Falah Alamri, the Iraqi OPEC governor warned oil producers, whether part of OPEC or not, to take a stand on the re-configuration of the global oil market, and soon.
The senior Iraqi oil official said that not acting quickly could put oil-producing countries at risk of severe damage that could take a long time to repair.
Alamri, who is also the head of the State Oil Marketing Organization (SOMO) explained that the volatility and crash of oil prices was not connected to oil production in Iraq. Rather, Iraqi’s production of oil has been steadily growing in order to keep up with increased global demand.
“Opec and non-Opec countries should act promptly to rebalance world oil supply and demand or the damage could be deeper and take time to recover,” Alamri said.