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10/6, 10:22 PM (Source: TeleTrader)
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Iraq: Surplus forced OPEC+'s output cut call

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail stated on Thursday that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to cut their production of oil by two million barrels per day (bpd) starting from November as a result of extensive analyses that showed there was a surplus in the output.

Speaking to the Kuwait News Agency (KUNA), the minister said that the organization's reports proved the supplies of the commodity exceeded demand. He defended the group's decision as "purely technical," not political, and the most adequate way to maintain the balance and stability of the global market. The minister also stressed he believes the key problem at the moment is gas, not oil.

Earlier this week, Ihsan Abdul-Jabbar Ismail gave a similar statement, saying that OPEC+'s decision will positively influence the oil market and prices.

Baha Breaking News (BBN) / JR