Iraqi oil exports will not be affected by OPEC+ decision
The Iraqi Minister of Oil Ihsan Abdul-Jabbar Ismail. Photo: Sputnik
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Ihsan Abdul-Jabbar Ismail, said on Wednesday that Iraq’s oil exports will not be affected by OPEC+ decision to reduce the production, according to the ministry statement cited by the Iraqi News Agency (INA).
Earlier on Wednesday, the Joint Ministerial Monitoring Committee (JMMC), during its 45th meeting held in OPEC Secretariat in Vienna, Austria, agreed to reduce crude oil production by two million barrels per day in response to the decline in prices.
Ismail confirmed that the producing countries in OPEC and its allies from outside the organization are keen to achieve more stability and balance between supply and demand.
Ismail considered that OPEC+ decision aims to achieve more stability and stability in the long term.
The Iraqi Oil Minister indicated that the stability OPEC+ achieved in the oil markets was positively reflected on the economies of the producing countries, including Iraq.
Ismail stressed that the decision to reduce production is part of the wise policy OPEC+ adopted during the past years, represented in the preemptive measures to confront the fluctuations of the oil market.
According to Ismail, the decision aims to protect the oil markets from the negative impacts of the challenges facing global markets, and to maintain the reference level of its production that was set by the agreement of the member states in July 2021.
Ismail confirmed that the Iraqi oil exports will not be affected by this reduction because the way the domestic consumption is managed conforms with the decision that maintains the current Iraqi export capabilities.