11/10/2023, 2:49 PM (Source: TeleTrader)
more TeleTrader news

Iraq reaffirms committed to OPEC+ oil production deal

The Iraqi Oil Ministry reiterated on Friday its support for the Organization of the Petroleum Exporting Countries and its partners' (OPEC+) agreement on cutting the production of the commodity in order to achieve stability in the energy market.

In its written statement shared on social media, the ministry insisted that OPEC+ "will not hesitate
to take decisions that ensure stability and balance in global markets, as expectations indicate an increase in demand ... this year and next year, and in line with the optimism concerning global economic growth."

In October, the United States Energy Information Administration (EIA) projected that OPEC+ will slash its production by 300,000 barrels per day (bpd) from 2023 to 2024.

Baha Breaking News (BBN) / JR