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Iraq confirms its high" commitment to OPEC decisions

Category: Economy

Date: 2020-08-02T09:51:49+0000
Iraq confirms its high" commitment to OPEC decisions

Shafaq News / The Iraqi Oil State Organization for Marketing of Oil (SOMO) confirmed today, Sunday, that Iraq is committed to OPEC decisions regarding the oil reduction.

The director of the company, Alaa Al-Yasiri, said in an interview with Shafaq News agency that, "Iraq is committed to what was agreed upon OPEC members and allies".

Al-Yasiri added, "Iraq's high commitment, which was clear last June and July, and considered in August's plan, is the best evidence that the Oil Ministry, despite the great challenges, is continuing to achieve the highest commitment to reduce production".

 

Al-Yasiri pointed, "our commitment would restore balance in the oil market and put prices again at their fair values ​​for producers and consumers. This goal will have a positive effect on the country's financial returns from its main financial budget source, which is oil".

 

A Reuters census indicated, on July 31, that Iraq’s oil production rose in July, despite Baghdad’s pledge to cut supplies in compliance with the OPEC+ agreement to support prices.

 

It is noteworthy that after COVID-19 canceled one third of global demand, OPEC + agreed to reduce production by 9.7 million barrels per day since May, which is equivalent to 10% of global supplies.  

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