SULAIMANI (ESTA) — Iraq’s oil minister on Thursday said the oil production surplus is the reason behind OPEC+’s decision to cut production.
The OPEC+ decision to cut oil production by 2 million barrels per day came as a result of a production surplus, Iraq oil minister Ihsan Abdul Jabbar told Kuwait news agency (KUNA).
Oil rose about 1% on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates.
The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market.
