Shafaq News/ A senior official in the Iraqi Ministry of Oil said that Iraq's vision for the oil market is consistent with OPEC+ policy, citing the impact of the market's volatility on the economy of both producing and consuming countries.
"In spite of the economic crisis and COVID-19, OPEC+ managed to raise the price of oil from 20 to 100 dollars a barrel," the official who preferred to remain anonymous told Shafaq News Agency, "however, the Crisis in Ukraine cast shadows on the market."
"Oil is a labile market. It is sensitive to the subtle changes in the political atmosphere, [public] health situation, and economic crises," he elaborated, "OPEC+ had to make a collective decision to stabilize the market. This is for the best interest of both producers and consumers."
The source said that Baghdad is committed to any OPEC+ decisions. "The decisions are made by consensus. Our aim is to stabilize the market and address crises rationally."
OPEC+, which groups the Organization of the Petroleum Exporting Countries and others including Russia, is undoing output cuts put in place after the pandemic slashed demand.
The group has aimed to restore an additional 400,000 barrels per day (bpd) each month since August, but not all producers have kept up with their individual targets.