2024-05-14 10:50:21
The Iraqi Oil Minister said 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 scheduled meeting on June 1.
According to sources, OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers, may extend some of the voluntary production cuts if demand does not rise.
In response to a question from a journalist whether Iraq would agree to extend the voluntary OPEC+ cuts at the June 1 meeting, Minister Hayan Abdul Ghani said, “Iraq has reduced (production) sufficiently and will not agree to any future reduction.”
It was not immediately clear whether Abdul Ghani meant to refuse to extend the voluntary cuts, which would conflict with widespread expectations that the cuts would be extended, or whether he was simply against any additional cuts.
The minister was speaking on the sidelines of a conference on oil and gas licensing in Baghdad.
OPEC+ said in a statement on Friday that Iraq repeatedly said it was committed to the voluntary cuts that the group initially announced in 2023, but it pumped more than its quota by 602,000 barrels per day in total in the first three months of 2024.
The group added that Baghdad agreed to compensate for this with additional reductions in production during the rest of the year.
Last updated: May 12, 2024 – 19:00
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2024-05-14 10:50:21