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Iraq will reduce oil production

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Assem Jihad, an official spokesman for the Iraqi Oil Ministry, said that the country plans to cut oil production in 2016. The current daily production volume accounts for 3.8 million barrels, and this year it will be reduced to 3.6 million barrels.

According to Jihad, the oil producing nations should act in coordination, while today some states persist in their desire to keep production volume high. Thisharmsallcountries, bothOPECmembersandothers.

Jihad pointed out that it’s very important to reach an agreement to reduce production, as too many factors affect the price which leads to its further declines. Among these factors he cited China’s economic problems, Iran’s return to the market and the US starting to export oil. 

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