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2022-02-22 06:29
Iraqi Oil Minister: There is no need to increase crude production quickly
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2022-02-22 06:29
Shafaq News/ The Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, said on Tuesday that the OPEC + strategy to gradually increase oil production is sufficient to achieve balance in the market, noting that the group does not need to increase oil production faster, despite the rise in the price of crude to About $100 a barrel.
This came according to an interview with Bloomberg, on the sidelines of a gas industry conference in Qatar.
The Iraqi Oil Minister said during the interview that the coalition, which includes 23 countries, led by Saudi Arabia and Russia, will meet on March 2, and it takes into account the growth in production from non-OPEC + countries such as Brazil and Canada, and does not want to see any increase. in oil reserves around the world.
He added, "The market will have more and more oil, so we believe there is no need to deviate from today's strategy. We will not create any growth for commercial storage. We will secure all demand by providing the required supply."
He continued by saying that the Organization of the Petroleum Exporting Countries and its partners will make their decision on production next April during the March meeting after reviewing new data on supply and demand.
Ismail also indicated that giving any OPEC+ country an increase in its production beyond its prescribed quota would be "unfair", even though many members are struggling to reach their quota.
Brent crude rose, today, near the level of 98 dollars a barrel; Against the background of political tensions due to the Russian-Ukrainian crisis.
The Iraqi Oil Minister stressed, during his participation in the International Conference on Petroleum Technology, which was held in Saudi Arabia the day before yesterday, that the interest of the OPEC + group requires agreement on the formula of an agreement that achieves its goals in maintaining the balance and stability of the oil market, pointing out that any change in the group’s agreement may cast a shadow on the This market.
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This came according to an interview with Bloomberg, on the sidelines of a gas industry conference in Qatar.
The Iraqi Oil Minister said during the interview that the coalition, which includes 23 countries, led by Saudi Arabia and Russia, will meet on March 2, and it takes into account the growth in production from non-OPEC + countries such as Brazil and Canada, and does not want to see any increase. in oil reserves around the world.
He added, "The market will have more and more oil, so we believe there is no need to deviate from today's strategy. We will not create any growth for commercial storage. We will secure all demand by providing the required supply."
He continued by saying that the Organization of the Petroleum Exporting Countries and its partners will make their decision on production next April during the March meeting after reviewing new data on supply and demand.
Ismail also indicated that giving any OPEC+ country an increase in its production beyond its prescribed quota would be "unfair", even though many members are struggling to reach their quota.
Brent crude rose, today, near the level of 98 dollars a barrel; Against the background of political tensions due to the Russian-Ukrainian crisis.
The Iraqi Oil Minister stressed, during his participation in the International Conference on Petroleum Technology, which was held in Saudi Arabia the day before yesterday, that the interest of the OPEC + group requires agreement on the formula of an agreement that achieves its goals in maintaining the balance and stability of the oil market, pointing out that any change in the group’s agreement may cast a shadow on the This market.
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