SULAIMANI (ESTA) — Iraq backs continuing OPEC’s existing plan to raise the group’s output by 400,000 barrels per day (bpd) each month since August, the oil ministry said on Thursday.
The Iraqi oil ministry said the outlook for the oil market was unclear due to turbulence in global markets, according to the state news agency.
The Organization of Petroleum Exporting Countries was cautious about increasing or decreasing oil supply because oil markets remained fragile, the ministry said in a statement.
OPEC members and allies have said the world economic recovery is fragile. Secretary General Mohammad Barkindo said OPEC expects an oil supply surplus to begin building next month.
The Biden administration announced Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
OPEC+ plans to meet on Dec. 2. The group has been raising output by 400,000 barrels per day (bpd) per month, gradually unwinding record production cuts made in 2020 when the pandemic dissipated fuel demand.
