Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Argus Media : Iraq says yet to decide position on Opec+ policy

11/28/2021 | 10:10am EST

Iraq will go into next week's monthly Opec and Opec+ meetings without any pre-conceived notions about what the producer group should do to address the emergence of a new Covid-19 variant and the announcement last week of coordinated release of strategic crude reserves by leading consumer countries.

Opec and its non-Opec partners, known collectively as Opec+, will meet on 1-2 December to determine oil production policy for January. The group has been raising its crude oil production quotas incrementally by 400,000 b/d each month since August, in line with a roadmap that was agreed at its July meeting to gradually restore the production it removed from the market in May 2020 in response to the Covid-19 induced collapse in oil demand.

But they are now weighing calls to possibly make changes to policy for January to reflect the changes in market conditions.

In addition to a widely anticipated surplus that is projected to begin growing from the first quarter of next year, the group must now also consider the recent announcement of a coordinated release of up to 70mln of extra crude from strategic petroleum reserves by major consumers, as well as the emergence of the potentially more contagious 'Omicron' Covid-19 variant.

"We do not have any expectation about whether the current monthly increase of 400,000 b/d [each] month will continue or not, as member states will wait for market research reports that give a clear vision," Iraqi oil minister Ihsan Ismail said in a statement to state-run Iraq News Agency (INA). "The decision will be based on what is provided by technical experts," he said.

Iraq joins Mideast Gulf crude producers Kuwait and the UAE whose oil and energy ministers also said last week they would not take a position on Opec+ policy before the group meets.

Opec ministers are due to meet virtually on 1 December, followed by a full meeting of Opec and non-Opec ministers on 2 December.

By Adal Mirza


Argus Media Limited published this content on 28 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2021 15:09:00 UTC.

ę Publicnow 2021
Latest news "Economy & Forex"
05:59pCanada hopeful table potato shipments will resume in weeks to Puerto Rico, U.S. mainland
05:56pBiden vows to nominate Black woman to U.S. Supreme Court by end of February
05:55pFed signals intent to join the great central bank stimulus exit
05:47pRussia, U.S. keep door open to Ukraine diplomacy, but big gaps remain
05:47pStormy Daniels testifies ex-lawyer Avenatti 'stole from me'
05:47pAmerica Movil dips on pay TV permit snag, minor impact seen
05:39pHome Depot picks veteran Ted Decker as new CEO
05:33pEuro Lost 0.85% to $1.1146 -- Data Talk
05:33pThe WSJ Dollar Index Rises 0.67% to 90.74 -- Data Talk
05:33pSterling Lost 0.61% to $1.3383 -- Data Talk
Latest news "Economy & Forex"