Russia proposes to OPEC + to reduce oil production.. Iraq has an opinion
Shafaq News/ An oil official in Russia said today, Wednesday, that his country will propose to OPEC + during its meeting scheduled for next October 5 to reduce oil production by about one million barrels per day, while Iraq announced the organization's desire to achieve balance in the markets.
The meeting will be held on the fifth of next October against the backdrop of low oil prices and months of severe market volatility, which prompted Saudi Arabia, the other largest producer in OPEC +, to say that the organization may reduce production.
OPEC+, which includes OPEC countries and allies such as Russia, has refused to raise production to lower oil prices despite pressure from major consumers, including the United States, to help the global economy.
However, prices fell sharply this month due to concerns about the global economy and the strengthening of the US dollar after the Federal Reserve raised interest rates.
It is likely that the impact of any OPEC + agreement to cut production will be mitigated by the inability of many members of the group to produce according to the agreed targets.
Iraqi Oil Minister Ihsan Abdul-Jabbar said that OPEC + is monitoring the situation in oil prices, wishing to achieve a balance in the markets.
Earlier this month, JPMorgan said it believed that OPEC+ may need to step in with a cut of up to 1 million barrels per day "to stem the downward momentum in prices and reorganize the seemingly disconnected physical and paper markets".
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