Oil Minister: OPEC Plus keeps production levels unchanged

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Oil Minister: OPEC Plus keeps production levels unchanged

Hayan Abdul Ghani, the deputy prime minister for energy affairs and minister of oil, declared on Thursday that the OPEC Plus alliance’s ministerial meeting participants had opted to maintain current production levels.

“The Ministerial Committee reviewed member states’ oil production data and reports for the months of November and December 2023, which witnessed the great commitment of the coalition countries to production adjustments and quotas,” stated Abdul Ghani in a statement obtained by.

“The 52nd ministerial meeting to monitor production in the OPEC Plus alliance, which was held today, Thursday, February 1, 2024, decided to keep production levels without modification,” stated Ammar Al-Anbuki, director general of the Iraqi Oil Marketing Company. He further stated that “this measure This comes to achieve greater stability and balance between supply and demand in global markets.”

“The ministerial committee will continue to monitor developments in the oil market during the coming months, and the extent of compatibility and impact of adjustments to production levels on oil markets, in addition to evaluating market conditions, challenges, variables, and their effects on supply and demand,” stated Assem Jihad, spokesman for the Oil Ministry.

Jihad continued, “The members of the ministerial committee decided to hold the next meeting on the third of next April.”

The Ministerial Committee for Production Monitoring is notable for having a number of coalition members, including Iraq. Its purpose is to monitor member states’ production as well as developments in global markets, challenges, and influencing factors. The committee then submits recommendations to the “OPEC Plus” ministerial meeting so that it can address these issues and work toward achieving stability. global marketplaces.