Deputy Prime Minister for Energy Affairs, Oil Minister Hayan Abdul-Ghani affirmed Iraq’s commitment to the voluntary reduction decision, noting that Iraq is losing 500 thousand barrels per day as a result of stopping exports through Turkish Ceyhan.
Abdul-Ghani said in a statement, “The decisions and agreements issued by (OPEC +) meetings are only made after a careful review of developments in the global oil markets, and the members of the producing countries do not hesitate to take decisions that ensure achieving the required balance between supply and demand, and the stability of the oil markets.”
Regarding his expectations regarding the steps that (OPEC +) can take at its next meeting, Abdul-Ghani said, “(OPEC +) has adopted a policy of realistic dealing and courageous stances with the oil market variables as required by circumstances, and that the collective agreement and commitment of the producing countries in OPEC and its allies’ agreements have contributed to facing the challenges and harsh conditions that faced the crude oil market and the global economy during the past period.
Source: National Iraqi News Agency