OPEC + agrees to a gradual increase by adding 400 thousand barrels per day

Baghdad - INA

The Ministry of Oil confirmed the agreement of the OPEC + group to gradually increase by adding 400,000 barrels per day.
The ministry said in a statement received by the Iraqi News Agency (INA): "Minister Ihsan Abdul-Jabbar attended the meeting, which emphasized the strengthening of collective cooperation, praising the countries' compliance with the agreement, and the positive development in increasing demand for crude, as well as the decline in stocks and the oil surplus, and this is a positive and influential indicator".
In his speech, the Minister of Oil referred to "the importance of the health measures taken by the countries of the world, and the high rate of vaccination programs, as this contributed to the economic recovery and the gradual return of social activity.".

The Minister of Oil added, "The meeting reaffirmed the framework of the cooperation declaration signed on December 10, 2016 and approved it in subsequent meetings, including the site on April 12, 2020, where it decided to extend the decision of the tenth ministerial meeting of OPEC and independent producers." (April-April 2020) until December 31, 2022.

For his part, Director General of the Somo Oil Marketing Company, Alaa Al-Yasiri, said that “the meeting decided to amend the total production by adding a gradual increase by 400,000 barrels per day per month, starting from August 2021, and market developments and the performance of the producing countries will be evaluated in December-December 2021 in order to take the appropriate action.” by the producing countries.
He added, "The decision included an emphasis on continuing to adhere to the mechanism of holding monthly ministerial meetings of OPEC and its allies from outside it throughout the period of announcing the Declaration of Cooperation Agreement to assess market conditions and take a decision on adjustments to the production level for the next month, while seeking to end production adjustments by the end of September-September 2022." .
He pointed out that "as of May 1, 2022, a new reference production will be adopted for some OPEC + countries, including Iraq, while reiterating the importance of full commitment and benefiting from extending the compensation period until the end of September 2021, taking into account compensation according to the statement of the fifteenth ministerial meeting. to OPEC+.
The meeting decided to hold the twentieth ministerial meeting of OPEC and non-members at the headquarters of OPEC on the first of September - September 2021, according to the ministry's statement.