Iraq: Collective solidarity and agreement in OPEC contributed to oil markets stability

 INA – Baghdad
 
Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail confirmed on Monday, that the collective solidarity and agreement within the Organization of Petroleum Exporting Countries (OPEC) contributed to the stability of oil markets.
 
During his visit to the ministry's pavilion, under the name (OPEC in Baghdad) at Baghdad International Book Fair, Minister of Oil stressed his praise of the great and important role of producers in "OPEC" and its allies in the stability of oil markets after the crisis that swept the economy of the world and caused it to stagnate, due to the spread of COVID-19, according to a statement by the media office of the Minister of Oil, received by the Iraqi News Agency (INA).
 
"The positive change that occurred in global markets came thanks to the cooperation of all producers from the members of the "OPEC" and outside it through the implementation of a programmed and deliberate agreement to reduce oil production according to the requirements and needs of the market, as well as trading, communication and joint coordination in order to develop successful solutions to the challenges facing the oil market,” indicated the Minister.
 
He pointed to "the importance of the role of "OPEC", which emerged from Baghdad (60) years ago, in stabilizing global oil markets, and that the ministry is interested in celebrating this occasion in Baghdad, which hosted the first meeting of the organization in 1960,”
 
"The organizing committee, in coordination with "OPEC" organization, is preparing and organizing well for cultural, artistic and heritage items that illustrate the importance of this occasion, which started from Baghdad, while the media committee has promoted this celebration in the book fair by showing spots and documentaries about "OPEC" because of the importance of this cultural event, which is of great interest to the public and intellectuals,” he included.