Iraq to maintain oil productions cuts until March 2024
A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Oil Ministry confirmed on Friday that the government takes into account oil price fluctuations through the OPEC+ group to lower risks and generate adequate revenues for the country’s treasury.
The spokesperson of the Oil Ministry, Asem Jihad, told the Iraqi News Agency (INA) that the government is fully aware of the significance of the shifts in the global oil market and how they affect the financial revenues generated from exporting Iraqi oil abroad.
The government, through its strategic mechanism, took into account the changes occurring, whether positively or negatively, especially the challenges facing the global oil market due to price fluctuations.
This fluctuation is an event that sometimes occurs in the oil market and has been affecting the market for decades.
OPEC+ members, including Iraq, are trying to achieve an adequate balance between supply and demand to create stability in the global oil market.
For months, the oil markets have witnessed fluctuations in prices above and below $80, which members of the OPEC+ group dealt with by issuing a unanimous decision to continue reducing production until the end of March 2024.