Iraq Confirms Its Support And Commitment To OPEC+ Agreement In Sticking To Oil Production Levels

Baghdad / NINA / -The Ministry of Oil confirmed, today, Friday, its commitment and support for the OPEC+ agreement in sticking to production levels.

 Regarding some press reports that were circulated recently regarding an increase in oil exports to Iraq, the ministry explained in a statement: “The increase in exports to some producing countries, including Iraq, is a natural issue, and does not affect the production levels agreed upon by the OPEC+ group, and these increases in export levels are sometimes due to a decrease in domestic consumption, from one season to another, and natural conditions are one of the factors influencing the increase or decrease in internal consumption rates.”

 It added: “The member states of OPEC and the allied countries outside OPEC, including Iraq, are committed to maintaining the stability of global oil markets, in order to achieve the interests of producers, consumers and investors away from the temporary gains sought by some speculators.”

 It stressed that "OPEC+ will not hesitate to take decisions that ensure stability and balance in global markets, as expectations indicate an increase in demand quantities during this year and next year, and in line with the optimism of global economic growth after the issuance of recent International Monetary Fund statements that it modified its expectations about the size of the expected economic growth in China from 5% to 5.4% as a result of the significant recovery after the Coronavirus pandemic.”/End