Iraq is ready to increase oil production if such a decision is made by OPEC +
Iraqi Deputy Prime Minister and Minister of Oil Hayan Abdel Ghani announced the country’s readiness to increase oil production if OPEC + makes such a decision. He said this on Sunday, March 19, at the Baghdad Conference on International Dialogue.
“We forced some oil companies operating in the south of the country to reduce production in accordance with the agreed quotas,” the minister stressed. About it writes TASS. He added that now Iraq adheres to the agreements on reducing oil production by 220,000 barrels per day.
OPEC Secretary General Haytham al-Ghais arrived in Baghdad on March 19. His visit will last two days.
In October 2022, the OPEC+ member countries agreed cut production oil by 2 million barrels per day. The agreement will be valid until the end of 2023. In December, the alliance agreed to maintain the current parameters of the deal. At the same time, he confirmed his readiness to meet at any time to take additional measures to stabilize the market.
OPEC+ is an alliance of non-OPEC oil exporting countries. The community started in 2016. The alliance includes Russia, Azerbaijan, Kazakhstan, Sudan, Mexico, Bahrain, Oman, Brunei, Malaysia and South Sudan.