Oil Ministry: Global market stability is affected by four factors

INA-  BAGHDAD

The Ministry of Oil confirmed on Wednesday that the stability of global oil markets is affected by four factors, while clarifying the role of OPEC and OPEC Plus in the stability of the global market.
 
Ministry spokesman Assem Jihad told the Iraqi News Agency (INA) that "global oil markets are affected by conditions, whether political, security, geopolitical or health, as happened with the spread of the Corona virus," noting that "oil markets are fragile affected by conditions and factors, and therefore the stabilization process faces many challenges."
 
Jihad added that "OPEC and OPEC Plus are working to create a balance between supply and demand in order to achieve stability in the oil markets," noting that "there are many decisions or agreements that took place during the past period in order to reduce the impact of the challenges or different conditions facing the oil market."
 
He stressed that "whenever supply increases, we find that OPEC Plus is taking decisions to reduce production for countries in order to create a stabilizing factor in the oil markets, whether between supply and demand, in a way that positively affects oil prices and stops any collapse."
 
He continued: "Whenever the economic development conditions stabilize in the world in general, this is reflected in the stability of global oil markets," explaining that "OPEC or OPEC Plus cannot control the geopolitical or security conditions in the world, and therefore it is difficult to predict regarding the stability of global oil markets."
 
"OPEC and OPEC Plus, as well as non-OPEC allies, are monitoring the oil market in terms of supply and demand," he said.