May 24, 2024
OIL MARKET: Hope rises for oil price, stability as Iraq expresses commitment to compensate for overproduction
BREAKING: Oil prices fall to $73.07 per barrel despite dropping inventory
– By Alison Godswill

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Iraq reiterates its commitment to adhering to full conformity and compensating for overproduced volumes in accordance with decisions taken at OPEC and non-OPEC Ministerial Meetings (ONOMM), most recently the 13th ONOMM on 4/5 January 2021, according to the Organisation of Petroleum Exporting Countries, OPEC.

In a statement obtained by The daily, www.thedaily-ng.com, OPEC, stated: “Iraq remains resolute in the core Declaration of Cooperation (DoC) objectives of rebalancing the market and achieving much needed sustainable stability.

“The attainment of 100% conformity from all Participating Countries, and compensating for overproduced volumes, is both fair and equitable to all participating countries in the DoC.”

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