Iraq complies with OPEC’s policies on oil output
Oil tanks at Turkey’s Mediterranean port of Ceyhan. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, said on Monday that Iraq is committed to the decisions of the Organization of the Petroleum Exporting Countries (OPEC) regarding production levels.
Abdul-Ghani clarified that, having announced its second voluntary decrease in December, Iraq is likewise committed to limiting its production to no more than four million barrels per day.
The Iraqi Oil Minister stated that Iraq’s current oil exports range between 3.35 and 3.4 million barrels per day.
Abdul-Ghani disclosed that negotiations to settle a disagreement that has stopped the oil export from northern Iraq have advanced with foreign oil corporations doing business in Iraqi Kurdistan.
The Iraqi official added that negotiations with companies operating in northern Iraq are getting close to a resolution soon and that the restart of oil exports from Iraqi Kurdistan is related to the resumption of oil production from fields in the Kurdistan region of Iraq.
In March 2023, Turkey stopped oil exports of 450,000 barrels per day from northern Iraq after a ruling issued by the International Chamber of Commerce (ICC) in an arbitration case in which Ankara was ordered to pay compensation to Baghdad for the damage it suffered from unauthorized exports between 2014 and 2018.