Oil Minister confirms OPEC countries commitment to production cuts

Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Saturday the commitment of OPEC member countries to the production rates and the planned cuts, the state news agency (INA) mentioned.

During his participation in the online ministerial meeting of the member states of OPEC, Abdul-Ghani stated that the member countries are committed to the production rates and to the quantities planned until the end of 2023, INA reported.

The Iraqi Oil Minister mentioned that OPEC meeting addressed the keenness of member countries to work to stabilize the oil markets and achieve the required balance.

Abdul-Ghani indicated that the meeting also discussed the developments of the oil market, in addition to a number of issues included in the meeting’s agenda.

Abdul-Ghani, following a meeting of OPEC+ members on Sunday, affirmed that the alliance decided to keep the oil production policy unchanged, INA elaborated.

Abdul-Ghani added that the meeting emphasized that more necessary measures would be taken regarding oil market developments, to maintain the required balance and achieve more stability in light of the circumstances and challenges facing the global markets.