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Iraq's refusal to freeze will increase oil prices

Service : Politic
A member of Energy commission in the Iranian Parliament believes that Iraq's refusal to freeze will increase oil prices.
Sunday, October 30, 2016 9:11:33 AM
Iraq's refusal to freeze will increase oil prices

Islamic Consultative Assembly News Agency – Hedaiatollah Khademi referring to Iraq's request to be exempted from the reduction in production and endangering of OPEC's production freeze agreement prospects, said: If countries like Iraq refuse the production ceiling and oil freeze, this is not in favor of Iran, due to we would not have a fair share in the market in that time.

"Saudi Arabia will not lose if Iraq refuses the freeze however the decision led in fifty percent drop of its revenues and this is because the lack of capacity to oil freeze of course with regard to production and financial resources it has, conclusions to this decision will be in favor of Riyadh" said the reformist MP who is representing Izeh and Baqmalek electoral district – parts of Khusestan Province - in Islamic Consultative Assembly.

Russia has voiced a strong support for a plan to freeze oil output by key producers for the stabilization of global oil markets.

The announcement was made by Russia's Energy Minister Alexander Novak after a meeting with OPEC Secretary-General Mohammed Barkindo in Vienna.

Novak emphasized that there is an urgent need to rebalance the oil market and help ease price volatility.

Saudi Oil Minister Khalid al-Falih told reporters after the meeting that Russia and Saudi Arabia had found a common ground over a plan to stabilize oil prices.

"The current down cycle is nearing an end... We are optimistic that oil prices will continue to improve in the future," al-Falih said after the meeting.

"We [Saudi Arabia and Russia] have managed today... through a common meeting to reach a common notion to what we can reach in November,"

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