Baghdad still wishes to be a part of the contract in between OPEC states and allies led by Russia as the historical oil offer showed to be a reliable tool in increasing the energy market crippled by the coronavirus pandemic.
Iraq did not request exemption from the accord, fearing that an increase in production may cause unrefined prices to tumble once again, state-run newspaper Al-Sabah estimated Oil Minister Ihsan Abdul Jabbar as saying. The declaration refutes previous reports that claimed that OPEC’s 2nd largest oil manufacturer, which has typically been slammed for exceeding its output limits, wants to be devoid of OPEC quotas.
The minister expects that oil costs can reach about $50 at the beginning of next year while the global need for the commodity will see a moderate recovery, Al-Sabah reported on Sunday.
The declaration comes as the group known as OPEC+ is holding informal speak with pick the future of unrefined output cuts. The signatories were set to relieve the curbs starting in January, today they are expected to keep restricting international output by 7.7 million barrels each day for another two or 3 months. The group is set to reveal the decision next week.
The largest producers of the OPEC+ deal, Russia and Saudi Arabia, have actually already agreed that the accord should be prolonged for the first quarter of 2021, TASS reported mentioning two sources in the organization. The sides now apparently need to work on certain details and the mechanism of the extension.
For more stories on economy & financing go to RT’s organization area