Iraq projects OPEC will rise to the global oil demand challenge

Khalid Al-Ansary 10/29/2021

(Bloomberg) - A daily increase of 400,000 barrels in oil output would be enough to meet demand, according to Iraqi Minister Ihsan Abdul Jabbar.

The minister commented days before representatives from some of the world’s producers meet to talk about output levels. The 23-nation OPEC+ alliance, jointly led by the Saudis and Russia, is reviving shuttered supplies in modest increments of 400,000 barrels a day each month. It’s expected to ratify another such hike when ministers convene this coming week.

Rising prices for natural gas and coal in Asia and Europe could lead to a rise in oil demand this winter, he said. Monthly increases of 400,000 barrels a day will eventually help stabilize the oil market, he said in a text message.

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