Iraq ratifies its commitment to cut oil.
Iraq fulfills its commitment to reduce production by 210 thousand barrels of crude oil daily and maintains the agreed level, said on Tuesday the spokesman of the Ministry of Petroleum of that country, Asem Yihad.
The official made that statement in the face of the meeting, on 21 and 22 in Oman, of the ministerial supervision committee of the oil pact of the Organization of Petroleum Exporting Countries (OPEC) and other important producers outside the group, reported Prensa Latina
Last November, Iraq's oil minister, Jabar al-Luaibi, announced that the country was fulfilling its commitment to cut oil by 80 percent, adding that Baghdad is in favor of extending that agreement until the end of 2018.
OPEC and several major oil producing nations, including Russia, agreed at the end of 2016 in Vienna to cut total production by 1.8 million barrels per day, from the level of October of that year.
The agreement, which extended to the first half of 2017, was extended in May
for nine months, until the end of March 2018.
According to several representatives of member countries of OPEC, so far the agreement has been one of the main drivers of the current upward trend in international prices of so-called black gold.
Russia and Saudi Arabia, the world's largest producers of crude oil and leading efforts to reduce production and prop up prices, believe that the market is balancing, but not fully, so it is necessary to continue monitoring its evolution.
TECNODEDSEC
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