BAGHDAD, (Sputnik) – Iraq is in favor of a realistic response to the dynamics of the global oil market and considers current prices to be in line with the current state of affairs, the spokesperson for the Ministry of Oil, Asim Jihad, on the eve of the next round of OPEC + has cut off discussions on oil production.
The 20th OPEC and non-OPEC ministerial meeting is expected to take place online on Wednesday. The meeting takes place ahead of the planned production increase of 400,000 barrels per day, which will take place in September.
“Iraq supports a realistic approach to responding to fluctuations in the global oil market. Without a doubt, a collective decision by OPEC + has always yielded good results. Previous experience allowed [us] to successfully counter the challenges of the oil market, ”Jihad said.
The spokesperson described Iraq’s oil policy as aimed at balancing supply and demand as well as stability in the oil market.
“OPEC and OPEC + have succeeded in responding to these issues and challenges, [and] with this, we are now seeing a kind of stability in the oil market and prices that seem realistic in light of these challenges, ”Jihad added.
OPEC + countries agreed in July to phase out 5.8 million barrels per day of reduced oil production by September 2022, increasing oil production by 400,000 barrels per day each month from ‘August.