Iraq’s oil minister Ihsan Ismaeel said that the country will firmly commit to the cut pact of the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+).
The country will export 2.8 million bpd of crude this month, down from May’s 3.63 million bpd. Its quota in the OPEC+ pact is 3.592 million bpd and last month Iraq did not comply by pumping 4.231 million bpd.
The minister reiterated the country’s commitment, “It is in our interest to commit as OPEC's second-largest producer, non-commitment is a slippery slope."
Previously on June 6, OPEC+ agreed to keep its collective production cuts of 9.7 million bpd through July to help to balance the global oil market. Other than Iraq, other laggards Angola, Iraq, Kazakhstan, and Nigeria will compensate for their lack of compliance in May with extra cuts below their quotas in July, August, and September.
Iraq will also cut domestic crude consumption by substituting crude as feedstock with gas to produce electricity.
