The Minister of Oil announces the mechanism for distributing the new increase in oil from OPEC Plus

• Time: 08/03/2022 19:07:08
• Reading: 1,183 times

  {Economist: Al-Furat News} Oil Minister Ihsan Abdul-Jabbar Ismail affirmed, today, Wednesday, the “OPEC Plus”‘s keenness on the stability of global oil markets, and work to alleviate the security, political and health challenges facing the world.

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This came during his participation in the monthly meeting of the Ministerial Committee for Monitoring Production (JMMC) and the ministerial meeting of OPEC and allied countries via television.
And his office quoted in a statement that {Euphrates News} received a copy of, according to the Minister of Oil, saying that: “The meetings included reviewing the developments of the oil markets, and listening to the reports prepared by the research authorities in the organization about the variables and influencing factors, and their impact on supply and demand in the oil market.”
Abdul-Jabbar indicated, “It was agreed to increase the production ceiling for the month of September by adding a quantity of (100) thousand barrels per day, in order to compensate for an expected increase in global demand.”
And he indicated that “the new increase is distributed to the oil-producing countries of OPEC and the producing countries allied with it, according to the production rates of each country,” noting to “follow up on oil market developments, and take appropriate measures by OPEC Plus.”

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