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Iraq Does Not Expect Further OPEC+ Cuts At Next Meeting

OIL

Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in early June, Iraq’s Oil Minister, Hayan Abdel-Ghani, said on Friday.

  • "At the next meeting, which will be held on the 3rd and 4th June, there will be no additional reduction, and as for Iraq, we cannot reduce further," Abdel-Ghani said on Friday.
  • Iraq is part of the OPEC+ members that announced to voluntarily cut output by an additional 1.2mbpd. Iraq said it would cut 211kbpd starting May as part of the voluntary cuts.
  • "The second cut was voluntary and it has helped us a lot in the stability of the market and boosting prices," Abdel-Ghani added.
  • Iraq’s crude oil output in April fell by 290kbpd to 4.10mbpd, the lowest in 20 months, due to the shutdown of the pipeline to the Turkish port of Ceyhan according to the latest Platts survey. Latest SOMO data estimated the country’s crude output at 3.94mbpd in April.
Energy BulletsCommodities
Energy BulletsCommodities

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