Baghdad, Iraq stressed the need to reach an agreement among members of the oil exporting countries (OPEC) and those allied with them from outside the organization, aiming to achieve stability and restore the balance between supply and demand, and work to alleviate the effects and repercussions that followed the spread of Corona virus.
The Head of the Iraqi delegation, Oil Ministry Undersecretary Hamid Younis, during his participation in the ministerial meeting (178) of members of the oil-exporting countries (OPEC) in Vienna .. that everyone is aware of the repercussions of the Corona virus crisis and the vibrations that hit the oil market as a result, and its direct impact on the decline in demand on crude oil, especially by China, which is the second largest global economy, and this requires research in-depth on the implications for global markets in the short and medium term, and take appropriate steps by producers, stressing that the Asian market is important for us and others, as a promising market for crude oil and indicator for the economic growth.
Younis added that he met a number of oil and energy Ministers in the Kingdom of Saudi Arabia, the Islamic Republic of Iran, Algeria, and the United Arab Emirates, as well as the Secretary-General of the Organization of the Petroleum Exporting Countries, Mohammed Barikndo, and discussed with them the importance of reaching an agreement that contributes to achieving the goals of the producers, which is a joint responsibility in order to maintain the balance and stability of the oil markets, stressing the exceptional efforts of the Iraqi delegation in bringing views closer to a suitable agreement that restores global economic activity and increases the demand for crude oil.
For his part, Director General of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri said that the Joint Technical Committee (JTC) met on Tuesday and raised its recommendations to the Ministerial Meeting of the OPEC, which was held on Thursday, and to the Ministerial Meeting of the Organization and its allies, which is held on Friday, after reviewing the reports prepared by the OPEC Research Center regarding the effects of the virus on the demand for crude oil in the oil market and its effects on Chinese and global economic growth.
For his part, Ministry Spokesman Assem Jihad stressed that the producers in the OPEC and its allies are facing great difficulties towards this crisis, which directly affected the Chinese economy and undermined its imports of crude and reduced the size of its economic growth in general, even if it was for a limited period.
Source: National Iraqi News Agency