Iraq, a major crude oil producing country, recently held a bidding event that attracted global attention, packaging and listing 29 oil and gas exploration projects in one go. Iraqi Deputy Prime Minister and Minister of Oil Ghani stated that he hopes to significantly increase oil and gas reserves and production capacity through this move. In addition, regarding measures to reduce production, Gani emphasized that there will be no support for any extension of production reduction at the next OPEC+meeting. What is the impact of Iraq’s actions on the crude oil market?
Iraq, a major crude oil producing country, recently held a bidding event that attracted global attention, packaging and listing 29 oil and gas exploration projects in one go. Iraqi Deputy Prime Minister and Minister of Oil Ghani stated that he hopes to significantly increase oil and gas reserves and production capacity through this move. In addition, regarding measures to reduce production, Gani emphasized that there will be no support for any extension of production reduction at the next OPEC+meeting. What is the impact of Iraq’s actions on the crude oil market?