Iraqi Oil Minister: OPEC+ Works to "Mitigate" Challenges Affecting Oil Market Stability

Iraqi Oil Minister Hayan Abdul-Ghani stated today, Saturday, that "the OPEC+ group is working to 'mitigate' the challenges that affect the stability of the global oil market." He added, "The oil market is facing many challenges that impact its stability, and the OPEC+ group is working to contain these factors through monitoring, follow-up, and making necessary decisions and measures." The Iraqi Ministry of Oil noted that the voluntary production cuts being implemented by OPEC+ since November have allowed member countries like Iraq to achieve the highest balance rates between supply and demand, which has helped stabilize the global oil market. Abdul-Ghani emphasized "the ministry's commitment to increasing financial revenues from crude oil export revenues to support the budget, despite the challenges facing global markets."