Iraq, Russia commit to OPEC+ oil production cuts
A worker at Iraq’s Majnoon oilfield near the southern Iraqi city of Basra. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, and the Russian Minister of Energy, Alexander Novak, confirmed, during a phone call on Friday, their countries’ commitment to oil production cuts and the OPEC+ agreement, according to a statement issued by the Iraqi Oil Ministry.
The statement elaborated that the two ministers stressed the importance of cooperation between oil-producing countries in OPEC+ to achieve a balance between supply and demand and contribute to the stability of global oil markets.
Abdul-Ghani and Novak emphasized the commitment of both Iraq and Russia to the OPEC+ agreement and the voluntary reduction of oil production until the end of 2023, the statement illustrated.
The two officials reviewed ways to enhance and develop the relations between the two countries, especially in the oil and energy sector, and discussed the latest developments in the oil markets and the challenges facing the global economy.
Last December, the OPEC+ group decided to adhere to its goals related to oil production by about two million barrels per day.
OPEC+ alliance approved in October 2022 a production cut of two million barrels per day, about two percent of the global demand, starting from November 2022 until the end of 2023.
OPEC+ attributed its decision to the weak expectations of global economic growth.
Oil prices started to fall last October due to the slowing growth worldwide and the increased interest rates.