[size=36]Oil Minister: We hope that the production cut agreement will contribute to the stability of global markets[/size]
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Baghdad - Mawazine News
, Minister of Oil, Ihsan Abdul-Jabbar, confirmed, today, Wednesday, that Iraq was not affected by the “OPEC +” agreement to reduce oil production.
After attending the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd ministerial meeting of the (OPEC Plus) group, which was held at the headquarters of the General Secretariat of the Organization of Petroleum Exporting Countries (OPEC), in the Austrian capital, Vienna, the Minister of Oil said that "the ministerial meeting discussed Developments and challenges facing the oil market, and the implications of that, especially after the recent decline in oil prices and the instability of oil markets.
He stressed, "the keenness of the producing countries in OPEC and its allies from outside the organization to achieve more stability and balance between supply and demand," noting that "the ministerial meeting seeks and aims to achieve more stability and stability in the long term."
He pointed to "the gains achieved by the OPEC Plus group in achieving and maintaining stability and balance in the oil markets, which was positively reflected on the economies of the producing countries, including Iraq."
He added, "The decision to reduce production came in line with the wise policy pursued by OPEC Plus during the past years, which is represented in "proactive" in precautionary measures to confront the fluctuations of the oil market."
He pointed out, that "at a rate of 2 million barrels per day, with the contribution of all the producing countries in OPEC Plus, and according to the production levels required for each of them, as of November 2022, and the decision aims to protect the oil markets from the negative effects as a result of the circumstances and challenges facing global markets."
He pointed out, "Iraq aims to maintain its reference production level, which was set by the agreement of the member states in July 2021."
He stressed, "Iraq's exports will not be affected by this reduction, as a result of managing internal consumption and in line with the decision to reduce production, in order to preserve the current export capabilities."
He concluded by saying: "We hope that this decision will bring more stability and balance to the global oil markets, and to the national economy." Ended 29 / h