Baghdad Minister of Oil, Ihsan Abdul-Jabbar Ismail, stressed the importance of the collective agreement and the success of the member states of “OPEC” and “OPEC Plus” in the proper and wise dealing with the great challenges facing the oil market, especially the “Covid- 19” crisis.. praising the collective consensus to face the crisis and reduce its impact on the economies of countries.
He said, according to a statement by the ministry, after the end of the (OPEC +) meeting that: the agreements to reduce production and pump studied gradual increases to the oil market have led to containing the chaos caused by the repercussions of the spread of Covid 19, stressing that the oil market will remain subject to the monitoring of the research and concerned authorities in OPEC and member states in order to deal in real time with changes in supply and demand.
Ismail expressed: his hope for the stability of the oil market during the coming period, and everyone will work on that.
He pointed out: It was agreed to pump the gradual increase, estimated at 400,000 barrels per day, starting from October 2021, stressing Iraq’s support for all agreements that lead to the stability of the oil market.
Source: National Iraqi News Agency