Minister of Oil confirms the commitment of the OPEC countries to the production rates

Baghdad - INA

Deputy Prime Minister and Minister of Oil Hayan Abdul-Ghani affirmed, today, Saturday, the commitment of OPEC countries to the production rates and the quantities of the planned cuts.

Abdul-Ghani said, during his participation in the ministerial meeting of the member states of the Organization of Petroleum Exporting Countries "OPEC" via the electronic circuit, in a statement received by the Iraqi News Agency (INA), that "the member states of the organization are committed to production rates and to the percentages and quantities of cuts scheduled until the end of 2023.".

He added, "The meeting affirmed the keenness of OPEC members to work to stabilize the oil markets and achieve the required balance," noting that "the meeting program included discussion and review of oil market developments, in addition to discussing a number of axes included in the meeting's agenda and taking decisions in their regard.".

On the ministerial meeting of “OPEC Plus,” the Minister of Oil stated that “the meeting will be held tomorrow, Sunday, via the electronic circuit, and includes a review of developments in the oil market and the challenges facing producers, and an emphasis on the decisions of “OPEC Plus” regarding reducing production to the prescribed quantities, to achieve more stability and balance for the market.