Al-Ghadhban: Additional measures to absorb the oil surplus are not to be ruled out

INA - Baghdad

Deputy Prime Minister for Energy and Oil Minister Thamer Al-Ghadhban suggested that additional measures be taken during OPEC meeting to absorb the oil surplus.

Al-Ghadban participated alongside a number of OPEC + ministers in a direct meeting via an electronic communication on Tuesday, centered by the headquarters of the Organization of Petroleum Exporting Countries (OPEC +) to discuss the implications of the sharp drop in oil prices besides the actions that can be taken during the following period, the Ministry of Oil stated to Iraqi News Agency INA.

Al-Ghadban said, according to the statement, “During the meeting, a report by the OPEC Research Center was presented on the evaluation of the oil market situation during the current period and expectations for the next stage, especially after the recent OPEC + agreement, which provides for a reduction of (9.7) million barrels per day,”

He added that the meeting also discussed the repercussions and causes of the decline in oil prices in the US market, and the effects of that on other global markets.