By John Lee. OPEC has reportedly agreed to increase Iraq's oil production to 4.5 million barrels per day (bpd) in June. The state-controlled Iraqi News Agency (INA) quotes Iraq's representative to OPEC, Muhammad Saadoun, as saying that oil production will then increase by 50,000 bpd each month from July to September. He also predicted an
Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported. There will be further increases of 50,000 bpd in output in each of the months July, August and September, INA added, citing .
RIYADH: Oil prices rose about 4 percent on Friday as US gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the EU bans Russian oil. Brent futures rose $4.10, or 3.8 percent, to settle at $111.55 a barrel. US West Texas Intermediate (WTI) crude rose $4.36, or 4.1 percent, to settle at $110.49.
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