On Friday, the Ministry of Oil reaffirmed its support for the OPEC+ agreement regarding production levels.
The Ministry has released a statement to the Agency regarding press reports of increased oil exports to Iraq. According to the information, the rise in exports to certain producing countries, including Iraq, is a natural occurrence that does not affect the agreed-upon production levels of OPEC+.
The statement added that sometimes export levels increase due to a decrease in domestic consumption from one season to another. Natural conditions are one of the factors influencing the change in internal consumption rates.
The Ministry emphasized in its statement the commitment of OPEC member states and non-OPEC countries, including Iraq, to maintain the stability of global oil markets. This is to achieve the best interests of the producers, consumers, and investors while avoiding the temporary gains sought by some speculators.
