Oil: The Ministerial Committee in OPEC Plus decided to keep the production decision unchanged

Baghdad - INA

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani confirmed today, Friday, that the ministerial committee in OPEC Plus decided to keep the production decision unchanged.

A statement by the Ministry of Oil, received by the Iraqi News Agency (INA), stated that "Abdul-Ghani, during his participation in the forty-ninth meeting of the Joint Ministerial Committee to Monitor Production, in the" OPEC Plus" group, confirmed that the meeting included the committee's review, via visual communication, of crude oil production data for the months of May and June. from 2023".

The minister indicated, according to the statement, that "the ministers praised the commitment of the OPEC member states and the producing countries allied with it to the declaration of cooperation, and urged all participating countries to continue support and commitment in order to achieve balance and stability in the oil markets.".

For his part, the Director General of the Oil Marketing Company "SOMO", Ammar Abd Al, indicated that "maintaining the production policy of OPEC Plus aims to achieve more stability in the oil market.".

In addition, the spokesman for the Ministry of Oil, Assem Jihad, said: "The Ministerial Committee for Production Control took this measure after reviewing the data and developments in the oil market during the past months, and that it will not hesitate to take new measures to ensure more stability and balance for the oil market," noting that “The ministers of the “OPEC Plus” coalition hold meetings and gatherings whenever circumstances and necessity require that.

He stressed, "OPEC Plus's procedures and agreements have contributed to achieving more stability and balance in facing geopolitical, security, health, economic and other challenges."