Thursday, December 7, 2023

Iraq Affirms Support for OPEC+ Agreement, Aims to Stabilize Global Oil Market, 8 DEC

 Iraq Affirms Support for OPEC+ Agreement, Aims to Stabilize Global Oil Market

Renewing its commitment to the OPEC+ agreement, Iraq continues to support the collective strategy of regulating oil output to maintain balance and stability in the global oil market. The commitment comes as a voluntary contribution to managing the supply and demand dynamics of the oil market, control the fluctuation of global oil prices, and ensure the benefit of both producers and consumers internationally.

Iraq’s Continued Support for the OPEC+ Agreement

Iraq’s Oil Minister, Hayan Abdel-Ghani, affirmed the country’s dedication to the OPEC+ agreement and its commitment to voluntary oil production cuts. This declaration, as reported by the Iraqi state news agency (INA), is part of Iraq’s concerted efforts to achieve oil market balance and stability. The OPEC+ agreement, an alliance of oil-producing nations, aims to regulate oil output to manage market dynamics and influence global oil prices.

The Impact on Global Oil Market

As oil prices regained some ground after a six-month low, concerns remain about sluggish demand and economic slowdowns in the US and China. By renewing its commitment to the OPEC+ agreement, Iraq demonstrates its dedication to cooperative strategies designed to maintain market equilibrium and prevent excessive volatility. This initiative is a testament to Iraq’s role as a responsible member of the global energy community, willing to adjust its oil production in line with agreed-upon international strategies for the broader economic environment’s benefit.

Looking Forward

With this renewed commitment, Iraq continues to fortify its position in the global oil market. It underpins the importance of cooperative strategies and collective efforts to mitigate the impacts of economic slowdowns and maintain stability in the oil market. As the world navigates economic uncertainties, Iraq’s support for the OPEC+ agreement is a beacon of dedication to the broader economic environment and the global energy community.

https://bnn.network/world/iraq/iraq-affirms-support-for-opec-agreement-aims-to-stabilize-global-oil-market/

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