Iraq’s oil Minister Ihsan Abdul-Jabbar has said that Iraq has worked on a vision that emphasizes the importance of finding a balance in the energy market, ahead of the new OPEC + meeting next month to study market conditions.
“Iraq is a major member of OPEC and we have repeatedly worked to find a balance in the energy market,” Abdul-Jabbar told the local media.
He said OPEC is working “on the same level and we are monitoring the market, as there will be a periodic meeting with OPEC and allies, and we will look to the extent that energy market balances so that OPEC can make its own decisions”.
“We do not have any expectation about whether the current monthly increase of 400,000 barrels per month will remain or not, as the member states will wait for market research reports that give a clear vision, and the decision will be based on what is provided by technical experts,” he added.
Earlier, OPEC + decided, during its meeting at the beginning of this month, to maintain the monthly increase rate of 400,000 barrels in December.
Iraq’s National Oil Marketing Company (SOMO) said that Iraq does not see the necessity of any decision related to increasing its production capabilities above the plan for the OPEC countries.
“In light of the increased demand for energy, Iraq sees the (OPEC +) agreement to increase production by 400,000 barrels per day per month sufficient to absorb demand and achieve market stability,” Somo has said.
OPEC and OPEC+ are scheduled to hold two meetings next week to determine policies, as a meeting will be held on December, 1st for OPEC members only and another meeting on December 2 for (OPEC +).
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