As you might know, this article has many to say about Iraqi bitumen and the best quality bitumen in the Middle East. Since the Middle East is
a significant source of bitumen market, demand, and manufacture. That is
why we cannot dismiss the Mideast in this regard.
Iraq does not want to be exempt from the OPEC agreement to
reduce oil production. To be more specific, the Iraqi government still wants
to be part of the agreement between the OPEC allies to reduce oil production,
as this historic oil deal has proven to be an effective tool in strengthening
the post-recession energy market caused by the Corona’s outbreak. Moreover, the Iraqi government still wants to be part of an agreement between
OPEC members to reduce oil production, as this historic oil deal has proven
to be a powerful tool in boosting the post-recession energy market
caused by the Corona’s pandemic.best quality bitumen
The state-run Al-Sabah newspaper quoted Iraqi Oil Minister
Ehsan Abdul Jabbar as saying that Iraq did not request an exemption
from the agreement because it feared an increase in production could
cause oil prices to fall again. This statement refutes previous claims that OPEC,
the second-largest oil producer, seeks to be exempt from production cuts. In fact, they have often
criticized Iraq for its overproduction. Additionally, Al-Sabah reported on
Sunday that the minister expects oil prices to reach around $50 by the
beginning of next year, while global demand for the commodity will
But , improve slightly. The statement came as the so-called OPEC Plus
Coalition is in informal talks to decide on a future cut in crude oil production.
best quality bitumen
The signatories were about to ease restrictions on reducing oil production
from January, but are now about to extend the limit of 7.7 million barrels per
day for world production for another two or three months. Generally,
they set the group to announce its final decision next week. According to
the report, the largest producers of OPEC Plus, namely Russia and
Saudi Arabia, have already agreed to extend the agreement for the first quarter
of 2021. The parties must now work on the details and mechanism of
this extension.best quality bitumen
In sum, Iraq is one of the dominant countries to some extent that its
Also , production and demands will change the situation globally.
Hope you find this useful.