Iraq and Iran are shying away from implementing the idea to restrict the level of oil production to stabilize prices on the world market and aim to increase our share in the world market. The Prime Minister of Iraq Haider al-Abadi (Haider al-Abadi), as reported by TASS with reference to the channel Al Jazeera, said that his country has not yet regained its share in the global oil market.
“Baghdad welcomes the proposal to impose an upper limit on crude oil production because Iraq still does not produce as much [oil], how many needs,” said al-Abadi.
The third-largest producer in OPEC — Iran — has not yet made a decision to limit production within the cartel. This was reported by RIA Novosti. “Too early to talk about Iran’s decision regarding the freeze of the level of production”, — quotes Agency the words of the source in the Ministry of oil of the country.
Iraq increased its oil production in March to a record volume of 4.55 million barrels per day, noted the Iraqi state company State Oil Marketing Organization (SOMO). Iran, according to the Deputy Minister of oil and Director of National oil company of the country of Rokneddin Javadi, in may reached a production level of 3.7 million barrels a day.
