentals, such as inventory reports from the API and EIA.

In support of Russia’s comments last week that spoke of its support for a freeze on the condition that Iran be allowed to make a complete return to the market, an official from Iran’s state-run oil company on Thursday said that the meeting in September would be too early to discuss freezing output, and that they wouldn’t be amenable to discussing a production cap until output reaches pre-sanction levels.

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"As soon as we come back to pre-sanction levels, we will be ready to discuss quotas and level of production," Mohsen Ghamsari, director for international affairs at National Iranian Oil Company, said in an interview in Singapore. "The 4 million bpd production level is not very far from our hands. I hope by the end of 2016 or early next year, we would be able to reach that level."

Iraq, OPEC’s second largest producer, also chimed in when Falah Al-Amri, director general of Iraq’s Oil Marketing Company (SOMO), said on Thursday that Iraq would support a freeze “for a certain period”.

 

Al-Amri failed to publically disclose what level would be acceptable, and just how long “a certain period” constituted, but did announce at a conference its plans to increase oil production by 100,000 to 150,000 barrels per day in the near term. In addition, Iraq has not abandoned its plans to pump 6 million barrels per day by 2020—about 1.5 million bpd more than current production.

Adding dirt into the already murky production freeze waters, Al-Amri said, “Iraq does not want to flood the market with oil; others might, but we don’t. We are not in a hurry. We just want to increase our production quietly.”

By Julianne Geiger for Oilprice.com

http://oilprice.com/Latest-Energy-News/World-News/Iran-And-Iraq-To-Increase-Oil-Output-Despite-OPEC-Meeting-In-September.html

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Iraq lists conditions for joining freeze

 

SINGAPORE , September 8, 2016 – While not opposed to the idea of freezing oil production as a means to stabilise global oil markets, Iraq does have certain conditions that need to be met, a top official said on Thursday.

According to Falah J. Alamri, director general of the Oil Marketing Company (SOMO), Iraq will only support OPEC in capping production “for a certain period.” The head of SOMO, the ministry of oil’s entity responsible for the marketing and sale of all Iraqi crude available for export, further added that the country had communicated to fellow OPEC states the level of oil output at which it could freeze. Alamri declined to give an exact figure.

“We gave them [OPEC states] a number at which we could freeze,” the director general said. “Output plans and a freeze are not contradictory. If a freeze means higher prices, then that compensates for not increasing production,” he added.

In early August, Basim Abdul Karim, deputy chairman of the Ministry of Oil’s South Oil Company, renamed Basra Oil Company at the start of 2016, said that International oil companies BP, Lukoil and Shell had agreed to resume investment in oilfield development projects in Iraq from the second half of 2016 onwards. The investments are expected to result in an additional 250,000 to 350,000 bopd in production in early 2017.

Alamri also commented on plans to increase Iraqi production, yet his projections were a bit more modest. “Iraq does not want to flood the market with oil; others might, but we don’t … We are not in a hurry. We just want to increase our production quietly,” he said, adding that the increase would be between 100,000 and 150,000 bopd.

http://www.theoilandgasyear.com/news/iraq-lists-conditions-for-joining-freeze/

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Iraqi Oil Marketing Company (SOMO) in favor of the limited freeze on production of OPEC plans to increase its annual production

The news agency Buratha 48  09/08/2016

57d194824d123.jpg
 
 
 

Showed the Iraqi Oil Marketing Company (SOMO) on Thursday, supported Iraq to freeze oil production for a limited period in order to raise crude prices, as revealed inform him of the Organization of Petroleum Exporting Countries (OPEC) ceiling of expected production if the members agree on, it confirmed its intention to continue to increase its annual production in the short term, at a rate of 100 to 150 thousand barrels per day.

The Director-General of the Oil Marketing Company (SOMO), Falah al-Amiri, in statements from Singapore to site Bloomberg (Bloomberg A round) US economic news, followed (the long-Presse), said that "Iraq may support the idea of freezing the production rate for a specified period," without limit ' .

He said al-Amiri, that "the increase in production plans will be suspended if the freeze led to a rise in crude prices in the global markets," adding that "Iraq has informed the members of OPEC production ceiling in the case of agreement on a freeze."

Director of SOMO promised, that "if the freeze resulted in an increase in oil prices would compensate the other hand not to increase production rates," stressing that "Iraq will continue to increase its annual oil production in the short term, at a rate of 100 to 150 thousand barrels a day."

Ameri said that "Iraq does not want to flood the oil market," but he also said, "but others may seek So, from here it is not in a hurry, but wants to raise its production quietly."

The observers expect major oil producers in the world agreement during their meeting in Algeria during September now, the joint action could lead to the identification or freeze production at certain limits, to support crude prices.

The Oil Ministry has confirmed the (current seventh of September 2016), that Iraq's production in the event of the Organization of the members of the agreement (OPEC) to freeze production, it will be four million and 757 thousand barrels.

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