Needless to increase oil production: Iraq

Iraq’s state oil trading company, SOMO, said on Saturday that the Middle Eastern country does not see the need to take any decision to increase its production capacities beyond what has already been agreed by members of the Organization of Exporting Countries. of Petroleum.

Given the increase in energy demand, Iraq considers that the agreement of OPEC + (the group formed by the members of the Organization of Petroleum Exporting Countries and its alliance led by Russia) to increase monthly production by 400,000 barrels per day is sufficient to meet international demand and stabilize the market, SOMO added in a statement released over the weekend.

“Meanwhile, Iraq will seek to increase gas production through increased investment in gas fields,” said SOMO.

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