Iraq: OPEC+ to Meet Demand with Daily Increase of 400,000 Barrels in Oil Output

Iraq: OPEC+ to Meet Demand with Daily Increase of 400,000 Barrels in Oil Output

Iraq says OPEC + daily increase of 400,000 barrels in oil output would be enough to meet demand - File Photo/Reuters

Iraq’s state oil marketing company, SOMO, said on Saturday Iraq sees no need to take any decision to increase its production capabilities beyond what has already been planned for OPEC countries.

In the light of increased demand for energy, Iraq sees the OPEC+ agreement raising its output by 400,000 barrels per day (bpd) a month, sufficient to meet demand and stabilize the market, SOMO added in a statement.

“Meanwhile Iraq seeks to increase gas production through increasing investment in gas fields,” SOMO added.

An OPEC+ committee largely stuck to forecasts of a strong demand rebound this year and next ahead of a meeting next week, at which the group is expected to rubber stamp a planned output increase of 400,000 barrels per day (bpd) in December.

The Joint Technical Committee (JTC), which met on Thursday, now expects oil demand to grow by 5.7 million bpd in 2021, 120,000 bpd below OPEC's forecast in its latest monthly report, two OPEC+ sources said, Reuters reported.

The JTC left its demand forecast for next year steady at 4.2 million bpd, one of the sources said.

OPEC+ forecasts are still