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Iraq's commitment to OPEC decisions controls oil prices
Economic 11/18/2024
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Iraq is keen to adhere to the oil quotas approved by the Organization of the Petroleum Exporting Countries (OPEC), which plays a pivotal role in stabilizing oil prices globally, as it believes that regulating oil production and directing common policies among member states enhances economic stability and reduces extreme fluctuations in oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday that global oil demand will rise by 1.82 million barrels per day in 2024, down from the 1.93 million barrels per day growth expected last month, mostly due to weakness in China, the world's largest oil importer.
Production levels
Dr. Ikram Al-Aqeel, an economic expert, explained in an interview with Al-Sabah that “OPEC countries can adjust production levels to meet global demand and achieve market balance by adopting a realistic vision for the markets based on solid and deep foundations,” indicating that “OPEC carefully examines the economic and geopolitical factors that affect the oil market and makes appropriate decisions based on a comprehensive analysis of data and trends, in a way that helps achieve oil price stability and reduce uncertainty in the market.”
In turn, energy researcher Asim Jihad said: “Iraq is a founding member of OPEC, which aims to cooperate between producing countries to achieve stability and cohesion in the oil market,” indicating that “member states of the organization, especially after 2014, found that global crises, whether geopolitical, security, health, economic, or other events, directly affect the stability of global oil markets and threaten this market with collapse.”
Jihad added to Al-Sabah that "an agreement was reached to distribute oil quotas according to production, and to adhere to these quotas in order to maintain the stability of prices and the global oil market and to save the global oil markets and producing countries from collapse." He stated that "after this development, the producing countries began to recover." He stated that "the agreement of these countries benefits everyone, but individual production without adhering to quotas leads to the collapse of the oil market and everyone becomes a loser," stressing that "Iraq is committed to all OPEC decisions and its oil quotas according to the agreement, but sometimes there is an exceeding of the agreed quotas, but Iraq then compensates, and thus Iraq is committed to all its oil quotas according to OPEC's regulatory policy."
He pointed out that in 2014 and beyond, "global oil markets witnessed major collapses, and after the outbreak of (Corona), transportation was damaged and consumption levels decreased, which led to oil prices falling to very low levels that affected the economies of countries. Therefore, countries, whether from within OPEC or outside it, which was called OPEC/Plus, found it necessary to create a group in which these oil-producing countries agree to organize the oil production process, noting that this oil group constitutes 40% of global production."
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