OPEC+ Does Not Have Knee-Jerk Reactions to Market Challenges – Iraq Oil Ministry

Security events were among the main factors that cause instability in global markets, Assim Jihad told Reuters, adding their impact on supply and demand flows depend on how long they last.

International Monetary Fund Managing Director Kristalina Georgieva said on Thursday the Israel-Hamas conflict threatened to darken the already tepid global economic outlook, adding there had been some fluctuations in oil prices and reactions in markets but it was too early to predict the economic impact.

“Achieving the goal of stability and balance in global markets” was among the top priorities of OPEC+, Jihad said.

The producer group, which includes Saudi Arabia-led OPEC and allies led by Russia, is careful to achieve consensus on decisions, Jihad said, adding Iraq is committed to OPEC+ voluntary output cuts.

OPEC+ would hold a ministerial meeting if the situation requires it, to review reports and market developments and make the appropriate decision, Jihad said.

Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday it was necessary to be “proactive” in the oil market and attempt to bring stability to it.