Iraqi Oil Ministry Affirms Commitment to OPEC+ Agreements
The Iraqi Ministry of Oil has reaffirmed its unwavering commitment to the OPEC+ agreement, including the additional discounts and measures to compensate for previously accumulated production surplus.
In a recent statement, the Ministry emphasized its intention to implement the necessary actions to adhere to these agreements. This includes devising an updated strategy to address and compensate for the excess production recorded in prior periods.
This affirmation follows a collaborative phone discussion involving notable officials, including Hayyan Abdul-Ghani Abdel-Zahra, the Deputy Prime Minister for Energy Affairs, Saudi Energy Minister Abdul Aziz bin Salman Al Saud, Alexander Novak, Deputy Prime Minister of the Russian Federation, and OPEC Secretary-General Haitham Al-Ghais.
Recent data from recognized secondary sources indicate that Iraq’s crude oil production reached 3.999 million barrels per day in January 2025. This figure highlights Iraq’s dedication to maintaining the production levels outlined in the OPEC agreements.
The Ministry reiterated its commitment to managing the accumulated production surplus while considering recent developments regarding the federal government’s receipt of oil produced in the Kurdistan region. The resumption of exports through the Iraqi-Turkish pipeline will also be facilitated, all while complying with Iraq’s allotted share in the OPEC agreements concerning voluntary reductions and necessary compensatory measures.
In summary, the Ministry of Oil underscored the critical importance of these agreements in fostering stability within global oil markets. It also recognized the role of member states of the OPEC+ coalition in contributing to this market stability.
