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Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail confirmed on Wednesday that the oil market will remain under surveillance by member states to monitor variables and how to handle them properly, after the “OPEC +” agreement on a further increase. in production of 400,000 barrels per day in October, next October.
Baghdad – Sputnik. And the Iraqi Oil Ministry quoted Minister Ihsan Ismail in a statement as confirming, after the end of the “OPEC +” meeting, “the importance of the collective agreement and the success of member states in [أوبك] And[أوبك +] In a healthy and wise treatment of the great challenges facing the oil market, in particular the emerging crisis of the Corona virus, praising the collective consensus to face the crisis and reduce the scale of its impact on the economies of the countries.
Ismail said that “the agreements to cut production and pump deliberate and gradual increases in the oil market have helped contain the chaos caused by the fallout from the spread of the virus.” [كوفيد 19]”, Stressing that” the oil market will remain subject to the surveillance of research and the authorities concerned of the Organization of the Petroleum Exporting Countries “. [اوبك] And the Member States in order to cope in real time with the evolutions of supply and demand ”, expressing his hope for“ the stability of the oil market during the period to come, and to work for it by all ”.
And earlier today, Wednesday, the “OPEC +” countries agreed to continue to adhere to the terms of the current deal, including increasing oil production in October by 400,000 barrels per day.
The “OPEC +” countries (the alliance of OPEC producers and independent producers led by Russia) have reduced their production by 9.7 million barrels per day, since May of last year; Due to declining demand for oil in the context of the Corona virus pandemic.
With the situation stable, and since August 2021, the coalition has increased production by 400,000 barrels per day, in the hope of gradually withdrawing from its production reduction commitments by the end of September 2022.
In August, the size of the OPEC + production cut was about 5.36 million barrels per day.
A reference was taken for all members in October 2018; As for Russia and Saudi Arabia, it was decided to be 11 million barrels per day.
However, from May 2022, it was agreed to increase the base for reducing oil production for: Russia, Saudi Arabia, UAE, Iraq and Kuwait.
For Russia and Saudi Arabia, production will increase by 500 million barrels, to 11.5 million barrels per day.
The group decided, at its last meeting, to increase its benchmark production from 43.8 to 45.5 million barrels per day from May 2022.
As for the Emirates, it was set at 3.5 million barrels per day, and it was increased in Kuwait and Iraq to 150,000 barrels per day each; From next May.
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