Kadhimi’s advisor comments on the OPEC+ decision

Baghdad - INA 

Mudhar Muhammad Salih, the financial advisor to the Prime Minister, commented today, Sunday, on the decision of the OPEC + group, which was issued today, in which it was agreed to increase production starting from May 2022.

Salih told the Iraqi News Agency (INA), that "expectations indicate that the demand for oil derivatives will grow with the expansion of the openness of the transport sector in the world, and this is directly proportional to the growth rate of the use of anti-coronavirus vaccines."
He added, "The discipline of production within (OPEC +) and the growth of global demand for oil with the progress of real global economic growth will make the oil price issue in a state of balance and stability throughout the current world and possibly 2022, especially after the oil glut was completely removed from the energy markets during the last eight months. There are strong indications of a balance between the forces of oil supply and demand, and the tendency of demand to grow gradually, in a positive and continuous manner.

Today, Sunday, OPEC + countries agreed to increase the UAE’s share to 3.5 million barrels per day, as well as the production share of Iraq and Kuwait by 150 thousand barrels per day, according to Reuters.

"OPEC + also agreed to further ease production cuts from August, and also agreed to use the new production quotas from May 2022." stressed that the new agreement adds 1.63 million barrels per day to OPEC + oil production, starting from this date.