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Iraq to commit 100% by OPEC+ agreement

Category: Economy

Date: 2020-08-06T07:23:43+0000
Iraq to commit 100% by OPEC+ agreement

Shafaq News / The Iraqi Oil Minister announced today, Thursday that Iraq will have to commit 100% with the OPEC + agreement in August and September. 

Ihsan Abdul-Jabbar said in a symposium on "Zoom" "on the impact of Iraq’s obligations of OPEC + decisions on the Iraqi economy," We will be forced this month and next month to commit with 100%, "noting that" non-compliance by Iraq means non-compliance by others, and this will led to a collapse in Oil prices like what happened in March and April.”

Iraq came under pressure from the Kingdom of Saudi Arabia and a number of OPEC members after its failure to achieve the targeted production restrictions in May and June 2020, which demanded the necessity of a further reduction in August and September.

Crude oil production increased for OPEC last month, as members of the Arab Gulf canceled additional supply cuts aimed at rebalancing the market. The group of producers increased production by 900 thousand barrels per day to become 23.43 million.

in the same context, sources within OPEC reported that Saudi Arabia and Russia, the largest oil producers in the coalition, are not satisfied with Baghdad's decision to reduce half of its stake in May.


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