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Iraq confirms its support and commitment to the OPEC+ agreement in determining oil production levels
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Baghdad today - Baghdad
Today, Friday (November 10, 2023), the Ministry of Oil confirmed its commitment and support for the OPEC+ agreement in determining production levels.
A statement from the ministry, received by “Baghdad Today” said: “With reference to some press reports that were circulated recently regarding an increase in oil exports to Iraq, the ministry would like to clarify that the increase in exports to some producing countries, including Iraq, is a natural issue, and does not affect the levels of Production agreed upon by the OPEC+ group, and these increases in export levels sometimes occur, due to a decrease in domestic consumption, from one quarter to another, and natural conditions are one of the factors influencing the increase or decrease in internal consumption rates.”
He added, "The member states of OPEC and the allied countries outside OPEC, including Iraq, are committed to maintaining the stability of global oil markets, in order to achieve the interests of producers, consumers, and investors away from the temporary gains sought by some speculators."
He stressed that "OPEC Plus will not hesitate to take decisions that ensure stability and balance in global markets, as expectations indicate an increase in demand quantities during this year and next year, and in line with the optimism of global economic growth after the issuance of recent International Monetary Fund statements that... In it, he revised his expectations about the size of the expected economic growth in China from 5% to 5.4% as a result of the significant recovery after the Corona pandemic.
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