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Baghdad and Moscow confirm commitment to voluntary oil production cuts
Economical 2023/05/20
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Yesterday, Friday, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani and his Russian counterpart, Deputy Prime Minister Alexander Novak, renewed the commitment of the two countries to the (OPEC +) agreement and to reduce voluntary oil production until the end of the year 2023.
And the Iraqi Ministry of Oil stated in a statement that Abdul-Ghani received a phone call from Novak, during which he reviewed the relations between the two countries, and ways to enhance and develop them, especially in the oil and energy sector, in addition to discussing developments in the oil markets and the challenges facing the economy.
Global.
The statement added that the two sides "emphasized the importance of collective action, cooperation and joint solidarity between the oil-producing countries (OPEC +) in achieving a balance between supply and demand, and the stability of global oil markets."
Last month, OPEC and its allies announced new cuts in production, starting this month, with the aim of supporting global oil markets. However, the major changes in supplies that occurred in April were not intended, and Iraq contributed about 80% of this decline.
The dispute between the central government in Baghdad and the Kurdistan region led to the suspension of the pipeline, which usually transports 500,000 barrels per day to international markets via Turkey.
It is expected that the production of the entire “OPEC +” alliance, which includes 23 countries, will decrease by an additional 1.2 million barrels per day during the current month, with the entry into force of the new cuts.
Russia, another member of the "OPEC +" alliance, also announced production cuts, in response to the sanctions resulting from its invasion of Ukraine, but the extent to which it implemented this step or not is still not clear yet.
It is noteworthy that a meeting of the "OPEC +" alliance is scheduled to be held on the fourth of next June, with the aim of reviewing production levels for the second half.
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