Deputy Prime Minister for Energy Affairs, Oil Minister Hayan Abdul-Ghani affirmed the support of the Ministerial Committee to monitor production in OPEC +, to maintain the production policy unchanged, with an emphasis on closely evaluating the oil market conditions.

Abdul-Ghani said, during his participation in the forty-ninth meeting of the Joint Ministerial Committee for Production Monitoring, in the “OPEC +” group, that the meeting included the committee’s review via videoconference of crude oil production data for the months of May and June 2023, noting the ministers’ praise for the commitment of OPEC member states and other countries. The producer allied with it declared cooperation, and urged all participating countries to continue their support and commitment in order to achieve balance and stability in the oil markets.

While the director of the Oil Marketing Company “SOMO”, Ammar Abd, confirmed that maintaining the production policy for OPEC + aims to achieve more stability in the oil market.

In turn, the spokesman for the Ministry of Oil, Assem Jihad, said, “The Ministerial Committee for Production Control took this measure after reviewing the data and developments in the oil market during the past months, and it will not hesitate to take new measures to ensure more stability and balance for the oil market.”

He added, “OPEC +’s procedures and agreements have contributed to achieving more stability and balance in the face of geopolitical, security, health, economic and other challenges.

Source: National Iraqi News Agency