Iraq promises to support OPEC summit freezing oil
Iraq to support the decision to freeze oil production in order to maintain prices for black gold, said Prime Minister Haider al-Abadi, commenting on the forthcoming summit of the cartel in September.
Representatives of the Organization of Petroleum Exporting Countries will meet in Algiers on the sidelines of the International Energy Forum, which will be held Sept. 26-28 and will bring together producers and consumers.
Prospects of a cartel agreement are the subject of discussions, exciting global markets.
The words of the Iraqi Prime Minister at a press conference on Tuesday became the clearest evidence to date of the second largest OPEC exporter to support the agreement, if any, is reached. Revenues of Iraq is 95 percent dependent on oil exports. Its economy is weakened by low oil prices and the high cost of confrontation "Islamic State", Grab a vast chunks of Iraqi territory.
The largest oil producer in the framework of the cartel, Saudi Arabia, and Iran has previously sent conflicting signals about their positions on the production freeze.
Tehran, wishing with the removal of international sanctions to recover its share of the world oil market, OPEC has exposed the conditions under which support the cartel agreement.
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