Iraq confirms its support to OPEC+

Baghdad - INA 

The Ministry of Oil confirmed, today, Friday, its commitment and support for the OPEC+ agreement in determining production levels. 

A statement by the Ministry, received by the Iraqi News Agency (INA), stated, “With reference to some press reports that were circulated recently regarding an increase in oil exports to Iraq, the Ministry of Oil would like to clarify that the increase in exports to some producing countries, including Iraq, is a natural issue, not It affects the production levels agreed upon by the OPEC+ group.”.

The statement added, "These increases sometimes occur in export levels due to a decrease in domestic consumption, from one season to another, and natural conditions are one of the factors influencing the increase or decrease in internal consumption rates.".

The Ministry stressed, according to the statement, “the commitment of OPEC member states and allied non-OPEC countries, including Iraq, to maintaining the stability of global oil markets, in order to achieve the interests of producers, consumers and investors, away from the temporary gains sought by some speculators.”.

The ministry indicated that “OPEC+ will not hesitate to take decisions that ensure stability and balance in global markets, as expectations indicate an increase in demand quantities during this year and next year, and in line with the optimism of global economic growth, after the issuance of the International Monetary Fund’s statements.” The latter, in which he revised his expectations about the size of the expected economic growth in China, from 5% to 5.4% as a result of the significant recovery after the Corona pandemic.