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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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    OPEC Plus forces Iraq to reduce 650 thousand barrels per day

    Rocky
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    • Post n°1

    OPEC Plus forces Iraq to reduce 650 thousand barrels per day Empty OPEC Plus forces Iraq to reduce 650 thousand barrels per day

    Post by Rocky Mon 03 Jun 2024, 5:42 am

    OPEC Plus forces Iraq to reduce 650 thousand barrels per day

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    OPEC Plus



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    The OPEC Plus alliance forced Iraq to reduce its production to 4 million barrels per day this month.
    Iraq's production capacity is 4.65 million barrels per day, but Iraq, the second largest oil producer, is committed to compulsory and voluntary cuts.
    According to specialists, OPEC Plus has become a major obstacle to the growth of Iraq's production, as Iraq is unable to pump large funds into oil investments, as a result of the production limits imposed by OPEC Plus.
    The Minister of Oil, Hayan Abdul Ghani, said, “The Ministry of Oil is approaching with coherent steps towards reaching an extraction capacity estimated at 5 million barrels per day in the extraction sector, despite the serious restrictions on oil markets and the restriction of the quotas of OPEC countries in order to support the stability and balance of prices.”
    On the other hand, the oil specialist, Muhammad Hashem, told Al-Iqtisad News that Iraq’s commitment to the OPEC Plus agreement made the price of oil on the global market suitable for the country’s budget, as prices are still more than $80.
    He added that the biggest problem that Iraq will face is its inability to exploit the oil reserves, as a result of the restrictions imposed by OPEC Plus, pointing out that the Iraqi economy needs very large funds to develop infrastructure and support the Iraq Fund for Development, and this is not possible without oil.
    Hashem stated that Iraq is one of the founders of OPEC, and its exit will lead to chaos in the markets, but it needs great diplomacy, in negotiations, to increase its production share to more than 5 million barrels per day within OPEC Plus.


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