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Iraq to support oil production freeze

Oil&Gas Materials 31 August 2016 15:25 (UTC +04:00)
Iraq’s Prime Minister Haider al-Abadi said the country would support a decision by members of OPEC to limit oil output.
Iraq to support oil production freeze

Baku, Azerbaijan, Aug. 31

By Aygun Badalova - Trend:

Iraq’s Prime Minister Haider al-Abadi said the country would support a decision by members of OPEC to limit oil output to prop up petroleum prices, the Wall Street Journal reported.

“We support freezing oil production by OPEC due to the sharp decline of oil prices,” Abadi said at a news conference, saying it would help government-salaried oil-industry workers.

The informal OPEC meeting is expected in late September in Algeria. It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.

The meeting will be held at the fringe of the International Energy Forum in Algiers from 26-28 September. The forum will bring together ministers, CEOs, international organizations like OPEC and the IEA, experts from 73 countries.

Iraq produced 4.217 million barrels per day of oil in June compared to 4.274 million barrels per day in May, according to the latest estimates of OPEC.

In 2015, the country’s oil production stood at 3.933 million barrels per day.

Analysts of the US JP Morgan bank expect Iraq’s oil production to average 4.3 million barrels per day in 2016 and 4.4 million barrels per day in 2017.

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