Iraq Oil Minister: OPEC+ to keep policy of gradual output raise of 400,000 bpd unchanged

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said on Thursday that the OPEC+ group is expected to keep its policy of gradual oil output raise of 400,000 barrels per day unchanged at the December meeting, as reported by Reuters.

Additional takeaways

"Iraq December oil exports to reach 3.2 million bpd."

"Iraq targets to increase oil exports to 3.4 million bpd in Q1 2022."

"OPEC+ to review its output curtail policy in Q1 2022 to consider keeping current gradual raise at the same levels of 400,000 bpd each month."

"Iraq will stick to OPEC+ policy in cutting production, not considering seeking an exemption now or next year."

"OPEC+ gradual increasing of production not targeting high oil prices, but keeping global oil supplies stable."

Market reaction

Crude oil prices showed no immediate reaction to these remarks and the barrel of West Texas Intermediate was last seen trading at $80.65, losing 0.7% on a daily basis.