Oil Minister announces OPEC+ keeps oil production rate unchanged
The logo of the OPEC at the OPEC headquarters. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul Ghani, announced on Wednesday that OPEC+ decided to keep the oil production rate unchanged, according to a statement issued by the Iraqi Oil Ministry.
Abdul Ghani stated that the Joint Ministerial Monitoring Committee, which tracks the alliance’s compliance with its output quota, decided during its online meeting held on Wednesday to keep production levels unchanged, the statement mentioned.
“The participating countries agreed last October to reduce the group’s production by two million barrels per day, or about 2 percent of global demand, starting from last November, until the end of 2023,” Abdul Ghani said.
“The step supports the oil market in facing economic and security challenges, and the reduction rate of Iraq’s production reached 220 thousand barrels.
The Director of the State Organization for Marketing of Oil (SOMO), Alaa Al-Yasiri, confirmed that reports indicated Iraq’s commitment to the output quota decided by OPEC+.
The spokesperson of the Iraqi Oil Ministry, Assem Jihad, confirmed that the meeting reviewed the latest statistics of supply and demand as well as oil stocks, and reviewed technical reports in addition to studies related to the geopolitical risks affecting the oil market.
The Joint Ministerial Monitoring Committee is scheduled to hold its next meeting on April 3, according to CNBC.