Wednesday, October 28
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Ibrahim Bahr al-Ulum To NINA: Oil Market Will Be Affected By The OPEC’s Decision, But Not Now

BAGHDAD, Oil and energy committee member Ibrahim Bahr al-Ulum ruled out that the oil market was affected by OPEC's decision to increase oil production in the near term, adding that "oil prices will remain at levels of 70 to 75 dollars per barrel." The end of the fourth quarter of this year. "

"The impact of the decision of the Organization of Petroleum Exporting Countries (OPEC) to increase oil production by one million barrels per day to the end of this year will be in the fourth quarter of this year and will not affect soon," Bahr al-Ulum said in a statement to the National Iraqi News Agency (NINA). "

"The Organization of Petroleum Exporting Countries (OPEC) has set up a committee to look into the increases that will be achieved in the production of member countries and their balance with other countries," he added.

As for Iraq, Bahr al-Ulum expected Iraq's oil production increased by about 100,000 barrels after OPEC's decision, depending on the production of Kirkuk's northern oil fields.

The Organization of Petroleum Exporting Countries (OPEC) has decided "unanimously" to increase its oil production by about 1 million barrels per day, according to Saudi Energy Minister Khalid al-Falih at the end of the semi-annual meeting of the Organization, despite Iran's reluctance.

Saudi Arabia, backed by Russia and the United States, has called for the increase amid rising prices and potential tension in oil markets.

Source: National Iraqi News Agency