Iraq’s Oil Ministry Confirms Compliance with OPEC+ Agreement
In a recent statement, the Iraqi Ministry of Oil reaffirmed its commitment to the OPEC+ agreement, confirming an output of 4 million barrels per day for January 2025.
The Ministry emphasized its adherence to the stipulated OPEC+ guidelines, including the agreed-upon additional discounts and compensation for accumulated production volumes. To facilitate this process, the Ministry plans to implement necessary measures, including an updated strategy to address excess production from previous periods.
This commitment was articulated during a joint conference call involving key figures such as Hayyan Abdel-Ghani Abdel-Zahra, the Deputy Prime Minister for Energy Affairs, Abdul Aziz bin Salman Al Saud, the Minister of Energy from Saudi Arabia, Alexander Novak, Deputy Prime Minister of Russia, and Haytham Al-Ghus, the Secretary-General of OPEC.
The report from the Ministry highlighted that Iraq’s crude oil production in January 2025 was recorded at 3.999 million barrels per day, signifying a positive step towards meeting designated production levels.
Furthermore, the Iraqi Ministry of Oil is dedicated to rectifying any accumulated surplus, particularly considering the latest developments regarding oil production in the Kurdistan region and the resumption of exports through the Iraqi-Turkish pipeline. The Ministry remains committed to adhering to Iraq’s designated share within the OPEC agreements and fulfilling the necessary compensation volumes.
The Ministry also underscored the essential role these agreements play in stabilizing global oil markets, emphasizing the importance of contributions from member states within the OPEC+ coalition in ensuring market stability.