Iraq reveals the size of oil production increase in light the OPEC Plus agreement

Baghdad-INA 

The Ministry of Oil revealed today, Friday, the size of the increase in Iraq's production after the OPEC Plus group agreed to raise production in the coming months of July and August by 456,000 barrels, while it indicated the total volume of production in Iraq next month.

A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA) that "the producing countries are closely monitoring developments in the oil market, and are reviewing reports in this regard in order to take measures to ensure the stability of the high markets, and here it should be noted the differentiation between export quantities, and the prescribed quotas from Before OPEC Plus, the agreement is related to production, not export.

He added, "The increase in production after the OPEC Plus agreement will be at a rate of 71 thousand barrels per day, which will increase Iraq's total production to 4 million and 580 thousand barrels as of next July.".

He added, "It is common knowledge that the decisions of OPEC or OPEC Plus are clear to everyone and are taken through the ministerial meeting of the member states of OPEC and those allied with it from outside OPEC, and the decisions or agreements are unanimous."
On the possibility of OPEC Plus taking the initiative to fill the shortfall in Russian oil supplies, Jihad explained that “no one or more countries can compensate for the shortfall experienced by the global oil markets for any circumstance or reason, except through OPEC Plus, and there is a moral agreement that obliges everyone to abide by the prescribed quotas. For each country, and any increase agreed upon is unanimously agreed upon by all OPEC Plus producing countries, including Russia.
He added, "Any uncalculated increase will reflect negatively on global markets and lead to a decline in oil prices, and what the OPEC Plus countries, including Russia, are working on is maintaining the balance between supply and demand and the stability of global markets and minimizing their effects and repercussions, and how to face these challenges and different circumstances.".

He pointed out that "the oil market is a fragile market and requires dealing with it wisely, not with emotions and quick, undisciplined or well-calculated reactions. It is better than exporting large quantities at low prices.”