Iraq’s OPEC representative at the State Oil Marketing Company (SOMO), Mohammed Adnan Al-Najjar, affirmed today, Sunday, the stability of global oil prices, noting the crucial role of core refineries in maintaining market balance, while stressing that fossil fuels will remain a primary energy source for the coming decades.
Speaking at a panel during the Baghdad International Energy Forum, Al-Najjar told INA, “Oil prices have remained stable, and over recent years, crude oil has demonstrated resilience against significant fluctuations. OPEC’s production adjustments will continue to be flexible to meet global demand.”
He added that “market stability is underpinned by globalization and the operational performance of core refineries. However, the market remains sensitive to international disruptions, such as conflicts or other crises.”
Al-Najjar highlighted that “long-term growth in demand is being driven by emerging and developing economies, contributing to overall market equilibrium,” emphasizing that “fossil fuels will remain central to global energy supply for decades ahead.”
He also noted that “Iraq, as a founding OPEC member, continues to strengthen its influence within the organization,” adding, “we remain committed to maintaining strong relations with OPEC and enhancing Iraq’s active role in the global energy landscape.”
The Baghdad International Energy Forum 2025 commenced yesterday, Saturday, in the presence of Prime Minister Mohammed Shia’ Al-Sudani.
