Iraq.. The claim that OPEC’s decisions affect oil derivatives only and not crude is “inaccurate”

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[size=52]Iraq.. The claim that OPEC’s decisions affect oil derivatives only and not crude is “inaccurate”[/size]

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Written by Ali Al-Araji - 04/27/2024
The claim is
that focusing on the work of refineries is a good thing because it helps produce derivatives that are not subject to export restrictions, such as crude oil, which is restricted by OPEC and OPEC Plus decisions.[/size]
[size=45]The most prominent information is
that the claim is “inaccurate.” OPEC and OPEC+ decisions apply to the quantities of oil production, whether exported or consumed internally in refineries for the purpose of refining and extracting derivatives, which means that oil derivatives will be indirectly subject to OPEC and OPEC+ restrictions on the volume of production.
The story
: The “Refutation” team investigated the statement of oil expert Kovind Sherwani, to the government newspaper “Al-Sabah,” on April 22, 2024, and found that it was “inaccurate,” according to data from the Ministry of Oil; And OPEC.[/size]
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Kovind Sherwani’s statement about the impact of OPEC’s decisions on oil exports.
Why should we verify the statement? Because announcing false data or information about a public matter negatively affects the segments of the public associated with that matter, whether it is political, economic, social, development, or other fields.
OPEC and OPEC+ decisions impose restrictions on crude oil production, not export quantities, and this is clear in their statements, reports, and decisions that they take based on their periodic meetings.[/size]
[size=45]In addition to the OPEC data, the Ministry of Oil data shows the phrase “reducing or restricting production,” and does not mention export, as reducing production or maintaining the reduction policy without change in the periodic meetings of OPEC comes through studying the global market and the volume of consumption or demand, for the purpose of Be careful not to allow production to be in excess or much greater than demand, to ensure that prices do not fall.[/size]
[size=45]The Iraqi Ministry of Oil stated last March, in response to statements by foreign companies operating in Kurdistan, that “OPEC reports, and international secondary sources approved by it, confirm the presence of oil production in the region in quantities reaching 200-225 thousand barrels per day, without knowledge or approval.” The Ministry said that failure to adhere to the general oil policy approved by the federal government endangers Iraq’s reputation and its international obligations, and holds the parties responsible for violations liable for all legal consequences.”
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Source: Asharq Al-Awsat newspaper[/size]
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