Iraq Oil Minister: We Hopes Production Cut Decision will Contribute in Stabilizing Global Markets

Source: 10/5/2022, Location: Middle East

As H.E attended the 45th meeting of the Joint Ministerial Monitoring Committee, and the 33rd OPEC+ ministerial meeting, which was held at the headquarters of the General Secretariat of the Organization of Petroleum Exporting Countries (OPEC), in the Austrian capital, Vienna the Minister of Oil, Ihsan Abdul-Jabbar Ismail:

- The ministerial meeting discussed the developments and challenges facing the oil market, and the implications of that, especially after the recent decline in oil prices and the instability of oil markets.

- The producing countries in OPEC and its allies from outside the organization were keen to achieve more stability and balance between supply and demand.

- The ministerial meeting seeks and aims to achieve more stability in the long term, noting the gains made by OPEC+ in reaching and maintaining stability and balance for the oil markets, which was positively reflected on the economies of the producing countries, including Iraq.

- The production cut decision came in line with the wise policy that OPEC+ adopted during the past years, which is to take proactive precautionary measures to confront the fluctuations of the oil market.

- The ministerial meeting of OPEC+ decided to reduce the total production by 2 million barrels per day, with the contribution of all the producing countries in OPEC+, and according to the production levels required for each of them, as of November 2022.

- The decision aims to protect the oil markets from negative effects occurred because of the conditions and challenges facing global markets.

- Iraq aims to maintain its reference production level, which was set by the member countries in July 2021.

- Exports of Iraq will not be affected by this reduction, because the internal consumption will be managed in line with the production cut decision, in order to keep the current export capabilities.

- We hope this decision will bring more stability and balance to the global oil markets, and to the national economy.

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