Iraq confirms its commitment to export its full quota within the OPEC + agreement

economyIraqi oilOPEC+ agreement

 2022-09-12 07:13A-AA+

Shafaq News/ Today, Monday, the Minister of Oil affirmed Iraq’s commitment to exporting its full quota established under the “OPEC” agreement and determinants, and working with the members of the organization and its allies from outside the organization to achieve balance in global markets.

This came while he chaired the monthly pricing meeting for crude oil, according to a statement received by Shafak News Agency, 

The statement quoted Minister Ihsan Abdul-Jabbar Ismail as saying that Iraq aims to increase its production and export capabilities in the coming years, by promoting investments in the oil and energy sector, noting the importance of investments in sustaining and strengthening Iraq’s position among the producing countries, and maintaining its influential position in energy market.

The Minister of Oil stressed Iraq’s commitment to support global investments in the oil and energy sector, stressing the fulfillment of its financial and contractual obligations.

He explained that the ministry is intensifying its efforts to expand the volume of global investments in free and associated gas, pointing out that the ministry’s plans aim to achieve this in cooperation with reputable international companies. 

The statement of the Ministry of Oil indicated that the Iraqi oil pricing meeting is held on a monthly basis under the chairmanship of the Minister of Oil and in the presence of the undersecretaries of the ministry, the Director General of the Oil Marketing Company “SOMO”, and the directors of each of the Financial Supervision, the Economic Department, the Studies Department, the Technical Department, contracts and licenses, and the concerned bodies and departments in Oil Marketing Company.


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