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Iraq to reject further OPEC+ oil output cuts

Baghdad ( – The Iraqi Minister of Oil, Hayan Abdul-Ghani, told reporters on Saturday that Iraq has implemented enough voluntary cuts in oil production and will not agree to any new cuts adopted by the OPEC+ group at its upcoming meeting next June.

OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other non-OPEC producers, may extend some voluntary production cuts if demand does not rise.

Abdul-Ghani’s remarks took place during a conference held in Baghdad on oil and gas licensing rounds, according to Bloomberg News.

It is not clear whether the Iraqi Oil Minister meant to refuse an extension of voluntary oil production cuts, which would conflict with widespread expectations that the cuts would be extended, or whether he was simply against any additional cuts.

OPEC+ said in a statement earlier in May that Iraq and Kazakhstan, two members of the coalition, agreed to compensate for excess oil production by further reducing their oil output until the end of 2024.

In April, the two countries decided to submit plans on how they would achieve full compliance.

OPEC+ said following an online meeting that Iraq exceeded its quota by pumping 602,000 barrels per day in total in the first three months of 2024, while Kazakhstan exceeded its quota by pumping 389,000 barrels per day.

OPEC+ added that any overproduction that may arise in April 2024 for Iraq and Kazakhstan will be accommodated in the respective compensation plans over the remaining months of 2024.

The post Iraq to reject further OPEC+ oil output cuts appeared first on Iraqi News.