2024-02-12T14:51:13+00:00
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/ Oil Minister Hayan Abdul Ghani confirmed on Monday that Iraq is committed to the decisions of the Organization of the Petroleum Exporting Countries (OPEC) regarding production, in addition to its commitment not to produce more than four million barrels per day, after announcing its second voluntary reduction last December.
Abdul Ghani said, “Iraq’s current exports range between 3.35 and 3.4 million barrels per day,” noting that progress has been made in talks with international oil companies operating in Iraqi Kurdistan to resolve a dispute that has halted oil exports from the Kurdistan Region.
He added that “the resumption of exports from Kurdistan is linked to the resumption of production from the fields in the region, and that talks with companies operating in the region are close to reaching a solution in the near future.”
On March 25, Turkey halted the Kurdistan Region of Iraq’s oil exports of 450,000 barrels per day after an arbitration ruling by the International Chamber of Commerce ordered Ankara to pay compensation to Baghdad for damages caused by unauthorized exports between 2014 and 2018.