Oil and Gas

Iraq will abide by OPEC production cuts, will not raise output

Iraq will remain committed to the OPEC+ deal struck in December 2018 to cut production by 1.2mn barrels per day, according to the nation’s oil ministry.

A statement published on the ministry website noted that “Iraq does not take an individual decision to increase production to compensate for the shortage of oil supplies, whatever the reasons, because it respects the collective decision of the organisation.”

It cited Iraqi Oil Minister Thamer Abbas al-Ghadban as saying that Iraq respects the deal “because it aims to restore balance to the world oil market.”

This follows the expiry of eight US waivers surrounding the import of Iranian oil. With US sanctions against Iran in full effect, Saudi Arabia has promised to fill the supply gap, and US government officials have noted that both KSA and UAE will contribute to maintain market balance.

OPEC’s Joint Ministerial Monitoring Committee is set to meet in Saudi Arabia on 19 May, where it will discuss market conditions ahead of the full OPEC meeting in Vienna, in June.

Source oilandgas

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