Al-Sudani: There is no “concern” or “specific price” for a barrel of oil, but we want it at 85-95 dollars

Al-Sudani: There is no “concern” or “specific price” for a barrel of oil, but we want it at 85-95 dollars

On Thursday, Iraqi Prime Minister Muhammad Al-Sudani stated that the ideal range for oil prices is between $85 and $95 per barrel.

During an interview with an international station, he stated that Iraq is fully committed to the agreements and understandings with OPEC and OPEC Plus, which aim to protect the interests of both producers and consumers. Despite Iraq’s significant production capacity, it will adhere to the agreed policy within OPEC, which links the production volume to this policy.

Al-Sudani dismissed any concerns or specific prices regarding the new oil prices. However, he emphasized the importance of maintaining a fixed and reasonable price that benefits producers and consumers. He suggested a price range of 85 to 95 dollars per barrel, which he believes would ensure the interests of both parties.

He emphasized the importance of adhering to OPEC’s policy to balance the interests of producers and consumers. He also stated that Iraq is committed to meeting the voluntary goal agreed upon by OPEC.

The OPEC+ agreement stipulates setting production levels at around 40.5 million barrels per day from 2024 onwards. Iraq confirmed in June that it would continue to reduce its production to 211,000 barrels per day.

The Prime Minister announced that a portion of the oil production will be directed towards operating refineries located outside Iraq. He also mentioned a recent presidential meeting with Bulgaria on this matter, highlighting the presence of refineries in Bulgaria, China, and Malaysia.

Al-Sudani mentioned a meeting with American companies operating in Kurdistan who wish to expand to other regions in Iraq. He emphasized the government’s desire to finalize agreements with Emirati and Chinese companies.