Economy Update – Baghdad
On this Wednesday, the International Energy Agency has reported that Iraq maintains a significant energy surplus estimated at 600,000 barrels per day.
According to the agency’s findings, the total energy output of OPEC stands at approximately 5.3 million barrels per day. This figure includes 3.1 million barrels per day from the Kingdom of Saudi Arabia, 1.1 million barrels per day from the United Arab Emirates, 600,000 barrels per day from Iraq, and 400,000 barrels per day from Kuwait.
The report further indicates that this total surplus accounts for around 5.1% of the expected global oil demand, which the International Energy Agency forecasts will reach an average of roughly 104 million barrels per day by 2025.
Recently, OPEC+, which comprises OPEC members, Russia, and their allies, has implemented a series of production cuts totaling approximately 6 million barrels per day since 2022, aimed at stabilizing the market.
OPEC possesses vast quantities of idle oil reserves that can be activated during times of conflict or natural disasters.
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