The goal of OPEC+ meetings is to stabilize the oil market, Iraqi Oil Ministry Spokesperson Asim Jihad affirmed on Saturday, saying decisions are based on market conditions.
“If more oil is needed, production increases; if not, production is cut,” said Jihad, according to the Iraqi News Agency.
Jihad emphasized Iraq’s role in OPEC+ meetings, where decisions are made collectively to stabilize and balance the market. He highlighted voluntary reduction efforts, beneficial for both producers and consumers.
OPEC+ recently decided to maintain current production levels. It reviewed data showing high compliance with production quotas from both OPEC and non-OPEC countries.
The Ministerial Monitoring Committee welcomed commitments from Iraq and Kazakhstan to comply with quotas and compensate for overproduction. It also welcomed Russia’s plan to base adjustments on production rather than exports in 2024’s second quarter.
Countries with excess production between January and March 2024 will submit detailed compensation plans by April 30, 2024.
The committee pledged to monitor market conditions closely and take further action if needed. Saudi Arabia extended voluntary production cuts until June.
OPEC+ members, led by Saudi Arabia, agreed to extend voluntary production cuts by 2.2 million barrels per day. When these cuts end in June, total cuts will decrease to 3.66 million barrels per day.
The OPEC+ Ministerial Monitoring Committee meets every two months to provide policy recommendations, which are then discussed and ratified by all members.
