Iraq produces 11% of OPEC + oil.. and a price of $95 per barrel is expected

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[size=52]Iraq produces 11% of OPEC + oil.. and a price of $95 per barrel is expected[/size]

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Reducing Iraqi oil production[/size]
[size=45]The Iraqi Oil Company “SOMO” said, on Saturday, that the country produces 11% of the 43 million barrels produced by the “OPEC +” member states per day. This came in a statement made by the deputy general manager of the company, representative of Iraq in OPEC Saadoun Mohsen, to Al-Iraqiya news channel, according to the official Iraqi News Agency.[/size]
[size=45]Mohsen praised the “OPEC +” decision to reduce production by two million barrels per day, considering that it “had an important role in stabilizing global markets, and the reduction included all countries at varying rates and according to the amount of their production.”[/size]
[size=45]He explained that the decision "did not reduce Iraq's oil exports, but rather reduced domestic production and invested in rising prices by stabilizing the export rate, a strategy that succeeded in achieving high financial revenues."[/size]
[size=45]He added, "OPEC Plus produces 43 million barrels per day, and the percentage of what Iraq produces is 11% of it, and therefore it is the same percentage of reduction by the decision to reduce production by two million barrels."[/size]
[size=45]And he pointed out that any “future decision regarding maintaining the current reduction, adding a new reduction, or increasing the quantities produced will take into account the market situation and aim to create balance,” pointing to “a meeting of the OPEC Plus group on December 3 and 4, which will study the current situation and issue balanced decisions.” .[/size]
[size=45]Arab economy
The “green paper” challenges Iraqi oil: developing agriculture and diversifying the economy
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[size=45]And it is likely that “the prices will range in the next year between 85 and 95 dollars (per barrel) at the very least, and perhaps less than 5-7 dollars as a minimum.”[/size]
[size=45]On October 5, the Saudi-led “OPEC +” coalition announced a production cut of two million barrels per day, starting in November 2022, but the decision faced anger from Western countries, led by the United States.[/size]
[size=45]The frequency of the monthly meetings of the “OPEC +” alliance was modified to become every two months for the Joint Ministerial Monitoring Committee, while cooperation within the alliance was extended until the end of 2023 instead of the end of this year.[/size]
[size=45](Anatolia)[/size]
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