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2022-03-09 13:52
The Iraqi Oil Marketing Company announces a position on the lack of global energy supplies
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2022-03-09 13:52
Shafaq News/ The Iraqi Oil Marketing Company (SOMO) confirmed on Wednesday that the programmed increases from OPEC + are sufficient to address any shortage in supplies.
The company said in a statement received by Shafaq News Agency, "Through the continuous and accurate follow-up to the developments and changes that the global market is going through today, especially with regard to the balance of global supply and demand for crude oil, Iraq believes that the level of oil exports supplied to the global market (Supply) is commensurate with the level of Consumption and global demand (Demand).
And she added, "The programmed increases from OPEC + are sufficient to address any shortages that may occur in supplies."
And "SOMO" pointed out that "Iraq has an additional production and export capacity estimated at 6%, but it needs some investments so that it can be provided to the market."
Global energy and commodity prices rose to their highest level in 10 years, amid fears of supply disruptions in the wake of the crisis in Ukraine.
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The company said in a statement received by Shafaq News Agency, "Through the continuous and accurate follow-up to the developments and changes that the global market is going through today, especially with regard to the balance of global supply and demand for crude oil, Iraq believes that the level of oil exports supplied to the global market (Supply) is commensurate with the level of Consumption and global demand (Demand).
And she added, "The programmed increases from OPEC + are sufficient to address any shortages that may occur in supplies."
And "SOMO" pointed out that "Iraq has an additional production and export capacity estimated at 6%, but it needs some investments so that it can be provided to the market."
Global energy and commodity prices rose to their highest level in 10 years, amid fears of supply disruptions in the wake of the crisis in Ukraine.
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