Iraq’S Firm Stance On Further OPEC+ Oil Production Cuts
Date
5/12/2024 3:25:55 PM
(MENAFN- The Rio Times) Iraq firmly opposes any additional oil production cuts ahead of the OPEC+ meeting scheduled in Vienna on June 1.
Oil Minister Hayyan Abdul Ghani emphasized Iraq's refusal to support new reductions due to its critical economic needs.
This decision reaffirms Iraq's commitment to current export levels while aiming to stabilize oil prices amid persistent economic uncertainties.
As OPEC plans to extend its strategic production cuts through the second half of the year, Iraq's reluctance introduces challenges for group cohesion.
Its exports stand at 3.3 million barrels per day, aligning with its existing quota despite a history of quota breaches.
This adjustment reflects efforts to better conform with OPEC+ targets and rectify past overproduction.
Meanwhile, key producers like Russia and Saudi Arabia have already agreed to continue their voluntary cuts, signaling a unified approach among the major players.
They aim to balance global oil supply and demand, ensuring stability despite global economic fluctuations.
The Vienna meeting will clarify the group's coordinated approach amidst geopolitical and market complexities.
Iraq's firm stance illustrates the intricate balancing act required in global oil markets.
Internal economic needs inform Iraq's decision not to back additional cuts while reflecting the broader challenges of global supply dynamics.
As stakeholders anticipate the Vienna meeting, OPEC+ will need to harmonize diverse priorities to shape global oil market trajectories in the coming months.
MENAFN12052024007421016031ID1108203643
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.