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[size=38]Oil: OPEC's Commitment To Production Quantities Contributed To Absorbing The Surplus
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LAST UPDATE 04/08/2022 | 4:59 PM
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Information/Baghdad...
Today, Friday, the Ministry of Oil confirmed that the commitment of members of OPEC Plus to production quantities contributed to absorbing the oil surplus in the markets, while it identified 3 factors that affect the market and increase or decrease global demand.
The ministry's spokesman, Assem Jihad, said in a statement to the Iraqi News Agency (INA), that "the Iraqi exports of crude oil achieved last month the highest rate in decades at 3 million and 244 thousand barrels per day, with revenues amounting to 11.7 billion dollars."
He pointed out that “oil markets are affected by several factors, including wars, political and health tensions, and the increase and decrease in demand for oil. We note that the Russian-Ukrainian war has caused an increase in demand due to a lack of supplies, and thus there is a rise in oil or gas prices,” noting that “Russia is one of the countries The main producer and supplier to Europe, as the latter needs Russian gas.”
Regarding the OPEC meetings, Jihad confirmed that “the meetings of OPEC Plus, which represent the producing countries within the OPEC member organization as well as producers from outside OPEC, are held every month or according to the developments of the oil markets,” explaining that “OPEC Plus has set a schedule calculated according to calculated quotas, and thus OPEC’s commitment Plus, in production quantities, it contributed to absorbing the existing oil surplus, and it is watching that, and Iraq is a member of OPEC Plus, and it is watching these changes.” End/25
The ministry's spokesman, Assem Jihad, said in a statement to the Iraqi News Agency (INA), that "the Iraqi exports of crude oil achieved last month the highest rate in decades at 3 million and 244 thousand barrels per day, with revenues amounting to 11.7 billion dollars."
He pointed out that “oil markets are affected by several factors, including wars, political and health tensions, and the increase and decrease in demand for oil. We note that the Russian-Ukrainian war has caused an increase in demand due to a lack of supplies, and thus there is a rise in oil or gas prices,” noting that “Russia is one of the countries The main producer and supplier to Europe, as the latter needs Russian gas.”
Regarding the OPEC meetings, Jihad confirmed that “the meetings of OPEC Plus, which represent the producing countries within the OPEC member organization as well as producers from outside OPEC, are held every month or according to the developments of the oil markets,” explaining that “OPEC Plus has set a schedule calculated according to calculated quotas, and thus OPEC’s commitment Plus, in production quantities, it contributed to absorbing the existing oil surplus, and it is watching that, and Iraq is a member of OPEC Plus, and it is watching these changes.” End/25
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