BAGHDAD – Iraqi Oil Minister Hayan Abdul Ghani announced that his country will not agree to any new cuts in crude oil production that the OPEC+ alliance may announce at its next meeting.
Abdul Ghani’s statements were made yesterday, Saturday, on the sidelines of his participation in the work of an oil and gas conference held in his country, the details of which were reported by the official Iraqi News Agency.
He said: “We have made enough voluntary reductions in crude oil production during the recent period… I do not think that we will agree to any new proposals for reduction at the coalition meeting scheduled to be held at the beginning of next June.”
Since July 2023, Iraq has entered into a voluntary reduction of 220,000 barrels per day, which has been repeatedly extended, with the latest expiration date being next June.
Also, Iraq is participating in a mandatory reduction by the coalition that began in November 2022 and continues until next December, with a total reduction for the 23 coalition countries amounting to approximately 3.6 million barrels per day.
The minister did not explicitly indicate the type of reduction that his country would not agree to if it was proposed to extend or deepen it.
Currently, Iraq’s oil production is approximately 4 million barrels per day, according to data from the Ministry of Oil and the Organization of the Petroleum Exporting Countries (OPEC).
On more than one occasion, Iraq faced criticism from the OPEC+ alliance for not adhering to the quantities of oil produced.
Anatolia
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2024-05-13 15:12:42
