OPEC issues a decision regarding Iraqi oil production
Baghdad today: Today, Sunday, the major producers of the OPEC + group reached a preliminary agreement to gradually increase production until December of this year, and to extend the agreement until the end of 2022.
Informed sources said that “OPEC + agreed to increase production in Kuwait and Iraq by 150,000 barrels per day, as reported by Reuters.”
She added that “the meeting of the new “OPEC +” alliance will be held later in the day via video communication technology.”
The sources indicated that “it is not clear to what extent the coalition countries will be able to commit to delivering the additional supplies to the market in August sales, as the agreement comes at a time when the Gulf countries are preparing for an official holiday due to Eid al-Adha this week.”
This development comes after news emerged that the UAE had reached a compromise last week regarding raising the reference level for its production, in a step that would pave the way for an agreement between the 23 OPEC + countries.