OPEC+ gradual output hikes to help stabilize markets: Iraqi minister

Flames emerge from flare stacks at Nahr Bin Umar oil field, as a man is seen wearing a protective face mask, following the outbreak of the coronavirus, north of Basra, Iraq March 9, 2020. (Reuters)

SULAIMANI (ESTA) — Iraq’s oil minister said on Wednesday that the OPEC+ policy of gradual crude output hikes will help stabilize global oil markets.

Iraq supports agreements inside the group known as OPEC+ that help oil markets stability, minister Ihsan Abdul Jabbar said, according to Reuters.

He added that the alliance of crude-producing countries will keep monitoring the markets to react to any changes in supply and demand.

Earlier, the Organization of the Petroleum Exporting Countries and allies led by Russia agreed to stick to their existing policy of gradual oil output increases, despite revising their 2022 demand outlook upwards and ongoing U.S. pressure to raise production more quickly.

Kuwait’s oil minister Mohammad Abdulatif al-Fares also said OPEC and its allies were keen on providing markets with enough supplies, state news agency KUNA reported.

He added that the group managed to support the oil industry amid the COVID-19 crisis, bringing balance and stability to the global economy.

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