Iraq complies with OPEC’s policies on oil output

Iraq complies with OPEC’s policies on oil output

Iraq is dedicated to adhering to the Organization of the Petroleum Exporting Countries’ (OPEC) decisions about production levels, according to remarks made on Monday by the country’s oil minister, Hayan Abdul-Ghani.

Abdul-Ghani stressed that Iraq is also committed to keeping its output to a maximum of four million barrels per day, having announced its second voluntary cut in December.

According to the oil minister of Iraq, the country currently exports 3.35 to 3.4 million barrels of oil per day.

Abdul-Ghani said that talks with international oil companies operating in Iraqi Kurdistan to resolve a dispute that has halted the country’s oil exports had progressed.

The Iraqi official went on to say that talks with businesses that operate in northern Iraq are getting near to a resolution shortly and that the revival of oil production from fields in the Kurdistan area of Iraq is connected to the commencement of oil exports from Iraq.

Following a ruling by the International Chamber of Commerce (ICC) in an arbitration case, Turkey ceased exporting 450,000 barrels of oil per day from northern Iraq in March 2023. Ankara was ordered to compensate Baghdad for the harm caused by unauthorized exports between 2014 and 2018.