Iraq may face more scrutiny as OPEC+ prepares to review the nation’s supply strategy due to its failure to fulfill the alliance’s March 2018 oil output target.
According to Bloomberg, Iraq produced 4.17 million barrels per day in March, which was 30,000 less barrels per day than in February.
Even though Iraq’s production is at its lowest point in a year, it is still over 170,000 barrels above the amount it pledged to when OPEC+ members decided to limit output.
After surpassing its production quota in January and February, Iraq will lower output and exports, according to a statement made by the country’s oil minister, Hayan Abdul-Ghani, last month.
Through videoconference, Abdul-Ghani took part in the Joint Ministerial Monitoring Committee’s (JMMC) 53rd meeting.
The Committee welcomed the commitments by Kazakhstan and Iraq to achieve full compliance and offset surplus production.
By April 30, 2024, participating nations having excess production in January, February, and March of that year must submit their compensation plans to the OPEC Secretariat.
