Oil Minister Confirms The Success Of “OPEC+” In Facing The Challenges Of The World Oil Market

Deputy Prime Minister for Energy Affairs, Oil Minister Hayan Abdul Ghani confirmed the success of the “OPEC +” group in facing the challenges facing the global oil markets, thanks to realistic dealing with variables and market developments, the commitment of member states to the production reduction agreement, and their keenness to achieve the Joint goals to stabilize global markets.

A statement from the ministry stated: “Abdul Ghani participated in a meeting that included a number of OPEC+ ministers in the Saudi capital, Riyadh, on the sidelines of the activities of Climate Week in the Middle East and North Africa region 2023.”

The meeting included a number of oil and energy ministers from the OPEC + countries, Iraq, Kuwait, Bahrain, Oman, the Kingdom of Saudi Arabia, the United Arab Emirates, and the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC).

Oil Ministry spokesman Assem Jihad said, according to the statement: “The ministerial meeting included a review of the conditions and challenges facing the oil market, and an agreement to continue consultation with all members of OPEC + through the established mechanisms, including the Joint Ministerial Production Monitoring Committee and the ministerial meetings of the member states of OPEC and the participating countries outside of it, and the confirmation of their renewed commitment to the decisions announced on June 5, 2023 (the thirty-fifth ministerial meeting of the member states of the Organization of Petroleum Exporting Countries and the participating countries outside of it), in addition to collective and singles voluntary production amendments.

The ministers once again expressed the readiness of the countries of the Declaration of Cooperation to take additional measures if requested, as part of their continuing efforts to support market stability and build on the strong cohesion of the OPEC+ countries.

Source: National Iraqi News Agency