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OIL: Iraq Committed to OPEC Cuts for More Market Stability

OIL

Iraq is committed to OPEC voluntary oil production cuts and will cooperate with efforts to achieve more stability in global oil markets according to Iraq’s oil minister on May 12.

  • “Extending the voluntary reduction on crude oil is subject to agreement between OPEC countries,” said Oil Minister Hayyan Abdul Ghani. “Iraq is part of OPEC, and it is necessary that we adhere to and agree with any decisions issued by the organization.”
  • “The oil ministry is keen on the cooperation of member states and working to achieve more stability in the global oil market by agreeing on voluntary reduction programmes.”
  • Iraq's oil minister previously suggested on Saturday that the country had made enough voluntary oil production cuts and would not agree to any additional OPEC+ cuts at the June 1 meeting.
  • Earlier this month, Iraq outlined plans for additional supply cuts from May through December to compensate for production above OPEC+ target by a combined 602kb/d during Q1 2024.
  • Iraq’s oil exports are currently 3.4mb/d according to the deputy oil minister on May 11.
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