SOMO reveals to increase oil production rates, raise exports

Baghdad-NA
Oil Marketing Company (SOMO) determined Today, Wednesday the current volume of oil production rates , and while it revealed plans to increase oil production rates, raise exports.

The director of the company, Alaa Al-Yasiri, told the Iraqi News Agency (INA), that "Iraq currently produces 4 million and 650 thousand bpd of crude oil, including the shares of the federal government and the Kurdistan region," noting that "Iraq is the second largest producer in OPEC after Saudi Arabia, and it has a great weight in the energy market."

Al-Yasiri added, the world is living after the Corona pandemic, represented by the sharp rise in inflation rates, the increase in interest rates for global central banks, and the rise in unemployment rates, the OPEC + decision came to reduce production by two million bpd, as a preemptive solution to any path that might happen lead to an imbalance in supply and demand or push towards an economic recession."

He pointed out that "the rates of reduction agreed upon by OPEC + were distributed unanimously to the reference production rates of the member states, and countries with high production rates such as Saudi Arabia and Russia received the largest share of the reduction, followed by countries with lower rates respectively."

The Ministry of Oil seeks to increase production rates, discuss market developments and find cooperation mechanisms to provide energy for the stability of the oil market.