ALBAWABA – The Iraqi Ministry of Oil said that Iraq is affirming its full commitment to the latest oil production agreement and the government will compensate for any production increase since the beginning of 2024.
Iraq oil production
The ministry explained that Iraq's oil production last June was higher than the agreed quota by 184,000 barrels per day. The ministry stressed on Iraq's full commitment to the OPEC Plus agreement and the voluntary cuts.
The Iraqi government announced compensation for additional oil production (Shutterstock)
Last month, the ministry confirmed its full commitment to compensate for any additional oil production since the beginning of 2024. This was a sequence of the fact that Baghdad exceeded the agreed quota last May by about 203,000 barrels.
OPEC agreement
The OPEC+ agreement states that Iraq is required to produce 4 million oil barrels daily since June 2024 and in the upcoming months. The Iraqi government will compensate for the increased production amount since the start of 2024 and until the end of September 2025.
It is noteworthy that Hayyan Abdul Ghani, Iraqi Minister of Oi, said last May that his country’s commitment to the OPEC+ latest agreement that states voluntary cuts of 2.2 million barrels per day and is aimed at supporting the stability and balance of oil markets in the world.
Abdul Ghani reported developing a compensation plan for the increased production quantities and how the Iraqi government is committed to the OPEC+ agreement.
