Oil Minister: OPEC agreement to increase production is sufficient to absorb demand and stabilize the market

Baghdad - INA 

Oil Minister Ihsan Abdul-Jabbar Ismail confirmed today, Saturday, that the OPEC agreement to increase production is sufficient to absorb demand and stabilize the market, while noting that Iraq has made great strides in the field of clean energy by contracting with major international companies. 

Ismail said in a statement received by the Iraqi News Agency (INA), that "the data of the oil and energy market in light of the rise in gas and coal prices, especially in Europe and Asia, resulting from the supply deficit in them may lead to an increase in demand for crude oil within certain limits during the winter period.".

He added, "OPEC and the countries allied with it (OPEC +) embarked on an increase in the production of their countries by 400,000 per month from last August until next year," noting that "Iraq sees that this cumulative increase will reach two million barrels per day at the end of the year." It will absorb any increase in demand and will lead to the stability of the oil market.".

He pointed out that "Iraq sees no need to take any decision to increase its production capabilities over the plan for the OPEC countries.".

On the other hand, he pointed out that "Iraq is vigorously seeking to increase gas production through an increase in investment in the fields," as well as accelerating plans and projects to catch the gas emitted from oil in Iraqi oil fields, especially by pumping investments into the projects of the Basra Gas Company and the rest of the southern fields, in order to achieve The highest possible independence in the energy file and filling the deficit in the peak consumption season (summer season) by importing from various sources.”.

 Ismail stressed that “Iraq has made great strides in the field of clean energy by contracting with major international energy companies to produce 2500 megawatts before 2024, as part of its plans In diversifying the sources of the energy industry and contributing to efforts to protect the environment within an integrated energy program.”.