Iraq supports global market stability, cohesion of OPEC decisions
In a statement to the state-run news agency (INA), Abdul-Ghani mentioned that Iraq is a founding member of OPEC and the organization's second-largest producer and exporter.
Iraq has helped to keep global markets stable and OPEC's choices consistent, according to Abdul-Ghani.
The Iraqi oil minister stated that Iraq has taken a significant role in stabilizing and consolidating OPEC decisions, particularly those relating to production rates and agreed-upon levels.
Iraq also played a significant role in the second voluntary production reduction, which stabilized world markets in a way that benefited both producers and consumers, according to Abdul-Ghani.
Eight OPEC+ member countries, including Iraq, are implementing an output modification of 411,000 barrels per day in July 2025, in accordance with the decision made in December 2024. This decision allows for a gradual and flexible return to the previously agreed voluntary adjustments of 2.2 million barrels per day, starting in April 2025.
Officials in the Iraqi oil sector mentioned that the government aims to increase oil output to more than six million barrels per day by 2028 or 2029.
Iraq produced over 4.4 million barrels of oil per day in 2023, which was less than the previous year, according to Statista, a German online platform that specializes in data collection.
The country's oil production rose steadily between 2005 and 2019, reaching a record of over 4.78 million barrels per day. Since then, Iraq's yearly oil output has been steadily dropping.
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