On Friday, the Ministry of Oil reaffirmed its support for the OPEC+ agreement to determine production levels.
The Ministry addressed specific press reports regarding the increase in oil exports to Iraq. The Ministry clarified that such an increase is average and does not affect the production levels agreed upon by the OPEC+ group. The rise in export levels is due to a decrease in domestic consumption during certain seasons, and natural conditions are one of the factors that affect the increase or decrease in internal consumption rates.
“The member states of OPEC, along with allied countries outside OPEC, including Iraq, are dedicated to preserving the stability of global oil markets. This is done with the aim of achieving the interests of producers, consumers, and investors, and steering clear of temporary gains sought by speculators,” he stated.
He emphasized that OPEC Plus is committed to ensuring stability and balance in the global markets. This decision aligns with the optimistic outlook on global economic growth, following the recent International Monetary Fund statements. The IMF revised its expectations about the size of the expected economic growth in China from 5% to 5.4%, thanks to a significant recovery after the COVID-19 pandemic. As demand for oil is likely to increase during this year and next year, OPEC Plus will not hesitate to take necessary actions to maintain stability and balance in the markets.
