OPEC+ meeting to take into account market conditions – Iraqi official

The OPEC+ meeting in December will consider the market’s condition and balance, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer SOMO, as saying on Saturday.

According to Reuters, OPEC+ October decision to reduce production by two million barrels per day (bpd) had played an important role in stabilising global markets, Saadoun, who serves as Iraq’s delegate to OPEC, said.

He said that the cut hadn’t reduced Iraq’s exports.

Iraq’s current production represents 11 percent of the group’s total output of 43 million bpd, he said, adding that Iraq expects a crude price range of at least $85-95 next year.

OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and its allies led by Russia, will hold its next meeting in Vienna on Dec. 4.

Oil markets are witnessing “severe fluctuations” due to the repercussions of the pandemic, a slowing global economy and the war in Ukraine, the Iraqi official said, making it harder to ensure price stability.