SpaceWar.com - Your World At War
Iraq accuses other oil producers of exceeding quotas
Baghdad, June 11 (AFP) Jun 11, 2018
Iraq on Monday accused other oil-producing countries of extracting more barrels of crude than agreed by OPEC and its partners, ahead of a meeting of the cartel next week.

"Producers who are or are not members of OPEC have not respected the set target... and the price of petrol has not reached the desired level," said Oil Minister Jabbar al-Luaibi.

In order to "reach a fair and consistent price, we need more support, stability and engagement from the producing countries for the agreement" reached in early 2017, he said in a statement.

At the time, the Organization of Petroleum Exporting Countries and other countries pledged to limit oil output and measures to boost crude prices.

But according to the Russian news agency Interfax, in the first part of June Russia exceeded its daily production target of 10.95 million barrels per day.

OPEC member Iraq is currently producing 4.325 million barrels a day, according to the oil minister Luaibi.

It has often called for measures to be taken to boost oil prices to support its budget, hit largely by the price slump and its three-year war on jihadists.

Iraq supports "the stabilisation of market prices even if our country has experienced wars for 30 years and needs to rebuild itself urgently", Luaibi told reporters on Monday evening.

"We respect OPEC's decisions," he added.

OPEC and its partners are scheduled to discuss the agreement at a meeting in Vienna on June 22.

"The main issue to be decided (in the Austrian capital) is the stabilisation of the market," said Luaibi.

Asked about the possible impact on the talks of the crisis between arch-foes Saudi Arabia and Iran, the minister said the Iraqis would "meet the Iranians and the Saudis to discuss and try to make sure the market is stabilised".


ADVERTISEMENT




Space News from SpaceDaily.com
Perseverance rover cleared for long distance Mars exploration
Origami style lunar rover wheel expands to climb steep caves
How to pick the right web testing framework for your project

24/7 Energy News Coverage
Conventional photon entanglement reveals thousands of hidden topologies in high dimensions
Bilayer tin oxide layer boosts back contact perovskite solar cell efficiency and stability
Brain like chips could cut AI power demand

Military Space News, Nuclear Weapons, Missile Defense
Rocket Lab advances US Space Force mission with early STP S30 launch
BlackSky accelerates Gen-3 satellite into full commercial service in three weeks
Leonardo DRS space radio completes first secure on orbit data transport test

24/7 News Coverage
Deep ocean quakes linked to Antarctic phytoplankton surges
Ocean warming drove past Greenland ice stream retreat
Insect radar survey finds vast summer air traffic above United States



All rights reserved. Copyright Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.