Iraq monitors the oil markets and links its vision to the OPEC+ ceiling

by times news cr

2024-04-06T13:56:52+00:00

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/ Iraq revealed its vision related to the oil market conditions within the ceiling previously determined by the OPEC+ alliance, as it explained that maintaining the level of the cut scheduled to be renewed for an additional period or not reducing it is subject to market conditions.

Oil Ministry spokesman Assem Jihad said, in statements today, Saturday, seen by , “Baghdad’s main vision is linked to the oil market conditions within the framework of the OPEC+ alliance.”

He explained, “Iraq plays an important role in the Joint Ministerial Monitoring Committee of the OPEC+ alliance, indicating that the committee’s meetings are held on a regular basis, and their date is determined according to the recommendations of a meeting that precedes all its meetings, and this committee meets every two months or when there is a specific case or circumstance.”

Iraq monitors market conditions

The spokesman for the Iraqi Ministry of Oil, Assem Jihad, indicated that “the meeting of the Joint Ministerial Monitoring Committee of the OPEC+ alliance aims to discuss the conditions of the oil market and review the conditions and challenges surrounding this market, in addition to studying the processes of flow of crude oil to global markets and the issue of supply and demand.”

He pointed out that “the decisions issued by the OPEC+ alliance regarding the oil markets come after reviewing all the reports submitted by the research bodies in OPEC and its associated bodies to the Joint Ministerial Monitoring Committee of the OPEC+ alliance,” according to what was published by the Iraqi News Agency “INA.”

Assem Jihad added, “The recommendations are submitted to the ministerial meeting that includes the ministers of the OPEC producing countries, and the non-OPEC producing countries allied with it, so that the decision regarding maintaining the level of the reduction scheduled to be renewed for an additional period or otherwise will depend on the oil market conditions.”

He explained, “The goal of the meeting of the Joint Ministerial Monitoring Committee of the OPEC+ alliance is to achieve greater stability for the oil market, while any agreement or decision taken by participants within the OPEC+ alliance is based on market requirements and conditions.”

The spokesman for the Iraqi Ministry of Oil indicated that “the goal of these decisions is to achieve greater stability and balance, and therefore, in light of this, recommendations are being made in this regard, according to statements reviewed by the specialized energy platform.”

OPEC+ agreements

The spokesman for the Iraqi Ministry of Oil, Assem Jihad, explained that his country plays a very important role in the OPEC Ministerial Committee, while the decision – at the same time – is collective and depends on the reality and circumstances surrounding the global oil market.

This decision, according to Assem Jihad, aims to “stabilize the oil markets and achieve their balance, which would reflect positively on oil prices and the levels of its flow to global markets, according to statements monitored by the specialized energy platform.”

He added: “If the oil markets need to pump more supplies, there will be more pumping of the required quantities of crude oil, and if the market needs to reduce these supplies, a calculated reduction in production will be agreed upon.”

He pointed out that “there are voluntary reduction initiatives, which in turn come to achieve stability, which reflects positively on the producing countries in the OPEC+ alliance, and the consuming countries alike, pointing out that the Iraqi vision is linked to market conditions within the ceiling of the OPEC+ alliance.”

It is noteworthy that the Joint Ministerial Monitoring Committee of the OPEC+ alliance had called, during its last meeting on April 3, for the need to improve member states’ commitment to the announced oil production cuts, to achieve market balance and stability.

According to a press release from the committee, it confirmed its continued assessment of market conditions, as member states are ready to address market developments and take additional measures at any time, based on the strong cohesion among the coalition countries, explaining that its next meeting will be on June 1.

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