Oil: Iraq supports OPEC Plus decisions to achieve balance in the global market

Baghdad-INA

The Ministry of Oil confirmed, today, Friday, that the government takes into account the variables in the oil market, especially the price fluctuations across the OPEC Plus group, to reduce risks and achieve a good level of revenues for the federal treasury. 

Ministry spokesman Assem Jihad told the Iraqi News Agency (INA): “The government is aware of the importance of the changes in the global oil market and their effects on the financial revenues generated from exporting or marketing Iraqi oil abroad.”.

He added, "Thus, the government, through its strategic mechanism, took into account the changes occurring, whether positively or negatively, especially the challenges facing the global oil market due to price fluctuations. This fluctuation is not a new thing. It is an event that sometimes occurs in the oil market, and it has been suffering from it for decades.".

He continued, "But thanks to the OPEC Plus agreement to reduce production, member states, including Iraq, tried to achieve the highest rates of balance between supply and demand to achieve stability in the global oil market.".

He pointed out, "In light of this, the government has set a margin for variables in the oil market and expected revenues. The policy of the government and the Ministry of Oil aims to reduce the risks of variables in the oil market, and the government is working seriously, through the OPEC Plus group, to achieve the required balance and stability in the global oil market to achieve A good level of revenue for the federal treasury.”.

For months, the oil markets have witnessed fluctuation in prices above and below $80, which the OPEC+ group dealt with by issuing a unanimous decision among members, including Iraq, to ​​continue reducing production until the end of March next year.