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OPEC won’t change policy at next meeting, says Iraq oil minister

  • The group of crude exporters meets on March four and members will in all probability comply with hold output regular in April, Iraq’s Oil Minister Ihsan Abdul Jabbar stated. The largest change will come from Saudi Arabia, which is able to probably finish unilateral every day cuts of 1 million barrels after March, he stated.

Bloomberg

PUBLISHED ON FEB 10, 2021 08:53 PM IST

Iraq stated the Group of Petroleum Exporting International locations (OPEC+) oil cartel is unlikely to alter its manufacturing coverage at subsequent month’s assembly and repeated guarantees to ship overdue output cuts, even because the Arab nation’s economic system reels.

The group of crude exporters meets on March four and members will in all probability comply with hold output regular in April, Iraq’s Oil Minister Ihsan Abdul Jabbar stated. The largest change will come from Saudi Arabia, which is able to probably finish unilateral every day cuts of 1 million barrels after March, he stated.

“I believe in March the settlement might be that output will stay on the identical stage,” the minister instructed reporters in Baghdad Wednesday.

OPEC and companions resembling Russia — an alliance generally known as OPEC+ — started unprecedented manufacturing curbs in Could after the coronavirus pandemic battered economies and precipitated oil demand to break down.

Iraq has drawn hearth from fellow members for breaching its quota on a number of events and failing to compensate, regardless of repeated pledges to take action.

OPEC’s second-largest producer after Saudi Arabia has a restrict of three.86 million barrels per day for the primary three months of the 12 months beneath the present settlement.

Jabbar stated Iraq will pump 3.6 million barrels a day this month if the semi-autonomous Kurdistan Regional Authorities complies with Baghdad’s needs.

Iraq had stated it could additionally cap its every day manufacturing for January at 3.6 million barrels, however ended up pumping greater than 3.eight million a day.

The minister expects to export 2.9 million barrels a day in February, excluding Kurdish flows. That’s kind of according to the determine for January.

Jabbar thinks crude costs will commerce within the vary of $58 to $63 a barrel this 12 months. Brent crude has soared virtually 20% for the reason that finish of 2020 to round $61.50 a barrel amid rising demand in China and vaccine roll-outs.

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