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28 March 2018
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| Iraq(The Total Investment & Insurance Solutions |
The OPEC cartel and a group of allied oil-producing nations will decide
by the end of this year whether to extend production cuts and by how long,
Iraqi and OPEC officials said Wednesday.
The Total Investment & Insurance Solutions
In Dec. 2016, OPEC and non-OPEC members
reached an agreement to cut production by 1.8 million barrels a day. Since
then, the deal has been extended multiple times but is set to expire by the end
of this year.
"By the end of this year we are going to
assess the market and the results and accordingly we will decide whether to go
ahead with another year or six months," Iraqi Oil Minister Jabar Ali
al-Luaibi told an energy conference in Baghdad.
Some countries, al-Luaibi said, are
suggesting a six-month extension, while others prefer three months, but he said
"Iraq definitely will not deviate from the overall decision of OPEC." The Total Investment & Insurance Solutions
Iraq's share is 210,000 barrels a day.
Al-Luaibi expressed his country's satisfaction with the current prices.
"The prices are stabilizing and the
market is doing very well, so Iraq is monitoring the market ... and we are in
collaboration with OPEC," he said.
OPEC Secretary General, Mohammed Barkindo,
told reporters that there will be several meetings before the deal is set to
expire at the end of this year.
Borkindo added the cartel will "evaluate
the market conditions, watch clearly the impact of the supply adjustment on the
markets and take appropriate actions."
Early this month, Iraq's parliament approved
this year's budget of about 104 trillion Iraqi dinars, or nearly $88 billion.
It runs run with a deficit of 12.5 trillion dinars, or about $10.58 billion. The Total Investment & Insurance Solutions
The budget is based on a projected oil price
of $46 per barrel and a daily export capacity of 3.8 million barrels. The Total Investment & Insurance Solutions
Iraq holds the world's fourth largest oil
reserves, some 153.1 billion barrels, and oil revenues make up nearly 95
percent of its budget. Plummeting global oil prices, government mismanagement,
corruption, and a costly war against the Islamic State group have severely
battered the country's economy.The
Total Investment & Insurance Solutions
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