OPEC: Iraq accounts for 25% of the Indian market

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3/11/2021

Economy News - Special

During the month of February, Iraq's production increased by 61 thousand barrels per day, compared to last January, while Iraq acquired 25% of the Indian market share.

The OPEC report for the month of March, which was reviewed by "Al-Economy News", said that Iraq's production rose from 3.807 million barrels per day last January to 3.868 million barrels per day in February, indicating that the increase amounted to 61 thousand barrels per day.

According to the report, Iraq ranked first in its acquisition of the Indian market, as it controls 25% of the total market, followed by Saudi Arabia with 20%.

Oil prices jumped during the current month to their highest level since the start of the Corona pandemic, as they reached more than $ 70 a barrel, supported by increased global demand, the OPEC Plus agreement and weather turbulence in America, in addition to the improvement in the global economy due to the stimulus policies used by several countries such as America. And Britain, and found a vaccine for the Corona virus, and several countries began using it.

Global reserves of oil decreased by 11.3 million barrels per month, to reach 92.2 million barrels, after it was 138.7 million barrels at the beginning of last year, while demand for oil remained at. 90.4 million barrels per day, while the supply of oil has decreased

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