Oil: The decision to reduce production doubled Iraq's revenues to $ 6 billion

Baghdad - INA

The Ministry of Oil announced that the decision to reduce production has doubled Iraq's revenues to $ 6 billion, while indicating that it has not yet received any revenues from the Kurdistan region as part of the budget .

The ministry's spokesman, Asim Jihad, told the Iraqi News Agency (INA): "The decision to reduce oil production, which was approved with the exporting countries, was aimed at controlling the price balance in world markets," indicating that "increasing production will cause an imbalance."

He added that "the goal of Iraq is to increase financial revenues, not quantity," noting that "increasing the quantity may lead to lower oil prices."

He explained that "Iraq is committed with other countries in specific quantities according to the schedules set by the research centers of the Organization of Petroleum Exporting Countries and OPEC Plus, which led to an increase in financial revenues," pointing out that "Iraq's revenues in the past were estimated at less than one billion dollars per month, but now in quantities Less production, the revenue reached 6 billion dollars. "

He continued that "Iraq is the second largest producer in OPEC, and it is keen to adhere to the quotas established in order to control the balance of the oil market," explaining that "challenges still exist in the oil markets in the presence of the pandemic, and these are temporary measures that will disappear with the disappearance of the causes, and therefore." A concerted effort must be made to achieve the goals. "