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Oil Minister Ihsan Abdul-Jabbar during the OPEC Plus meeting
Economy News - Baghdad
The Minister of Oil, Ihsan Abdul-Jabbar, affirmed Iraq's commitment to the determinants of "OPEC" and "OPEC +" in reducing oil production.
"The issue of increasing production is subject to discussion with our partners in the organization after the deadline between OPEC countries and its allies has expired," Abdul-Jabbar said in statements followed by Al-Eqtisad News.
He added, "The total exports of crude oil for the current month of October are still stable at two million and 600 thousand standard barrels per day."
He continued that "it will continue at this level, according to the agreement (OPEC Plus)," indicating that "Iraq's commitment to the current oil production cuts; has achieved the full percentage reduction planned within the country's share of the total reduction."
Abdul-Jabbar stressed that Iraq is looking forward to achieving more cooperation with OPEC member producers to achieve common goals to maintain the stability of the price of a barrel of crude oil in the global market.
On the other hand, the Minister of Oil revealed that "the government estimated the price of a barrel of oil at 42 dollars in the draft general budget for the year 2021, according to the economic data of the global oil market and the implications of the Corona virus on the activity of industrialized countries and its impact on the volume of demand and the price of a barrel on the global market."
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