08:46 GMT29 November 2020
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    Iraqi Oil Ministry spokesman Asim Jihad claims that the structure of decision-making within the Organization of the Petroleum Exporting Countries’ (OPEC) which is based on unanimous decisions provoked the fall in global oil prices.

    MOSCOW (Sputnik) – The structure of decision-making within the Organization of the Petroleum Exporting Countries’ (OPEC) which is based on unanimous decisions provoked the fall in global oil prices, Iraqi Oil Ministry spokesman Asim Jihad told Sputnik on Monday.

    "One of OPEC’s drawbacks is its reliance not on majority voting but on unanimous decisions," Jihad said. "This prevents correct decisions because some states insisted on maintaining production quotas at previous meetings, which in turn provoked a further decline in prices unacceptable to oil-producing countries."

    Speaking ahead of the December 4 OPEC meeting in Vienna, the Iraqi official expressed hope that production quotas would increase in November. Last month, oil production averaged 2.7 million barrels a day, down by a daily rate of 300,000 barrels compared to September.

    Oil Minister Adil Abdul-Mahdi and Iraq’s permanent representative to OPEC Hadi Al-Ameri are expected to represent the country at the 168th OPEC meeting in the Austrian capital, according to the spokesman.

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    Tags:
    oil prices, OPEC, Asim Jihad, Iraq
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