Oil: OPEC+ commitment to production quantities contributed to absorbing the surplus

The Ministry of Oil confirmed today, Friday, that the commitment of members of OPEC Plus to production quantities contributed to absorbing the oil surplus in the markets, while it identified 3 factors that affect the market and increase or decrease global demand.

The ministry's spokesman, Assem Jihad, said in a statement to the Iraqi News Agency (INA), that "the Iraqi exports of crude oil achieved last month the highest rate in decades at 3 million and 244 thousand barrels per day, with revenues amounting to 11.7 billion dollars.".

He pointed out that "oil markets are affected by several factors, including wars, political and health tensions, and the increase and decrease in demand for oil. We note that the Russian-Ukrainian war has caused an increase in demand due to a lack of supplies, and therefore there is a rise in oil or gas prices," noting that "Russia is one of the countries The main producer and supplier to Europe, as the latter needs Russian gas.

Regarding the OPEC meetings, Jihad confirmed that “the meetings of OPEC Plus, which represent the producing countries within the Organization of the Petroleum Exporting Countries as well as producers from outside OPEC, are held every month or according to the developments of the oil markets,” explaining that “OPEC Plus has set a schedule calculated according to calculated quotas, and thus OPEC’s commitment Plus, the production quantities contributed to absorbing the existing oil surplus, and it is watching that, and Iraq is a member of OPEC Plus and it is watching these changes.”.

Oil Minister Ihsan Abdul-Jabbar confirmed, earlier, the existence of efforts to maximize oil revenues, while noting that there is parliamentary support to enhance Iraq's ability to export the largest amount.

Abdul-Jabbar told the Iraqi News Agency (INA), that "the ministry has the possibility to secure crude oil exports at a rate of more than 3 million and 300 thousand barrels from the southern outlets."

He explained that "the expected financial returns according to the scenarios presented by international energy agencies and researchers will be in excess of what was approved of the price of a barrel in the budget," expressing his hope "in the ability to provide revenues in the appropriate amounts in order to meet the necessary need in the field of support for the poor classes and the Ministry of Finance". Electricity and its entitlements to its employees, as well as imported fuel and electricity.