Oil: Iraq will deal with any increase in demand for oil markets

Baghdad - INA

 The Ministry of Oil confirmedon that Iraq's ability to deal with any increase in the demand for oil to world markets, as pointed to the possibility of producing 5 million barrels per day.
A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA): "Iraq is among the organizing countries for the OPEC + agreement, which was formed from the oil-exporting countries of OPEC and producers from outside OPEC," noting that "the organization always meets and reviews developments in the oil market and in the light of which it is based By properly dealing with the requirements of the global market in a way that achieves the required balance so as not to affect the stability of the global oil market and achieve balance, and this is the goal of the producers.”

He added, "The expectations from the International Energy Organization or others come as a result of developments in the process of addressing the Corona pandemic, which has promoted vaccination with vaccines on a large scale, creating positive conditions for transport movement, and gradually returning life to normal requires some time." 

He pointed out that "Iraq is among the countries that will increase its quotas in the event of launching an increase in quotas because there is a non-mandatory, but moral agreement between the producing countries," stressing that "this commitment achieved its goals to confront the complete stagnation in the global economy as a result of the Corona pandemic, and it was carried out in agreement and collective solidarity between OPEC And producers from outside it, and this led to rebalancing and returning prices to a good position after the price of a barrel fell to 10 dollars.” 
And Jihad indicated that "proper handling through a gradual and realistic reduction in production and realistic dealing with the oil market has led to good results, and therefore the organization or producers outside OPEC will remain watching the oil market and dealing with its developments and the balance between supply and demand," stressing that "Iraq has available capacity of up to five million barrel, but due to production restrictions and the OPEC + agreement, it is currently producing around four million barrels.” 

He explained that "any increases approved by OPEC or non-OPEC producers are made after meetings and study because decisions are made according to a study of the oil market and what research centers provide to OPEC and in the light of realistic studies, and from here come the right decisions that bring positive results."