OPEC+ to stick to oil production deal in October: Iraqi minister

Iraqi Minister of Oil Ihsan Abdul Jabbar reads documents at the Basra Oil Company in Iraq’s southern port city, on May 9, 2020. (AFP)

SULAIMANI (ESTA) — OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said on Sunday.

Oil Minister Ihsan Abdul Jabbar said the group is expected to stick to its current production accord when it meets in October “if prices remain stable”, according to Reuters.

Iraq total oil exports, including those of the Kurdistan Region, should stand at an average of 3.4 million barrels per day in September, Abdul Jabbar said in a press conference in Baghdad.

OPEC and allies led by Russia, a group known as OPEC+, agreed to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market.

The group revised up its 2022 demand outlook and faces U.S. pressure to raise production more quickly, according to Reuters.

On Sept.1, the Iraqi oil minister said his country supported agreements inside OPEC+  that help oil markets stability.

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