Baghdad reaffirms commitment to OPEC+ agreement, 10 NOV
Baghdad reaffirms commitment to OPEC+ agreement, 10 NOV
Shafaq News / The Iraqi Ministry of Oil declared on Friday that the surge in the country's crude oil exports is a natural occurrence and does not impact the OPEC+ agreement on production levels. The ministry reiterated its commitment and support for this agreement.
In a statement, the ministry addressed recent media reports regarding the increase in Iraq's oil exports. It clarified that the rise in exports for some producing countries, including Iraq, is a natural phenomenon that does not affect the agreed-upon production levels for the OPEC+ group. These increases in export levels sometimes occur due to fluctuations in domestic consumption, it explained, citing natural conditions as one of the influencing factors in the rise or fall of domestic consumption rates.
Emphasizing the commitment of OPEC member countries and allied nations outside OPEC, including Iraq, to maintaining stability in global oil markets, the Ministry of Oil highlighted the importance of achieving the interests of producers, consumers, and investors, steering clear of temporary gains sought by some speculators.
The ministry's statement underscored that OPEC+ will not hesitate to make decisions ensuring stability and balance in global markets. Projections indicate an increase in demand quantities during this year and the next, aligning with the optimistic outlook for global economic growth following recent statements from the International Monetary Fund. The IMF revised its expectations for China's expected economic growth from 5% to 5.4%, reflecting significant recovery after the COVID-19 pandemic.
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