Oil: OPEC Plus has succeeded in addressing the challenges of low oil prices

Baghdad-INA 

The Ministry of Oil confirmed its keenness to maintain and increase oil production according to two factors, while confirming that the OPEC Plus group has succeeded in addressing the challenges of low oil prices and will not hesitate to take decisions to enhance market stability.

"The global oil markets are affected by the political, security, economic and health conditions around the world," said the ministry's spokesman, Assem Jihad, in a statement to the Iraqi News Agency (INA). Possible decline or rise in oil prices.

He added, "The Ministerial Committee for Monitoring discusses and discusses these reports and presents its recommendations to the (OPEC Plus) ministers to meet the challenges by taking realistic measures to ensure stability in global markets, and to reduce the effects of potential conditions for any reason.".

He pointed out, "The (OPEC Plus) group succeeded during the past years, and thanks to the unified collective agreement, in addressing the challenges and conditions that the global markets were exposed to," pointing out that "(OPEC) and (OPEC Plus) are continuing the policy of collective action to achieve a balance between supply and supply.

Jihad continued, "The (OPEC Plus) countries, including Iraq, will not hesitate to take decisions to achieve the goal of stability in global markets and strengthen it, and reduce the effects of shocks that may be produced by various circumstances," stressing, "(OPEC Plus) enjoys great confidence and is It proceeds in its collective agreement to achieve the common goals and interests of the producers. 

The possibility of raising production capacity in Iraq, Jihad stressed, "The Ministry of Oil is keen to sustain and increase oil production, according to two factors related to the requirements of internal needs and the variables of global markets," explaining, "The government program gave priority to the (free) and (associated) gas investment sector." ), at the present time, by offering a number of exploration sites and blocks - with gaseous hydrocarbon compositions - to invest in the fifth licensing round and new rounds that will be announced later, which aim to achieve coverage of local needs.

Several countries in the “OPEC Plus” alliance decided, at the beginning of this April, to make voluntary production cuts of 1.16 million barrels per day, starting from next May until the end of this year, with the aim of enhancing market stability and supporting the balance between supply and demand for oil.