Economy News – Baghdad
On Monday, the Ministry of Oil reaffirmed its unwavering commitment to the OPEC+ agreement, including the agreed-upon production discounts and compensating for accumulated production volumes.
In a recent statement, the ministry outlined its intention to implement all necessary actions to uphold these agreements. This includes devising an updated strategy to offset excess production from previous periods.
This commitment was reiterated during a joint conference call involving key figures: 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 Haitham Al-Ghais, the Secretary-General of OPEC.
According to data derived from OPEC-approved secondary sources, Iraq’s crude oil production reached 3.999 million barrels per day in January 2025, a promising sign of Iraq’s adherence to its designated production levels.
The ministry emphasized its continued efforts to manage accumulated surpluses, while also addressing recent developments regarding the federal government’s receipt of oil produced in the Kurdistan region and the resumption of exports through the Iraqi-Turkish pipeline. This will be done while maintaining Iraq’s production share as outlined in the OPEC agreements for voluntary reductions and required compensation volumes.
In conclusion, the Ministry of Oil underscored the critical significance of these agreements in fostering stability within global oil markets and highlighted the importance of active participation from OPEC+ member states in supporting this stability.
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