Categories: World

Iraq backs extending OPEC+ oil output cut deal

<p>
 Iraq backs extending the OPEC+ agreement to cut oil production until December 2022, Oil Minister Ihsan Abdul-Jabbar Ismail said.</p>
<p>
Iraq also supports increasing the oil production starting August according to the requirements of the oil market, Xinhua news agency quoted Ismail as saying in a Ministry statement issued on Sunday.</p>
<p>
The Minister expected the price of crude oil to be fewer than $70 a barrel until December 2022, the statement added.</p>
<p>
Last month, Ismail had said the agreement and collective solidarity in the Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC Plus, contributed to the stability of global oil markets.</p>
<p>
The 17th OPEC and non-OPEC ministerial meeting that concluded on June 1 failed to resolve the dispute over the production increase agreement.</p>
<p>
The OPEC Plus members will resume their negotiations on Monday.</p>
<p>
Iraq's economy heavily relies on crude oil export, which accounts for more than 90 per cent of the country's revenues.</p>
<p>
However, the OPEC+ agreement to cut oil production and a plunging price in the oil market affected by the impact of Covid-19 have combined to cause the decline of the country's revenues in the past months.</p>

IANS

Recent Posts

“Verification patrolling has commenced… in Demchok and Depsang”: MEA on disengagement between India and China

The Ministry of External Affairs on Saturday said that verification patrolling has commenced in Demchok…

33 mins ago

“Sanctioned companies not in violation of Indian law,” says MEA after US sanctions 19 Indian companies

The Ministry of External Affairs on Saturday reacted to the recent U.S. sanctions imposed on…

37 mins ago

Two terrorists killed in encounter with security forces in J-K’s Anantnag

Two terrorists were killed by security forces during an encounter in Jammu and Kashmir's Anantnag…

3 hours ago

“Not an issue of security lapses, security forces giving befitting reply”: Rajnath Singh on J-K terror attacks

Terming the recent terror attacks in Jammu and Kashmir as "unfortunate", Union Defence Minister Rajnath…

5 hours ago

Nasirabad: BYC holds demonstrations against enforced disappearances by Pakistan’s forces

The Baloch Yakjehti Committee (BYC) held demonstrations against the ongoing enforced disappearances by the Pakistan…

7 hours ago

Encounter breaks out between security forces, terrorists in J-K’s Bandipora

An encounter broke out between security forces and terrorists in Jammu and Kashmir's Bandipora district,…

7 hours ago