Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

Business

April 17th, 5:18am

Baghdad - Asharq Al-Awsat

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)

Iraq was pressured to increase its oil production outside the remit of OPEC's policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday. He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages. OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to cool prices, which reached a 14-year peak last month after Washington and Brussels imposed sanctions on Moscow following its invasion of Ukraine. OPEC+, which consists of the Organization of Petroleum Exporting Countries and other producers, including Russia, will raise output by about 432,000 barrels per day in May. Separately, Iraq said it is still maintaining its position in the Indian oil imports market despite India's increased imports of Russian oil, state news agency INA reported on Friday, citing the state-owned marketer SOMO's head, Alaa al-Yasiri. "Several countries including India found Russian crude oil, which is now being sold with big discounts, as an alternative to competing crude oils," Al-Yasiri said. But Iraq is keeping up its high market share in India thanks to the contracts it has with government and private refineries, Al-Yasiri said.

from Asharq AL-awsat https://english.aawsat.com/home/article/3596231/iraq-was-pressured-increase-oil-output-away-opec-says-oil-minister