Jihad: OPEC Plus will monitor the developments of the global oil market during the next stage

Baghdad-INA 

The Ministry of Oil issued a statement after OPEC's decision to keep its strategy unchanged despite the challenges facing global oil markets.

The ministry stated, in a statement received by the Iraqi News Agency (INA), that "the ministerial meeting of the oil-exporting countries (OPEC) and the producing countries from outside it, decided to maintain its previous strategy regarding the restriction of production without change."

Undersecretary of the Ministry, Hamed Younis, who headed the Iraqi side in the meetings of the Organizations of Petroleum Exporting Countries and OPEC Plus, and the Ministerial Committee for Monitoring Production via video, according to the statement, that "the meetings concluded to maintain the previously established production levels without change, and to proceed with the (OPEC Plus) plan." Towards gradual increases and according to the timetable of the strategy that was approved last year, which aims to achieve a balance between supply and demand and according to the requirements and needs of the global oil market, which faces many challenges that affect its stability.

For his part, the ministry’s spokesman, Assem Jihad, confirmed that “(OPEC Plus) and the research and specialized bodies in the organization will monitor the developments of the global oil market during the next stage, as they are every time, through preparing technical reports and recommendations for ministerial meetings, where dealing with is taking place. Realistically with the market, according to the changes made by the producers, which leads to more stability and the required balance.

Jihad stressed, "The (OPEC Plus) strategy includes increasing production at a rate of (432 thousand barrels) per day during next June 2022."

It is noteworthy that this increase is divided among the producing countries and according to the previously approved production rates.