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Middle East tensions pose 'challenge' to oil market stability - Iraqi minister

Middle East tensions pose 'challenge' to oil market stability - Iraqi minister

2019/05/21 | 17:20

(Hatha al-Youm | Iraq News)-

Growing tensions in

the Middle East pose a challenge to the stability of global crude oil markets,

Iraq's oil minister said on Tuesday.He said that OPEC's

ministerial monitoring committee, known as the JMMC, must monitor markets to

pave the way for a "new agreement" to be discussed at an upcoming

OPEC meeting in Vienna to help stabilize markets and support prices.The next OPEC oil policy

meeting will be held in early July, Thamir Ghadhban said in a statement. The

meeting is to decide whether to extend the pact or adjust it."The meeting

tasked the Joint Technical Committee to continue with market analysis and

monitoring until next ministerial meeting in early July in Vienna",

Ghadhban said in a statement.The panel of top oil

producers, including Saudi Arabia, Russia and Iraq, was meeting in Jeddah on

Sunday.The Organization of

the Petroleum Exporting Countries (OPEC), Russia and other non-member producers

have reduced output by 1.2 million barrels per day since Jan. 1.







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