Top Stories
OPEC+ meeting to take into account market conditions – Iraqi official
Global Banking & Finance Review®
Company
CAIRO (Reuters) – The OPEC+ meeting in December will take into account the condition and balance of the market, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer SOMO, as saying on Saturday.
CAIRO (Reuters) – The OPEC+ meeting in December will take into account the condition and balance of the market, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer SOMO, as saying on Saturday.
OPEC+’s October decision to reduce production by two million barrels per day (bpd) had played an important role in stabilising global markets, Saadoun, who serves as Iraq’s delegate to OPEC, said.
He said that the cut hadn’t reduced Iraq’s exports.
Iraq’s current production represents 11 percent of the group’s total output of 43 million bpd, he said, adding that Iraq expects a crude price range of at least $85-95 next year.
OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and its allies led by Russia, will hold its next meeting in Vienna on Dec. 4.
Oil markets are witnessing “severe fluctuations” due to the repercussions of the pandemic, a slowing global economy and the war in Ukraine, the Iraqi official said, making it harder to ensure price stability.
(Reporting By Ahmed Tobla; Writing by Moaz Abd-Alaziz)
The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing countries that coordinates and unifies petroleum policies to ensure the stabilization of oil markets.
A production cut refers to a reduction in the amount of oil that a country or organization produces, often implemented to stabilize or increase oil prices in the market.
Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, which is refined into various fuels and products.
Price stability is an economic condition where prices in an economy do not fluctuate significantly over time, helping to maintain consumer purchasing power and economic predictability.
Explore more articles in the Top Stories category
