Business & Economy

UAE energy minister criticizes OPEC

UAE Energy Minister Suhail Al Mazrouei criticized the efforts of oil producers in the OPEC + group to increase production, describing them as “not encouraging.”
The Emirati media quoted Al Mazrouei as saying, today, Wednesday, at an energy conference in Jordan, that the group’s production is currently less than its target by about 2.6 million barrels per day.
Al Mazrouei also stated, “According to last month’s report, we witnessed the compliance of the OPEC + group (with production cuts) and compliance was more than 200%.”
It is noteworthy that compliance that exceeds 100% means that the country produces less than it is supposed to produce, with OPEC + looking to gradually lift production restrictions.
Earlier, Iraq revealed the size of its oil production increase after the “OPEC +” agreement, which provides for an increase in production by 648,000 barrels per day.
This came in statements made, last Friday evening, by the Oil Ministry spokesman, Assem Jihad, to the official Iraqi News Agency
The “OPEC +” alliance announced the increase in the volume of oil production, during the next July and August, by 648,000 barrels per day, with the aim of “meeting the growing demand for crude globally.”
Jihad said that it should be noted that there is a difference between the export quantities and the quotas established by OPEC Plus, as the agreement is related to production and not to exports.
He also added, “The increase in production after the OPEC Plus agreement will be at a rate of 71 thousand barrels per day, which will increase Iraq’s total production to 4 million and 580 thousand barrels as of next July.”

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