[size=36]Oil: OPEC deals cautiously with pumping operations and production cuts[/size]
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The ministry's spokesman, Assem Jihad, told the official news agency, "The steps taken by OPEC are aimed at restoring balance to the oil market and restoring stability between supply and demand as a result of the crises that the global economy has witnessed."
He pointed out that “the crises of the global market made all the producing countries who are with OPEC Plus take solidarity steps to confront the problem, and among its decisions is to restrict production to absorb the oil surplus that was generated as a result of successive crises and to set a clear program in conjunction with monitoring the oil market and its repercussions, and consequently the members’ commitment in accordance with this agreement to reduce production. Within a well-studied program that led to the absorption of the oil surplus and the improvement of oil prices in global markets.
And he indicated that “there are different reports about oil prices, the increase in supply and demand, and the rise in prices, and these reports are issued by competent authorities,” noting that “the vision of the oil market is not clear due to the confusion that exists in global markets after recovery, and there is a warning of the return of the pandemic, which put the accounts in a confusing state.” .
He added that "some countries, including the United States of America, which is the largest exporter and producer in the world, found that the rise in prices affected them internally, so they asked OPEC to pump more oil," noting that "OPEC deals cautiously with pumping operations and production cuts, and this program has achieved success, Therefore, OPEC does not want to lose this success by pumping more oil, because the oil markets are still fragile, and any additional quantities could lead to a collapse in prices or a certain surplus.
He pointed out that "those countries that started relying on their reserves in order to reduce the financial burden on them, and secondly, it can contribute to reducing the existing oil," noting that "those countries saved large quantities of crude oil during the drop in prices, and now prices have risen and the internal crises they face." Make it dependent on its reserves and in the short term its impact will not be significant."
He explained, "Iraq is among the countries in the world in solidarity with the Organization of Petroleum Exporting Countries, and it has a program and is progressing at a good pace and has achieved successes and so far the oil market is monitored by OPEC Plus. In light of the reports, OPEC takes the appropriate decisions and has programs to pump 400,000 barrels according to a specific program from now to next year." Ended 29/b 88