Oil Ministry sets the goals of the upcoming OPEC Plus meeting, with the participation of Iraq

BAGHDAD-INA

Oil Ministry set Sunday the objectives of the upcoming OPEC Plus meeting, with the participation of Iraq.

 The ministry’s spokesman, Assem Jihad, told the Iraqi News Agency (INA), that “OPEC Plus does not neglect the gains that it has achieved during the past period,” noting that “normally, periodic meetings are held, their timings are predetermined by the General Secretariat of the Organization of Petroleum Exporting Countries” OPEC, and with the agreement of the ministers of OPEC member states and those allied with it from outside it.

 Jihad added that "these meetings aim to follow up and discuss developments in the oil market, and to review the technical reports prepared by the research authorities in the organization on the reality of the global market, the variables, influences and current and future expectations, and all the factors and conditions surrounding the global markets that may lead to an imbalance between supply and demand."  

 He continued: "This requires setting the necessary recommendations for the plans of the organization and the producing countries allied with it, for their approval and approval by the ministers," noting that "the OPEC agreement to cut production has contributed greatly to reducing the repercussions and impact of the health, security, economic and political crises on price stability."

He explained, "The use of gas by Russia as a pressure card to confront the European gas consuming countries made the consuming countries face a great challenge to search for alternatives in the absence of an alternative to compensate them within a short period, and this also contributed to the confusion of the global demand for gas."

 On the global oil market, Jihad said, "The global market is currently restless and fragile, affected by the factors of action and reaction, but OPEC and its allies are working to curb major changes and their effects on the stability of oil markets, and worked during the last period to pump more crude to the markets and with accurate calculations and a calculated timetable, but with challenges, the factor of instability remains facing everyone.

He pointed out that "OPEC Plus is working to deal realistically with challenges and to deal wisely and objectively, not the wisdom to increase production at the present time and pump more crude at the expense of the stability and balance of the oil market and oil prices."

 He noted that "OPEC Plus does not neglect the gains that it achieved with difficulty and serious challenges during the last period."

 He stressed that "OPEC and its allied countries have proven their great impact on the stability of global oil markets."

 It is scheduled to hold an OPEC + meeting on the third of next August, amid expectations to keep production unchanged during the month of September.