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Iraq was the first candidate to withdraw from the Vienna agreements

Iraq will try to get out of Vienna agreements about production cuts between OPEC member countries and independent countries manufacturers of oil.

23.Apr.17 10:31 PM
By Christina Orlina


Iraq was the first candidate to withdraw from the Vienna agreements
Now Bagdad, on the contrary, is interested in increasing oil production. This statement was made by the leader of the Iraqi national Alliance, the ruling Shiite parliamentary coalition, Ammar al-Hakim in an interview with Reuters.

The pretext under which Iraq seeks to increase oil production, can produce an impression on OPEC. The country needs the additional revenues to combat terrorist group "Islamic state" (banned in Russia). According to al-Hakim, this argument sounds quite convincing to colleagues in the oil cartel.

"Given these circumstances, Iraq may hope that other members of OPEC will make an exception for him, and the country will be able to increase production," said al-Hakim and immediately made a reservation: But we support the overall reduction of supply by OPEC with the objective of price growth".

OPEC 30 November 2016 agreed to reduce total production by 1,254 million barrels a day from October level. A large part of the reduction (almost 500 thousand b/d) took over Saudi Arabia and even exceeded the plan. 11 not included in the cartel States 10 Dec joined the deal, promising together to remove from the market more 558 thousand b/d, including Russia 300 thousand

The contract is valid until the end of the first half of 2017 with possibility of extension. The issue of the possible extension of the deal will be Central at the meeting of the OPEC conference 25 may and prior to her meeting of the Committee for monitoring the observance of the Vienna agreement.

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