https://sputnikglobe.com/20210831/iraq-favors-realistic-response-to-shifts-in-global-oil-market---ministry-1083761186.html
Iraq Favors Realistic Response to Shifts in Global Oil Market - Ministry
Iraq Favors Realistic Response to Shifts in Global Oil Market - Ministry
Sputnik International
BAGHDAD, (Sputnik) - Iraq is in favor of a realistic response toward global oil market dynamics and considers current prices to be adequate to the current... 31.08.2021, Sputnik International
2021-08-31T16:39+0000
2021-08-31T16:39+0000
2023-01-08T16:43+0000
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The 20th OPEC and non-OPEC Ministerial Meeting is set to take place online on Wednesday. The meeting is taking place ahead of the expected production increase of 400,000 barrels per day, which will take place in September.The spokesman described Iraq's oil policy as aiming toward an equilibrium between supply and demand as well as oil market stability.The OPEC+ countries agreed in July to phase out 5.8 million barrels per day of oil production cuts by September 2022, increasing oil production by 400,000 barrels per day every month starting August.
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Iraq Favors Realistic Response to Shifts in Global Oil Market - Ministry
16:39 GMT 31.08.2021 (Updated: 16:43 GMT 08.01.2023) BAGHDAD, (Sputnik) - Iraq is in favor of a realistic response toward global oil market dynamics and considers current prices to be adequate to the current state of things, Oil Ministry spokesman Asim Jihad has told Sputnik on the eve of the next round of the OPEC+ oil production cut talks.
The 20th
OPEC and non-OPEC Ministerial Meeting is set to take place online on Wednesday. The meeting is taking place ahead of the expected production increase of 400,000 barrels per day, which will take place in September.
"Iraq supports a realistic approach to responding to fluctuations of the global oil market. Undoubtedly, a collective decision of OPEC+ has always born good results. The previous experience allowed [us] to successfully counteract the oil market challenges", Jihad said.
The spokesman described
Iraq's oil policy as aiming toward an equilibrium between supply and demand as well as oil market stability.
"OPEC and OPEC+ have succeeded in responding to these issues and challenges, [and] with that we are now seeing some kind of oil market stability and prices that seem realistic in light of these challenges", Jihad added.
The OPEC+ countries agreed in July to phase out 5.8 million barrels per day of oil production cuts by September 2022, increasing oil production by 400,000 barrels per day every month starting August.
