Iraq exported 170,000 barrels more than OPEC+ agreement
Workers adjusting valves in an oil facility in Iraq. Photo: INA
Baghdad (IraqiNews.com) – Iraq may come under further scrutiny as OPEC+ gets ready to examine the country’s supply strategy because it did not meet the oil output target set by the alliance last March.
Iraq pumped 4.17 million barrels per day in March, 30,000 barrels per day less than the output in February, according to Bloomberg.
While this is the lowest production level for Iraq in a year, it is still about 170,000 barrels more than the level it committed to as OPEC+ members agreed to restrict production.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said last month that the country would reduce production and exports after exceeding its production quota in January and February.
Abdul-Ghani participated in the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), which took place via videoconference.
The Committee applauded the pledges made by Iraq and Kazakhstan to attain complete compliance and make up for excess output.
Participating countries with surplus production during January, February, and March 2024 shall provide the OPEC Secretariat with their compensation plans by April 30.