SOMO: The outcomes of OPEC meeting are successful and productive

 Baghdad-INA

The Oil Marketing Company (SOMO) confirmed on Tuesday, that the results of the OPEC meeting are successful and productive for Iraq, indicating that OPEC decided to continue raising the production  of the Iraqi oil until September 2022.
 
The researcher of the energy affairs at SOMO, Muhammad Jabbar Ajrash, told the Iraqi News Agency (INA), that OPEC agreement is successful step for Iraq interest, where there is an increase of two types, the first type is the increase in the quantities of oil produced to 47,500 barrels per month, noting that this increase continues from August 2021 to September 2022.
 
He continued, while the second type that concerns Iraq, it is the increase in the Iraqi production ceiling, as after Corona pandemic, the quantities of oil produced by OPEC and its allies were reduced, and Iraq's production amounted 4 million and 653 barrels, but after the last meeting, the production ceiling is raised to 4 million 803 barrels per day.
 
He added, the main goal of OPEC and its allies seek for is to preserve the market in terms of supply and demand, pointing out that OPEC always seeks to have a balance between supply and demand, and thus there is protection for the consumer, the investor and the producer.
 
The OPEC + countries agreed, on Sunday, to further ease production cuts, starting in August, and also agreed to use the new production quotas from May 2022, and also agreed to increase the production quota of Iraq and Kuwait by 150 thousand barrels per day.