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Adviser to the Prime Minister: OPEC quotas are temporary and the latest agreement is positive for Iraq
- Time: 07/20/2021 08:59:56
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{Economy: Al Furat News} Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, revealed that the current OPEC quotas are temporary, and the last agreement had a positive impact on Iraq.
Saleh told {Euphrates News} that "the oil quotas in force in OPEC now are temporary, and the allocation is made according to the needs of the market," noting that "due to the Corona pandemic, an oil glut occurred in the global market, which led to the deterioration of prices as oil was sold at an average price. 60% below the average selling price in 2019 and 2020.
Al-Kazemi's advisor confirmed, "Despite the restriction of exports, there is a development in prices and quantity on the part of Iraq, and this development has positively affected Iraq."
And the member states of the "OPEC Plus" agreed last Sunday to further ease production cuts, starting next August, and to increase Iraq's production by 150 thousand barrels per day.
Hazem
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{Economy: Al Furat News} Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, revealed that the current OPEC quotas are temporary, and the last agreement had a positive impact on Iraq.
Saleh told {Euphrates News} that "the oil quotas in force in OPEC now are temporary, and the allocation is made according to the needs of the market," noting that "due to the Corona pandemic, an oil glut occurred in the global market, which led to the deterioration of prices as oil was sold at an average price. 60% below the average selling price in 2019 and 2020.
Al-Kazemi's advisor confirmed, "Despite the restriction of exports, there is a development in prices and quantity on the part of Iraq, and this development has positively affected Iraq."
And the member states of the "OPEC Plus" agreed last Sunday to further ease production cuts, starting next August, and to increase Iraq's production by 150 thousand barrels per day.
Hazem
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