Oil Ministry : Production cut is a collective decision of 23 OPEC+ countries

Baghdad - INA

The Ministry of Oil confirmed, on Friday evening, that the production reduction that included Iraq is a collective decision that includes 23 countries in the OPEC Plus group. While it indicated that the decision came after research and study, it confirmed that its goal is to maintain price stability in the market and prevent its decline due to the geopolitical developments that the world is witnessing.

The ministry's spokesman, Asim Jihad, told the Iraqi News Agency (INA): "The visit of the Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, to Iraq has positive dimensions; because Iraq is the second producer in OPEC and has an influential role in this organization and also in OPEC Plus."

He added, "The decision to reduce production came by agreement of OPEC and OPEC Plus with a total of 23 countries, and Iraq is committed to OPEC Plus agreements and supports OPEC's efforts that serve the interests of producers in the first place and also consumers. These agreements lead to confronting the challenges facing the oil market and their goal is to achieve balance and stability in oil markets that face very great challenges. Therefore, these countries found that the collective decision is the only way to confront these challenges."

He continued, "The challenges vary between economic, geopolitical and security in countries witnessing developments, as well as the challenges of speculation and the health challenge facing the countries of the world. These together lead to reducing and reducing consumption and demand, and Iraq's support for the decisions of OPEC and OPEC Plus aims to protect its interests and the interests of the producing countries."

He pointed out that "the decision to reduce will have a positive impact on Iraq or on the producing countries and its goal is to maintain prices between 70-80 dollars and prevent further declines that would affect the countries. When there is increasing demand, Iraq is ready to increase the volume of production, but now things are heading towards a reduction."