Iraq hopes OPEC+ decision will contribute to world market stability

Shafaq News / Iraq's oil minister Ihsan Abdul Jabbar said on Wednesday that his country hopes that the OPEC+ decision to cut production by 2 million barrels per day will contribute to world market stability and support crude prices, the state news agency reported.

Abdul Jabbar added that Iraq aims to maintain its benchmark production level which was set in agreement with OPEC member countries in July 2021.

He also stressed the country's exports will not be affected by the cut.

The 2 million-barrel-per-day (bpd) cut from OPEC+ could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates and a stronger dollar.

Oil had been rising this week in anticipation of the cuts, said Fiona Cincotta, senior financial markets analyst at City Index.