The Ministry of Oil announced Iraq’s commitment to the OPEC agreement and to the voluntary cuts.
The ministry stated in a statement, ‘With reference to the estimates of secondary sources regarding an increase in Iraq’s production beyond the quota stipulated in the OPEC agreement and the countries associated with it in the declaration of cooperation by 184 thousand barrels / day for the month of June 2024, Iraq confirms its full commitment to the agreement and to the voluntary reductions and compensation for any surplus production since the beginning of 2024.’
The ministry added that it “will adhere to the production level required in the agreement, amounting to 4 million barrels per day for the month of July and the coming months, in addition to compensating for the surplus in production since the beginning of the year during the compensation period, which extends until the end of September 2025.”
Source: National Iraqi News Agency