OPEC is focusing on stable supplies of crude oil rather than prices, said Iraq oil minister Ihsan Abdul Jabbar on Thursday during a briefing in Baghdad.
This is why the organization will continue to add 400,000 b/d a month, and then ramp it up in Q1 next year.
Jabbar's comments came amid concerns that OPEC could not meet its promised monthly increases, especially since many countries like Angola and Nigeria are struggling to meet their quotas. Meanwhile, consumer countries such as the US and India have urged the group to increase production volumes, in order to bring prices down. After all, oil has already grown by nearly 60% this year.
Jabbar was indignant in explaining that OPEC is not manipulating prices, but is trying to stabilize supply. According to him, the group's goal is to prevent prices from falling, and there is no goal to reach a certain price.
Also, it is slowly restoring production that was stopped last year due to quarantine. They believe that caution is appropriate as risks to global consumption persist.
Iraq intends to export 3.2 million b/d in November, from fields controlled by the central government. That figure will rise to 3.4 million in the first quarter as OPEC continues to cut supply restrictions.
