iraq ‘willing to play active role to support oil prices’
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Iraqi Oil Minister Jabar Ali Al-Luaibi

Iraq ‘willing to play active role to support oil prices’

Egypt Today, egypt today

Egypt Today, egypt today Iraq ‘willing to play active role to support oil prices’

Iraqi Oil Minister Jabar Ali Al-Luaibi speaks during a press conference as part of his visit to the oil field of Zubair, located around 20km southwest of Basra
Baghdad - Arab Today

Iraq is willing to play an active role within OPEC to support oil prices but will not sacrifice its goal of expanding market share and will continue to ramp up output, said Oil Minister Jabar Ali Al-Luaibi.
Al-Luaibi, on a visit to Basra, renewed calls for local and international oil companies in Iraq to increase production and announced plans to double crude storage capacity at the country’s southern export terminals to 24 million barrels in the “coming years” from 12 million barrels currently.
“The ministry has new ambitious plans to develop the oil sector,” he said. “Among them, the most important is to increase crude output to reach a level that suits Iraq’s needs; we don’t want to specify a ceiling for future production like in the past.”
Al-Luaibi, who became oil minister this month, said Iraq wants to “strengthen OPEC’s role in achieving a balance in the oil market,” but his comments on continuing to increase output suggested it was not looking to take part in a possible agreement to freeze output.
“Iraq is seeking to play an active role in order to support oil prices while preserving a share that is proportionate to its reserves,” Al-Luaibi said.
Members of the Organization of the Petroleum Exporting Countries are due to meet informally in Algeria next month on the sidelines of the International Energy Forum (IEF). Russia is also expected to attend the IEF.
Iraq’s production currently stands at around 4.6 to 4.7 million barrels per day for the whole country, including the self-rule Kurdish region in northern Iraq, Al-Luaibi said.
Iraq’s Prime Minister Haider Al-Abadi on Tuesday said the country has not yet reached its full oil market share, suggesting his government is not willing to restrain crude output.
Iraq depends on oil sales for 95 percent of its public spending. Its economy is reeling under the double impact of low oil prices and the rising cost of the war on Daesh militants.
The government has invited international oil companies to express interest in the country’s plan to expand four of its refineries, oil ministry spokesman Asim Jihad said separately.
The government would consider investment offers on a build-own-operate or build-operate-transfer basis for the refineries, which are located in Kirkuk, in northern Iraq, and the southern regions of Samawa, Kut and Basra, the spokesman said.
Sources in OPEC and the oil industry this week told Reuters that Iran was sending positive signals that it may support joint action to prop up the oil market.
Tehran refused to join an attempt in April to freeze output at January levels, scuppering those talks.

Source: Arab News

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iraq ‘willing to play active role to support oil prices’ iraq ‘willing to play active role to support oil prices’



GMT 09:12 2017 Thursday ,20 April

Oil producers 'might have to' extend output cuts

GMT 19:37 2017 Sunday ,02 April

Iraqi PM stresses government's quest for reform

GMT 09:59 2017 Tuesday ,10 January

Pledged OPEC cuts encouraging

GMT 09:45 2016 Tuesday ,06 December

OPEC, non-OPEC members meet

GMT 07:03 2016 Monday ,14 November

OPEC production cut 'imperative'

GMT 21:06 2017 Monday ,01 May

Will Smith at all-star Jazz Day in Cuba

GMT 06:25 2017 Monday ,27 November

Bali raises volcano alert to highest level

GMT 12:45 2018 Monday ,26 November

Israeli forces close entrance of village in Ramallah

GMT 12:14 2018 Monday ,08 October

HM King congratulates Ugandan President

GMT 13:49 2017 Thursday ,17 August

Alibaba posts 94% surge in quarterly profit

GMT 08:47 2017 Saturday ,10 June

CDD responds to 236 various incidents

GMT 00:31 2015 Saturday ,16 May

Canada plans 30% CO2 emissions cut by 2030

GMT 03:31 2017 Wednesday ,22 February

‘Man-made’ climate change a major woman’s problem

GMT 10:42 2017 Thursday ,16 November

Algeria FM leaves Cairo following tripartite meeting

GMT 11:08 2017 Tuesday ,03 October

Moscow, Riyadh willing to boost cooperation
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday