Sumo: The results of the OPEC meeting are successful and fruitful for Iraq

by **RamblerNash** Tue Jul 20, 2021 9:10 pm

07/20/2021

Economy News _ Baghdad

The Oil Marketing Company (SOMO) confirmed today, Tuesday, that the results of the OPEC meeting are successful and fruitful for Iraq, indicating that OPEC decided to continue raising Iraqi oil production until September 2022.

The researcher in energy affairs at the company, Muhammad Jabbar Ajrash, said in an interview with the Iraqi News Agency, and followed by "Economy News", that "the OPEC agreement was successful and fruitful for Iraq, where there is an increase of two types, the first type is to increase the quantities of oil produced to 47,500 barrels per month." Noting that "the increase continues from August 2021 to September 2022."

He continued, "As for the second type that concerns Iraq, it is the increase in the Iraqi production ceiling, since after the Corona pandemic, the quantities of oil produced by OPEC and its allies were reduced, and Iraq's production was 4 million and 653 barrels, but after the last meeting, the production ceiling was raised to 4 million 803 barrels per day." .

He added, "The main goal of OPEC and its allies is to preserve the market in terms of supply and demand," noting that "OPEC always seeks to have a balance between supply and demand, and thus there is protection for the consumer, the investor and the producer."

The OPEC + countries agreed, on Sunday, to further ease production cuts, starting in August, and also agreed to use the new production quotas from May 2022, and also agreed to increase the production quota of Iraq and Kuwait by 150 thousand barrels per day.

https://economy-news.net/content.php?id=25727