OPEC + Agreement will Help Support Prices

The Iraqi Minister of Oil, Thamer Al-Ghadban announced on Monday an agreement to reduce oil production that will help reduce stocks and support prices.
Iraq welcomed the results of the OPEC + meeting, which reached the commitment of the members of the group to a historic cut in production to support oil prices, amounting to approximately 10 million barrels per day, in addition to a reduction by producing countries outside the group, most notably America and Canada.
The group, known as OPEC +, said it has agreed to cut production by 9.7 million barrels per day in May and June, after lengthy talks for four days.
OPEC + said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut another five percent or five million barrels per day.

About Parvin Faghfouri Azar

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