# OPEC+ meeting to take into account market conditions – Iraqi official
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-11-28
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: OPEC+ Meeting in December: Market Condition and Balance
Meta Description: Learn how Iraq's delegate to OPEC highlighted the importance of production cuts in stabilising global markets, ahead of the December meeting in Vienna.
URL: https://financedigest.com/opec-meeting-to-take-into-account-market-conditions-iraqi-officialhtml

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CAIRO (Reuters) – The OPEC+ meeting in December will take into account the condition and balance of the market, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer SOMO, as saying on Saturday.

OPEC+’s 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](https://www.financedigest.com/eu-could-face-gas-shortage-next-year-iea-warns.html "EU could face gas shortage next year, IEA warns").

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](https://www.financedigest.com/broadband-wars-make-sure-youre-not-caught-in-the-slow-lane.html "Broadband wars – make sure you’re not caught in the slow lane  ") in Ukraine, the Iraqi official said, making it harder to ensure price stability.

(Reporting By Ahmed Tobla; Writing by Moaz Abd-Alaziz)


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