Iraq affirms its commitment to OPEC+ voluntary production cuts
Supertankers filling at the Al Basrah Oil Terminal. Photo: US Army
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Sunday that Iraq is committed to OPEC+ voluntary output reduction.
Abdul-Ghani clarified in a statement to the Iraqi News Agency (INA) that the Oil Ministry is eager to maintain cooperation with OPEC+ member states and achieve more stability in the global oil market by reaching an agreement on voluntary reduction programs.
The Iraqi Oil Minister noted that the country had already declared its export and production limit for the months of June through the end of 2024, reaffirming its adherence to the OPEC+ agreement.
The Iraqi official stated that a plan has been prepared to compensate for the increase in oil production during the past period.
Abdul-Ghani added that the circulated information that Iraq failed to adhere to the voluntary reduction is inaccurate.
Bloomberg News mentioned that Abdul-Ghani told reporters on Saturday that Iraq has implemented enough voluntary cuts in oil production and will not agree to any new cuts adopted by the OPEC+ group at its upcoming meeting next June.
OPEC+ is expected to extend some voluntary production cuts if demand does not rise.
Earlier in May, OPEC+ mentioned that Iraq and Kazakhstan agreed to compensate for excess oil production by further reducing their oil output until the end of 2024.