Oil Ministry confirms Iraq's commitment to increases in production with OPEC+

Baghdad - INA 

The Ministry of Oil confirmed, today, Thursday, Iraq’s commitment to compensate for increases in production in line with the decisions and agreements of the OPEC Plus group.

A statement from the ministry, received by the Iraqi News Agency (INA), stated that “in the thirty-sixth ministerial meeting of the producing countries in OPEC and those allied from outside it, which was held on November 30, 2023, the Republic of Iraq and some member states of OPEC and the producing countries allied with it, that they will make new voluntary commitments as of January 2024, with the aim of maintaining stability and balance in global oil markets.

The statement added, "In line with Iraq's positions in support of the initiatives of OPEC Plus member states, the Ministry confirms its commitment to compensate for the increases in production that were mentioned in the reports of secondary sources for January during the next four months, after reviewing them with secondary sources.".

The statement indicated, “The Ministry confirms its commitment to the production adjustments agreed upon at the thirty-fifth OPEC Plus ministerial meeting, which was held on June 4, 2023, and the additional voluntary production adjustments announced by some OPEC member states and allied countries outside of it in April 2023.” As well as subsequent amendments announced in November 2023, regarding the months of February and March 2024.