Ministry of Oil: We are committed to the OPEC agreement
Baghdad – INA
The Ministry of Oil confirmed to proceed with plans to maintain production from the oil fields, while indicating that the increase in production depends on the need and acceptance of the global oil market.
The Undersecretary for Extraction Affairs, Karim Hattab, told the Iraqi News Agency (INA), today, Tuesday, that "the ministry is proceeding with plans to maintain production from the oil fields, and any future increase in production depends on the need and acceptance of the global oil market in a way that does not negatively affect it in light of the challenges it faces."
He added that "Iraq is committed to the production reduction agreement approved by (OPEC Plus), in light of the challenges facing the global oil market and world oil producers due to the Corona virus and the contraction and stagnation it causes in the global economy."
He pointed out that "the OPEC agreement aims to protect the oil market from collapse and restore balance between supply and demand," noting that "the rise in oil prices came to the commitment of the producing countries to the agreement."
He explained that "the Ministry of Oil is concerned with raising the price value of the exported quantities and increasing the revenues from them in support of the financial budget, and not the random increase in the quantities of production that may cause harm to everyone," indicating that "oil revenues have achieved a good increase in the last recent months and in quantities Less export, compared to the past.