OPEC + will keep the policy of gradually increasing production of 400,000 bpd unchanged

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The Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, said on Thursday that the group of the Organization of the Petroleum Exporting Countries and its allies (OPEC +) is expected to keep unchanged its policy of gradually increasing oil production from 400,000 barrels a day at the December meeting, Reuters reported. .

The minister added that they expect December oil exports from Iraq hit 3.2 million bpd. The goal is to increase them to 3.4 million in the first quarter of 2022.

“OPEC + will review its production reduction policy in the first quarter of 2022 to consider keeping the current gradual increase at the same levels of 400,000 bpd every month,” said Abdul-Jabbar Ismail. He explained that the country will stick to the OPEC + policy of reducing production, without considering the possibility of requesting an exemption now or next year. “The gradual increase in production by OPEC + is not aimed at high oil prices, but at keeping world oil supplies stable,” he concluded.

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