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Iraq expects the price of a barrel of oil to range between 85 and 95 dollars by 2023

This content was published on Nov 27, 2022 – 08:08

Baghdad, November 27 (EFE). – Iraq expects a price of between 85 and 95 dollars per barrel of oil in 2023, and is confident that the next OPEC + meeting to decide whether to raise or reduce production “will take into account the situation in the market,” according to official Iraqi media.

“The future decision regarding maintaining the current reduction or adding a new reduction or increasing the quantities produced will take into account the market situation and aims to create a balance,” said Iraq’s representative for OPEC + Saadoun Mohsen, in remarks re-published Sunday morning by the official Iraqi official. INA News Agency.

He stressed that “the average price this year reached $97 per barrel, which is a good price, and according to experts’ estimates, next year’s prices will range between $85 and $95, and maybe between $5 and $7 less.” minimum”.

OPEC+, made up of 23 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 external allies, decided in October to cut production by 2 million barrels per day despite consumer pressure to pump more to bring down prices.

Saudi Arabia, which leads this entity, and other producers such as the United Arab Emirates and Iraq, defended this decision, arguing that it was necessary to “achieve stability and balance” in the market.

“The next OPEC+ meeting, on December 3-4, will study the current situation and issue balanced decisions,” said Mohsen, who is also deputy director of the state company responsible for export operations, SOMO.

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And he stressed that “the decision to reduce production by two million barrels per day played an important role in stabilizing the global market, and the reduction included all countries at different rates and according to the amount of their production.”

He also noted that “total OPEC + production is 43 million barrels / day, of which Iraq produces 11%.”

Iraq, which has one of the five largest oil reserves in the world, exported about 2.991 million barrels per day until last May, but this amount increased in the following months to reach 3.300 million barrels / day in September, according to data issued by SOMO. . EFE

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