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OPEC+ to consider market conditions at upcoming meeting in December

OPEC+ to consider market conditions at upcoming meeting in December

Arab Finance: OPEC+ is set to take the market conditions into consideration at its upcoming meeting in December, a senior official at the Iraqi National Oil Marketing Company (SOMO) Mohamed Saadoun Mohsen told Al Ekhbariya TV channel in an interview on November 26th.

Any future decision regarding maintaining the current cut, adding further cuts, or increasing the production would take market conditions into account, with the aim to achieve balance, Mohsen added.

In October, OPEC decided to cut output by 2 million barrels per day (bpd), which played a significant role in stabilizing the global markets, Mohsen highlighted.

This decision has not reduced the exports of Iraq, he said, noting that the country’s current output accounts for 11% of OPEC+’s total production of 43 million bpd.

Moreover, he pointed out that Iraq expects the crude price to at least range between $85 and $95 in 2023, after reaching $97 bpd this year.

OPEC+, which comprises members of the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, will host its upcoming meeting in Vienna on December 3rd and 4th.

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