An economist explains the effects of OPEC Plus decisions on Iraq
An economist explains the effects of OPEC Plus decisions on Iraq
10-5-2022
Information / special
The economic expert, Saleh Al-Hashemi, confirmed, today, Wednesday, that “the decision of the Organization of the Petroleum Exporting Countries to reduce oil production and export will not affect the Iraqi economy.
Al-Hashemi said in an interview with “Information”, that “after the decisions of OPEC Plus to reduce global oil production, it will contribute to the rise in oil prices, which will benefit Iraq from the rise that will occur.”
He added, “The difference in price increases will compensate for the reduction amounts that were approved earlier today.”
And he continued, “Iraq will not abide by the new decisions and there are previous contracts that must be applied, especially with the Russian-Ukrainian war.”
He pointed out that “Iraq now has a very large financial surplus, and the reduction will not affect financial revenues or the reality of the current Iraqi economy.”
The Joint Ministerial Committee of the Organization of the Petroleum Exporting Countries and its allies, OPEC +, decided after its meeting earlier today, Wednesday, to reduce oil production during the month of November by 2 million barrels per day, and this is the second reduction in a row, and it is the largest reduction in oil production approved by the organization since March 2020, as the widespread pandemic shutdowns prompted OPEC+ to drastically cut production. Ended 25/J
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