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Following a bilateral meeting on Thursday, the energy ministers of Saudi Arabia and Iraq reiterated their support for the oil production cut agreed last month.
At the same meeting, they emphasized the importance of abiding by the agreement until the end of 2023, Saudi Arabia’s Abdulaziz bin Salman said in an interview earlier that day.
Iraq has ambitious plans to increase oil production, a production capacity of 7 million bpd until 2027, up from five million barrels today. However, it remains an unwavering member of OPEC: when the head of SOMO, the Iraqi oil exporting company, announced the capacity plans, he added that “the accumulation in those production rates will be done in coordination with OPEC and according to the decisions that are taken according to the needs of the oil market. “
OPEC agreed last month to cut its combined crude output through a nominal value of 2 million barrels a day, which would translate into real relief of about 1 million barrels a day.
According to the WSJ report, citing anonymous OPEC delegates, increased production “could help bridge a gap between Saudi Arabia and the Biden administration and stem the flow of power amid further attempts to mitigate the war in Ukraine for the Russian oil industry. “
The report provoked a swift reaction from Saudi Arabia, which denied the report and was, in fact, even open to further production cuts.
“It is well known that OPEC does not talk about any resolution before the meeting,” Abdulaziz bin Salman told the Saudi news agency.
By Charles Kennedy for Oilprice. com
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