Iraq oil exports to reach 3.4 mln bpd in Q1 2022

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BAGHDAD, Nov. 16 (Xinhua) -- Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said Tuesday that Iraq's oil exports will reach 3.4 million barrels per day (bpd) in the first quarter of 2022.

The 3.4 million bpd are Iraq's quota in the world oil market according to OPEC Plus agreement, Ismail told the official Iraqi News Agency (INA), stressing that "Iraq will not exceed the quota and will not ask for an exception (extra export) to achieve stability in the market."

"The goal of OPEC Plus is to prevent the collapse in oil prices and prevent a sharp rise in prices, and there is no goal to reach a specific price, but the main goal is to achieve stability," Ismail said.

OPEC Plus is continuing to implement its planned increase of about 400,000 bpd in the oil market, he said, indicating that there will be a review during the first quarter of 2022 to consider maintaining this increase, according to INA.

In July, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, known as OPEC+ agreed to boost oil production by 400,000 bpd starting from December as demand increases and reached a deal to phase out the cut of 5.8 million bpd in oil production by September 2022 "subject to market conditions."

Earlier in this month, the Iraqi oil ministry said that Iraq's crude oil exports last month in October were at an average of 3.12 million barrels per day.

Iraq used to export more than 100 million barrels per month with higher revenues, but the OPEC Plus agreement to cut oil production and a dip in oil prices because of the impact of the COVID-19 pandemic on the global economy have combined to cause the decline of the country's oil exports.

Iraq's economy heavily relies on crude oil export, which accounts for more than 90 percent of the country's revenues. Enditem

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