The general secretary of the OPECMr Haitham al-Ghais said the group’s agreement to cut production helped address challenges facing global oil markets, the Iraqi Oil Ministry said on Tuesday.
Al-Ghais, who is visiting Baghdad, added that OPEC’s most important goal is to achieve stability and balance between supply and demand.
Last November, given the weakening of crude oil prices, members of the Organization of the Petroleum Exporting Countries (OPEC), along with Russia and other allies – a group known as OPEC+ -, reduced their production target by 2 million barrels per day. That was the biggest cut since the early days of the COVID-19 pandemic in 2020, and the same reduction applies for all of 2023.
“The OPEC agreement is one of the most important historic decisions taken by members of the organization to address the various challenges facing the world oil markets,” Al-Ghais stated, according to the ministry.
Al-Ghais visit Iraq as the country prepares to celebrate the 60th anniversary of the organization’s founding in Baghdad in 1960 this year. The celebration has been delayed several times due to the COVID-19 pandemic, according to the Oil Ministry.
Source: Reuters
Source: Gestion
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