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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Sumo talks about the consequences of OPEC's decision to cut production on Iraq

    Rocky
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    Sumo talks about the consequences of OPEC's decision to cut production on Iraq Empty Sumo talks about the consequences of OPEC's decision to cut production on Iraq

    Post by Rocky Wed 01 Feb 2023, 1:46 pm

    Sumo talks about the consequences of OPEC's decision to cut production on Iraq

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    Economy News / Baghdad
    Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani announced, on Wednesday, that the Ministerial Committee to monitor production in “OPEC Plus” decided, in its meeting held today, to recommend keeping production levels unchanged.
    Abdel-Ghani said in a statement, “OPEC Plus decided to unanimously agree on the decision that was taken last October 2022, and it stipulated a reduction in its targeted production of two million barrels per day, or about 2% of global demand, starting from last November, until the end of 2023 in support. For the oil market in the face of economic and security challenges, as the rate of reducing Iraq's production amounted to 220 thousand barrels.
    For his part, General Manager of the Iraqi Oil Marketing Company "SOMO" Alaa Al-Yasiri said, "Iraq has invested the rate of reduction in enhancing internal consumption, and has succeeded in reducing its impact on its financial revenues," stressing that "the reports indicated Iraq's commitment to the levels of production cuts."
    For his part, the ministry's spokesman, Assem Jihad, said, "The meeting reviewed the latest supply and demand data and oil stocks, reviewed technical reports, studied the surrounding geopolitical risks in the market, and submitted recommendations to the expanded ministerial meeting scheduled for next June."  


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