Oil prices in Iraq and the world economy

Iraq's guess about the strong demand for crude oil

The Iraqi Minister of Oil stated that with regard to the oil markets, there is a noticeable improvement in demand, which is a decline in the stock and the surplus, and the OPEC ministers agreement has been concluded, and we will learn in this article about the date of the OPEC ministers agreement, what happened in the meeting, the decisions that were discussed, and the decisions Taken, the Energy Agency saw the oil forecast, and the OPEC Secretary General's oil forecast, but in some detail.

Warning of the price war in oil

The financial advisor to the Iraqi Prime Minister warned of a rise in oil production through the OPEC Plus member countries without previous coordination, and this may lead to the beginning of an oil price war.

OPEC Plus Ministers Meeting

It was agreed to strengthen and increase oil supplies, and this will take place in the month of August. The meeting also stressed the strengthening of collective cooperation, and the development in the increase in demand for crude oil, as well as the decline in the oil surplus and stocks.

Decisions of OPEC Plus Ministers

An additional reduction in oil and its production, after eliminating the dispute between the UAE and Saudi Arabia, and providing special decisions, to reduce crude oil production until the end of 2020, and production was increased by 400,000 barrels on a daily basis, and the level of oil production was adjusted for a number of member states, and thus it will increase The share of Russia and Saudi Arabia will reach 11.5 barrels per day, and the production of Iraq and Kuwait will also increase by 150 thousand barrels per day.

Energy Agency forecasts for oil

The Energy Agency has stated its expectations, which are the enhancement and improvement of oil, and a decrease in the oil surplus, as it stated that there is a disruption in oil production in many countries, such as Libya and Nigeria, and this helps in the decrease of the oil surplus, and it expected a decrease in oil at a rate of 800,000 barrels per day.

The forecast of the Secretary-General of OPEC for the oil market

The Secretary-General of OPEC has confirmed that he is optimistic for the year 2021, and it is expected that it will be a year of recovery after the sharp drop in oil prices, and added that despite his optimism, there are many other uncertainties on the horizon.