Iraq said on Wednesday that its crude oil exports are in line with the consumption in the world oil market, ruling out the need to increase oil production.
 

A statement by the Iraqi State Organization for Marketing of Oil (SOMO) said with "the developments and changes that the global market is going through today, especially with regard to the balance of global supply and demand for crude oil, Iraq believes that the level of oil exports supplied to the global market is commensurate with the level of global consumption and demand."

The statement stressed that the planned increases by the OPEC+ countries are sufficient to address any shortages that may occur in the crude oil supplies to the world markets.

SOMO's statement came as the crude oil prices in the world market witnessed a significant increase because of the Russian-Ukrainian crisis and the sanctions imposed on Russia.

Earlier in the month, the Ministry of Oil said Iraq exported 92.79 million barrels of crude oil in February with an average of 3.31 million barrels per day.

Iraq used to export more than 100 million barrels per month with higher revenues, but the OPEC+'s agreement to cut oil production and a dip in oil prices because of the COVID-19 pandemic have combined to weaken the country's oil exports.

Iraq's economy heavily relies on crude oil export, which accounts for more than 90 percent of the country's revenues.