Oil Ministry announces OPEC's great success and reveals a program that continues for next year

  • 25-11-2021, 12:25
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    OPEC is cautiously dealing with pumping and production cuts, the oil ministry said Thursday, unveiling a program to last until next year.
    "The steps taken by OPEC are aimed at rebalancing the oil market and restoring stability between supply and demand as a result of the crises in the global economy," ministry spokesman Assem Jihad told the Iraqi News Agency (INA).
    "The crises in the global market have led all producing countries with OPEC Plus to take steps of solidarity to address the problem, including its decisions to restrict production to absorb the oil surplus generated by successive crises and to develop a clear program in conjunction with the monitoring of the oil market and its repercussions." he said.
    "Some countries, including the United States of America, the world's largest exporter and producer, have found that rising prices have affected them internally, so it have asked OPEC to pump more oil," he said adding that "OPEC is dealing cautiously with pumping and production cuts, and this program has been a success,
    "Iraq is one of the countries of the world in solidarity with OPEC Plus and has a program that is going well and has achieved successes so far, the oil market is monitored by OPEC Plus and in light of reports OPEC is making the right decisions and has programs to pump 400,000 barrels according to a specific program between now and next year," he said.