Iraq to raise oil production by 456,000 barrels over the next two months

On Friday, Iraq's Ministry of Oil revealed the size of the increase in Iraq's production after the OPEC Plus group agreed to raise production in July and August by 456,000 barrels.

A spokesman for the Ministry of Oil, Assem Jihad, said in a statement to the Iraqi News Agency, "The producing countries are closely monitoring developments in the oil market, and are reviewing reports in this regard to take measures to ensure the stability of the high markets, and here we should differentiate between export quantities, and the defined quotas by OPEC Plus, the agreement is related to production, not export.

He added, "The increase in production after the OPEC Plus agreement will be at a rate of 71 thousand barrels per day, which will increase Iraq's total production to 4 million and 580 thousand barrels as of next July."

On the possibility of OPEC Plus taking the initiative to fill the shortfall in Russian oil supplies, Jihad explained that “no one or more countries can compensate for the shortfall experienced by the global oil markets for any circumstance or reason, except through OPEC Plus, and there is a moral agreement that obliges everyone to abide by the defined quotas for each country, and any increase agreed upon is unanimously agreed upon by all OPEC Plus producing countries, including Russia.

He added, "Any uncalculated increase will reflect negatively on global markets and lead to a decline in oil prices, and what the OPEC Plus countries, including Russia, are working on is maintaining the balance between supply and demand and the stability of global markets and minimizing their effects and repercussions, and how to face these challenges and different circumstances."

He pointed out that the ministerial meeting of OPEC Plus countries will be held at the end of this month to review the developments of the oil market, and it may face great difficulties to compensate for the quantities that the oil markets may lose from Russia's production.



PUKmedia