Iraq submits an update to OPEC on compensation for oil production

Baghdad - INA

The Ministry of Oil renewed, today, Thursday, its confirmation of Iraq's seriousness in adhering to the voluntary production reduction decisions, while confirming the submission of an updated production compensation plan to the OPEC Plus group.

The ministry said in a statement received by the Iraqi News Agency (INA): "In the framework of the Iraqi Ministry of Oil's commitment to the decisions of the OPEC Plus group aimed at achieving stability in global oil markets, we reaffirm our seriousness in adhering to the voluntary production reduction decisions that were agreed upon within the group.".

The statement added that "the ministry has taken real and tangible steps to reduce production levels while working to compensate for the quantities that exceeded the production levels set during the previous months."

It continued, "The ministry has submitted an updated compensation plan to the OPEC Secretariat, clarifying the details and procedures that will be taken to ensure full compliance with its commitments to the organization."

He pointed out that "this move by Iraq comes as a confirmation of its keenness to support the joint efforts made by the OPEC + group to achieve balance and stability in the global oil market, and to preserve the interests of all producing and consuming countries alike."