Iraq’s Economic Center

The Iraqi Government Is Suspending The OPEC Agreement To Increase Production And Expects Stability In The Oil Markets

The Organization of the Petroleum Exporting Countries (OPEC) has reached an increase in oil production from July, the Iraqi oil minister said.

Oil Minister Jabbar al-Luaibi said after the end of the fourth ministerial meeting of producers from the Organization of Petroleum Exporting Countries (OPEC) and outside producers told reporters that the planned increase accounts for 1% of the world’s crude oil supply, equivalent to 700-800 thousand barrels per day after Forcing producers to return to the reduction rates set in the previous agreement at one million and 800 thousand barrels, after the past period exceeded some producers of the reduction rates, which exceeded 100%, which generated the need to strengthen the market in new quantities after the return to the commitment.

The oil minister expected that this decision will contribute to the stability of world oil markets.

The ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) had decided in Friday’s meeting on the commitment of member states by 100% of the reduction, and this does not mean adding an additional 1 million new barrels at the level of the previous reduction of the total Producing countries, which is at one million and 800 thousand barrels per day, but will be compensated from the return to the commitment of 100%.

“The decision of the Organization was presented at the Fourth Producers’ Meeting on Saturday, which includes producers from within the Organization of Petroleum Exporting Countries (OPEC) and abroad,” Jihad said. “This decision will give more confidence to consumers and strengthen the unity and strength of the Organization and producers outside it in achieving balance and stability. Required for global oil markets. Source