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Iraq to Improve OPEC+ Compliance: Oil Minister


Iraq will improve its compliance with OPEC+ output cuts after reviewing estimates of its production, Iraqi Oil Minister Hayyan Abdul Ghani said in an interview cited by Bloomberg.

  • OPEC’s data compiled from external estimates – known as secondary sources – show Iraq produced 4.19m b/d in January, exceeding the OPEC quota of 4m b/d by 190k b/d.
  • Iraq has disputed OPEC+’s assessments of its crude output in the past.
  • “There will be a commitment and a tweaking of the amounts after reviewing the secondary sources,” the minister said.
  • Ghani added that he thinks there is no need for OPEC+ to extend its cuts which are in place until Q1. However, he added that Iraq will comply with whatever OPEC decides.
  • Ghani also expects an agreement with Kurdistan on resuming oil production from the region in one to two weeks.

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