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Oil market sees improved demand, decline in surplus supply: Iraq minister

Iraqi Oil Minister Ihsan Abdul Jabbar said on Sunday that the oil market has seen an improvement in demand and a decline in surplus and stockpiles

Topics
oil market | Oil demand | crude oil supply

Reuters  |  CAIRO 

To date, the Centre has awarded 105 Open Acreage Licensing Policy (OALP) blocks under the revenue-sharing regime through five rounds of auction.

CAIRO (Reuters) -Iraqi Oil Minister Ihsan Abdul Jabbar said on Sunday that the has seen an improvement in demand and a decline in surplus and stockpiles.

His statement follows an agreement by OPEC+ ministers on Sunday to boost oil supplies from August.

"The meeting emphasised strengthening collective cooperation, praising the countries' compliance with the agreement, and the positive development in increasing demand for crude, as well as the decline in stocks and oil surplus, which is a positive and influential indicator," Abdul Jabbar said.

Total compliance with the OPEC+ deal, including Mexico, reached 113% in June, the Iraqi oil ministry statement, citing Abdul Jabbar, said.

"This confirms everyone's keenness to successfully overcome the challenges facing the oil market," Abdul Jabbar said.

(Reporting by Omar Fahmy and Nayera Abdallah; Editing by Hugh Lawson and Jane Merriman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sun, July 18 2021. 21:38 IST
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