10/5/2022, 8:10 PM (Source: TeleTrader)
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Iraq: OPEC+ call hopefully to stabilize oil market

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail (pictured) stated on Wednesday that his country hopes the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) decision to reduce their production of oil by two million barrels per day (bpd) starting from November will contribute to the stability of the global market and prices of the commodity.

Speaking to the Iraqi News Agency, the minister said that Baghdad aims to preserve the level of production it promised it would in an agreement with the rest of the organization in July 2021. He also stressed that the group's decision will not affect Iraq's exports.

In an interview for the same agency, Iraq's State Organization for Marketing of Oil (SOMO) Director-General Alaa Al-Yasiri estimated the OPEC+'s move will "prevent the continued decline in oil prices and contribute to the rise," and that his country's "share of the reduction will be 220 thousand barrels per day."

Baha Breaking News (BBN) / JR