Written by – Marwa Al-Ghoul Monday, September 25, 2023 02:00 PM Recorded Oil prices Today, Monday, Brent crude futures reached $93.27 per barrel, and US West Texas Intermediate crude futures recorded $90.03 per barrel, as prices witnessed a slight rise today.
Oil prices in global markets recorded weekly losses for the first time in a month, as Brent crude, the global benchmark, declined 0.3%, US West Texas Intermediate crude also declined, and US crude recorded 0.03%.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani affirmed his country’s, Saudi Arabia’s and Russia’s commitment to voluntarily reducing oil prices to achieve the goal that was agreed upon in OPEC.
Al-Sudani said – according to Al-Sumaria News Channel, “Iraq is committed to the agreements and understandings with OPEC and OPEC Plus in a way that protects the interests of both producers and consumers,” pointing out that Iraq has the ability to produce, but that will be in accordance with this agreement.
He added, “We have a decision to direct part of oil production towards operating refineries outside Iraq, and we had a presidential meeting with Bulgaria regarding that, as we have refineries in Bulgaria and others in China and Malaysia.”
Regarding the price of a barrel of oil reaching $95, and the possibility of declines in the market, the Iraqi Prime Minister said: “There is no concern, and we do not have a specific price, but we want to maintain a fixed level and a logical price that guarantees the interests of both producers and consumers, which is the level that At least $85 to $95 per barrel,” stressing that Iraq, Saudi Arabia, and Russia are committed to the voluntary reduction to achieve the goal that was agreed upon in OPEC.
Al-Sudani noted that Iraq has an ambitious plan for the optimal use of oil and gas, and has concluded a number of contracts for associated gas investment, and there are fields that were announced through the sixth round of licenses that it obtained for natural gas investment, and it has other actual rounds for other gas fields, adding, “ Iraq will be an active player in the gas markets according to the visions we agreed upon within the Iraqi government.”
The Iraqi Prime Minister explained that the volume of production is in fact linked to the policy that was agreed upon within OPEC (capacity, potential, and projects), stressing that there is an OPEC policy that must be adhered to and adhered to in order to achieve this balance between the interests of producers and consumers.
2023-09-25 11:00:00
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