Ministry of Oil: Iraq is committed to the agreement of reducing production

INA - Baghdad

Ministry of Oil confirmed that Iraq will remain committed to declaring cooperation for the countries participating in the OPEC + agreement, which was concluded in April, denying seeking an exception to the rates of production cuts.

An official source at the ministry said in a statement received by the Iraqi News Agency (INA), that with reference to what was circulated today, in the media, of a statement attributed to the Minister of Oil, claiming that the Republic of Iraq will seek an exception from the agreed production cuts. According to the declaration of cooperation for the countries participating in the OPEC Plus agreement, the Oil Ministry categorically denies this unfounded news.

The statement added, "Iraq, contrary to what has been circulated, will remain fully committed to the declaration of cooperation for the countries participating in the OPEC Plus agreement, which was concluded in April, and to the compensation mechanism that was agreed upon in June, and will continue to work, with all other signatory countries, As part of their collective efforts aimed at enhancing the stability of world oil markets.

"The rate of Iraq's commitment to the agreement exceeded 100% last August, and will continue at this high level, with compensation, in August and September, for the previous production surplus, which amounted to 850 thousand barrels per day, according to the OPEC Plus agreement," according to the statement.

In the event that compensation for the surplus production is not fully, by the end of September, is possible, then Iraq will request the Joint Ministerial Monitoring Committee to obtain an urgent decision by the countries participating in the OPEC Plus agreement, to extend the compensation period until the end of November, immediately after the committee’s meeting on September 17th.