Oil Minister reveals OPEC+ to reduce oil production
The Iraqi Minister of Oil Ihsan Abdul-Jabbar Ismail. Photo: INA
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Ihsan Abdul-Jabbar Ismail, revealed on Monday the results of OPEC+ meeting, according to a statement reported by the Iraqi News Agency (INA).
Ismail, following his participation in the meeting, said that OPEC+ is keen to achieve more stability for the global markets, and to work to restore balance between supply and demand by dealing with the circumstances and factors affecting it, the statement mentioned.
Ismail elaborated that the oil-producing countries decided during the meeting to reduce the production level of the countries participating in the agreement by 100 thousand barrels per day starting from October, after the changes that the oil markets witnessed recently, the statement added.
Ismail added that the meeting reviewed and discussed technical reports and recommendations related to developments in the oil market, influencing factors, and expectations for the coming months.
The Iraqi Oil Minister also indicated that importance of the collective agreement in addressing the variables and challenges facing the oil market.
The statement mentioned that the meeting was attended by Undersecretary of the Ministry of Oil for Liquidation and Distribution Affairs, Hamid Younis, Director General of the State Oil Marketing Organization (SOMO), Alaa al-Yassiri, and other officials in the Iraqi Ministry of Oil.