Iraq commits to oil output agreed upon with OPEC+
A worker controlling a valve in an oil field in Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil said on Wednesday that Baghdad will review its oil output and address any increases to remain committed to the production levels agreed upon with OPEC+.
The Oil Ministry mentioned in a statement that it will review reports from secondary sources and handle any output increases in the next four months, the Iraqi News Agency (INA) reported.
The Iraqi Oil Ministry confirmed its commitment to the production levels agreed upon at the 35th ministerial meeting of OPEC+, which was held on June 4, 2023.
OPEC’s monthly report, issued on Tuesday, showed that Iraq reduced its production by only 98,000 barrels per day last January, roughly a third of the reduction necessary to adhere to its quota, according to Bloomberg.
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, during a meeting on Wednesday with the Saudi Minister of Energy, Abdulaziz bin Salman Al Saud, emphasized the necessity of working with Saudi Arabia to control the energy market and oil prices under the umbrella of OPEC, according to a statement issued by the Prime Minister’s Office (PMO).
Al-Sudani elaborated that working with Saudi Arabia to control the energy market and oil prices will ensure the stability of energy markets in the region and the world, as well as the interests of both producing and consuming countries.