An oil expert talks about Iraq’s refusal to reduce its oil production
An oil expert talks about Iraq’s refusal to reduce its oil production
5-13-2024
Information / Baghdad..
Today, Monday, oil expert Hamza Al-Jawahiri considered the Oil Ministry’s decision not to comply with any reduction in oil production from OPEC Plus countries as a correct decision that is consistent with the government’s directions.
Al-Jawahiri told Al-Maalouma, “OPEC Plus has reduced oil production several times based on international reports, but recently it has begun to rely on its own reports.”
He predicted, “The organization will not impose or call on its members to reduce production again after relying on the organization’s reports.”
He added, “The government allocated 40% of oil revenues to industrial and agricultural development projects, the service revolution, and the growth and development of manufacturing industries in the oil sector.”
Oil Minister Hayan Abdul Ghani announced that the government will not agree to any new cuts in crude oil production that the OPEC+ alliance may announce at its meeting on the first of next June, stressing that Iraq has made enough voluntary cuts in crude oil production during the last period.
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