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Iraqi Ministry of Oil: Iraq is more than 100% committed to OPEC+ cuts agreement

Category: Economy

Date: 2020-09-02T20:14:17+0000
Iraqi Ministry of Oil: Iraq is more than 100% committed to OPEC+ cuts agreement

Shafaq News/ A spokesman for the Iraqi Oil Ministry, Assem Jihad, confirmed on Wednesday that Iraq is still fully committed to OPEC+ agreement to reduce oil production, while he denied previous media reports that Iraq was seeking an exemption from the cuts agreement in the first quarter of 2021.

In a statement seen by Shafaq News Agency, Jihad said, "The Oil Ministry categorically denies this unfounded news and confirms that Iraq, on contrary to what was circulated, remains fully committed to the declaration of cooperation for the countries participating in the OPEC + agreement, which was concluded in April and the compensation mechanism that was agreed upon in June".

He added that Iraq's commitment to the current oil production cuts exceeded 100 percent in August, "it will continue at this high level, with compensation in August and September for the previous production surplus, which amounted to 850,000 barrels per day", under the OPEC + agreement.

A local newspaper quoted the Oil Minister, Ihssan Abdul-Jabbar, as saying that he had spoken about an exception with the oil ministers of key members of OPEC in three separate meetings.

The Organization of the Petroleum Exporting Countries and its allies in the OPEC + group are currently cutting production by 7.7 million barrels per day until next December to support prices in light of COVID-19 crisis that disturbed the demand.

Minister Abdul-Jabbar said last month that Iraq would cut production by an additional 400,000 barrels per day in August and September to compensate for its increased production in the previous three months.

A spokesman for the Iraqi Oil Ministry, Assem Jihad, said that if Iraq fails to fully compensate by the end of this September, it will request an "extension of the compensation period until the end of next November".

The Joint Ministerial Monitoring Committee which monitors the extent of members' commitment to the production cuts and provides advice to the OPEC + alliance holds its next meeting on September 17.

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