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An oil expert explains the effects of the "OPEC Plus" agreement on Iraq's share
- Time: 10/05/2021 21:32:52
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{Economist: Al Furat News} An oil expert explained the effects of the OPEC Plus agreement on Iraq's share in the global oil market.
Hamza Al-Jawahiri told {Euphrates News} that "the OPEC Plus agreement, by adding 400,000 barrels to the market, does not affect Iraq much, because its share will be 47,000 barrels."
He stressed, "Iraq must abide by the agreement, which will have no effect other than that it will reflect on oil prices in an increase in supply and the market's need for it."
And OPEC + said in a statement yesterday that the group agreed to stick to the current agreement to add 400,000 barrels per day of oil to the market in November, despite consumer pressure to calm a market that is experiencing great demand.
Ministers from the Organization of the Petroleum Exporting Countries, Russia and their allies, within the framework of the OPEC + group, met remotely to discuss oil policy.
The price of Brent crude, the benchmark, rose to more than $82 a barrel for the first time since October 2018, and more than 50% more than it was at the beginning of the year, driven by turmoil on the supply side and increasing demand with the global economy recovering from the Covid-19 pandemic.
Raghad Daham
[You must be registered and logged in to see this link.]
{Economist: Al Furat News} An oil expert explained the effects of the OPEC Plus agreement on Iraq's share in the global oil market.
Hamza Al-Jawahiri told {Euphrates News} that "the OPEC Plus agreement, by adding 400,000 barrels to the market, does not affect Iraq much, because its share will be 47,000 barrels."
He stressed, "Iraq must abide by the agreement, which will have no effect other than that it will reflect on oil prices in an increase in supply and the market's need for it."
And OPEC + said in a statement yesterday that the group agreed to stick to the current agreement to add 400,000 barrels per day of oil to the market in November, despite consumer pressure to calm a market that is experiencing great demand.
Ministers from the Organization of the Petroleum Exporting Countries, Russia and their allies, within the framework of the OPEC + group, met remotely to discuss oil policy.
The price of Brent crude, the benchmark, rose to more than $82 a barrel for the first time since October 2018, and more than 50% more than it was at the beginning of the year, driven by turmoil on the supply side and increasing demand with the global economy recovering from the Covid-19 pandemic.
Raghad Daham
[You must be registered and logged in to see this link.]
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