Baghdad November 12 2022: Iraq, OPEC’s second-largest producer, seeks to limit oil-price increases to ensure market stability, according to new Prime Minister Mohammed Shia Al-Sudani.
The nation is “keen that oil prices don’t exceed $100 a barrel” nor drop in way that affects supply and demand, he told reporters in Baghdad. Global benchmark Brent crude settled at $95.99 a barrel on Friday.
Iraq is still rebuilding after decades of turmoil marked by wars, sanctions and militant attacks, the premier said. Al-Sudani, who took office last month, added that Iraq’s OPEC+ production quota should be reviewed to take those factors into account. He said this will be discussed with OPEC members, without providing further details.
Iraq produced 4.57 million barrels a day of crude last month, according to a Bloomberg survey.
The government will honor all agreements that its predecessors have signed with international oil companies, including a multi-billion dollar deal with TotalEnergies SE in the south of the country, Al-Sudani said.
