Iraq confirms commitment to OPEC+ agreement
The Iraqi Ministry of Oil. Photo: Shafaq News
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil confirmed on Friday its commitment to the production levels set by OPEC+.
Regarding recent press reports talking about an increase in Iraq’s oil exports, the Iraqi Oil Ministry clarified in a statement that the increase in exports of some oil-producing countries, including Iraq, is a normal matter that does not affect the production levels agreed upon by member states of the OPEC+ group.
The Oil Ministry illustrated that oil exports sometimes increase due to a decrease in domestic consumption, which varies according to the season, the Iraqi News Agency (INA) reported.
The Iraqi Ministry of Oil emphasized the commitment of OPEC member states to maintaining the stability of global oil markets to protect the interests of producers, consumers, and investors, rather than focusing on the short-term profits that certain speculators hope to obtain.
The ministry indicated that OPEC+ will not hesitate to make decisions that ensure stability and balance in global markets, particularly with expectations indicating an increase in the demand for oil in 2023 and 2024, in line with the growing global economy, as the International Monetary Fund (IMF) modified its expectations about China’s economic growth from five percent to 5.4 percent.