Oil Ministry: Iraq plays an important role in OPEC+ Ministerial Committee

Baghdad-INA
The Ministry of Oil clarified on Saturday, that the Iraqi vision is linked to market conditions within the OPEC+, and while it indicated that whether or not to reduce production depends on the oil market conditions, it confirmed that Iraq plays an important role in the OPEC Ministerial Committee.
 
Ministry spokesman Assem Jihad told the Iraqi News Agency (INA): “The meetings of the OPEC Ministerial Committee are held regularly, and their appointments are determined according to the recommendations of a meeting preceding each of its meetings this committee meets every two months or when a specific situation or circumstance requires, in order to researching the oil market conditions and reviewing the conditions and challenges surrounding the oil market, and also studying the flow of crude oil to global markets and the issue of supply and demand, and after reviewing all reports submitted by the research bodies in OPEC and its associated bodies.”
 
Jihad added, "The recommendations are submitted to the ministerial meeting that includes the ministers of the OPEC producing countries and the non-OPEC producing countries allied with it either remaining at the level of the reduction scheduled to be renewed for an additional period or otherwise, and these decisions depend on the conditions of the oil market."
 
He continued, "The goal of the meeting is to achieve more stability for the oil market, and any decision or agreement that comes within OPEC+ is taken according to the requirements of oil market conditions, and its goal is to achieve more stability and balance, and in light of that, recommendations are made in this regard."
 
He pointed out that "Iraq plays an important role in this ministerial committee, and the decision is collective and depends on the reality and circumstances surrounding the oil market and aims to stabilize it and achieve balance, which will reflect positively on the prices of crude oil and its flow to global markets if the oil markets need to pump more oil, there will be Pumping more quantities of oil, and in the event of the opposite, a calculated reduction in production will be agreed upon.”
 
He added, "There are also voluntary reduction initiatives, and they also come in order to achieve stability, which reflects positively on the producing countries in OPEC+, as well as on the consuming countries at the same time," explaining that "the Iraqi vision is linked to the conditions in the oil market within the OPEC+."