Iraq's Oil Increase Production Will Not Affect On Future Supply And Prices In The Global Market

BAGHDAD / NINA / A member of Oil and Energy Committee, MP from PUK, Ares Abdullah ruled out the impact of Iraq's oil production on the future supply and oil prices in the global market. Abdullah said in a statement to the National Iraqi News Agency / NINA / that "Iraq has the right to increase its production as it does not reach until today to its oil entitlement in the production and export within its quota in OPEC, ruling out the impact of increasing production on oil prices." He pointed out that "The oil ministry is aware and knows this area, if there are problems generated through an increase in Iraqi production, it will not work in this way and at the expense of the future of oil." It is mentioned that SUMO announced last Thursday a rise of Iraq's crude oil production to 4.632 million barrels per day. The Oil Ministry announced, on 1 August, rising quantities exported for the month of July from the central and southern fields to reach more than 99 million barrels. / End