2023-11-10T13:08:47+00:00
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/ The Iraqi Ministry of Oil considered, on Friday, that the increase in the country’s crude exports is “a natural issue and does not affect the OPEC+ agreement” in determining production levels, reiterating its commitment and support for this agreement.
The Ministry issued a statement in which it referred to some press reports that had been circulated recently regarding an increase in oil exports to Iraq.
The Ministry explained in its 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 occur sometimes, due to a decrease in domestic consumption, from one quarter to another.” “Natural conditions are one of the factors influencing the increase or decrease in internal consumption rates,” she added.
The Ministry of Oil stressed “the commitment of OPEC member states and allied non-OPEC countries, including Iraq, 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.”
The ministry’s statement noted that “OPEC Plus will not hesitate to make decisions that ensure stability and balance in global markets, as expectations indicate an increase in demand quantities during this year and next, and in line with the optimism of global economic growth after the issuance of recent International Monetary Fund statements.” In which he revised his 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 Corona pandemic.