Iraq calls for dialogue on differences over OPEC+ decision

CAIRO, Oct 18 – PRIME. Iraq calls for dialogue in order to resolve the differences that have arisen in connection with the decision of OPEC + to reduce oil production, and rejects the policy of pressure on the countries of the alliance, according to a statement received by RIA Novosti from the country’s Foreign Ministry.

Iraq hopes oil market stabilizes thanks to OPEC+ decision

“The Iraqi Foreign Ministry rejects any policy aimed at exerting pressure and supports the position of OPEC, including Saudi Arabia,” the statement said.

The agency emphasized that within the organization a “technical point of view related to stability in the oil markets, their requirements, organization of the supply and demand process, protection of the interests of consumers and producers” is expressed.

“In this regard, the Ministry of Foreign Affairs calls for the resolution of all differences in connection with this issue through natural methods in the context of a balanced direct dialogue, taking into account the importance of international cooperation in efforts undertaken for the sake of security and stability in the region and the world,” the ministry said.

The state-owned company said earlier that Iraq would cut oil production by 220,000 barrels per day as part of a new OPEC+ deal.

Last week, the countries participating in the OPEC + deal, led by Saudi Arabia and Russia, decided to reduce oil production by 2 million barrels per day from November, extending the deal until the end of 2023, which caused discontent with the US administration, which demanded an increase in oil production.

The Saudi Foreign Ministry issued a statement stressing that the OPEC + decision was dictated solely by economic considerations, it was accepted by all countries participating in the deal, the agency rejected US accusations of supporting Russia with such a decision in a situation where Western countries seek to reduce dependence on Russian energy resources.