Iraq affirms its commitment to OPEC+ decisions

Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, said on Sunday that Iraq is committed to the production rates stipulated in the OPEC+ agreement, which is 220 thousand barrels per day.

“We forced some oil companies operating in southern Iraq to reduce their production to comply with OPEC+ decision,” Abdul-Ghani mentioned during a conference held in Baghdad, Reuters reported.

Abdul-Ghani added that Iraq is ready to increase its production if OPEC+ decides to do so.

Earlier on Sunday, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, arrived in Baghdad, on a two-day official visit.

The spokesperson of the Iraqi Oil Ministry, Assem Jihad, mentioned in a statement that Al-Ghais arrived in Baghdad on a two-day visit following an invitation by Abdul-Ghani, the Iraqi News Agency (INA) reported.

Jihad indicated that the agenda of Al-Ghais in Iraq includes meetings with several officials in Baghdad, in addition to a visit to some historical sites, including the Al-Shaab Hall (People’s Hall), which hosted the first meeting of OPEC in 1960, INA added.

Last December, the OPEC+ group decided to adhere to its goals related to oil production by about two million barrels per day.

OPEC+ alliance approved in October 2022 a production cut of two million barrels per day, about two percent of the global demand, starting from November 2022 until the end of 2023.

OPEC+ attributed its decision at the time to the weak expectations of the global economic growth.

Oil prices started to fall since last October due to the slowing growth worldwide and the increased interest rates.