Iraq: OPEC+ call hopefully to stabilize oil market

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said on Wednesday that his country hopes the Organization of the Petroleum Exporting Countries and its allies’ (OPEC+) decision to decrease their production of oil by two million barrels per day (bpd) beginning from November will contribute to the stability of the global market and prices of the commodity.

Speaking to the Iraqi News Agency, the minister said that Baghdad seeks to preserve the level of production it promised it would in an agreement with the rest of the organization in July 2021. He also emphasised that the group’s decision will not affect Iraq’s exports.

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