Iraq Remains Committed to OPEC+ Deal to Cap Oil Output at 4 Million Bpd

OPEC’s second-largest producer, Iraq, is committed to its voluntary cut in the OPEC+ agreement and will produce no more than 4 million barrels per day (bpd) of crude oil, Iraq’s Oil Minister Hayan Abdel-Ghani said on Monday.

Iraq, which pumped 4.292 million bpd in December, per OPEC’s secondary sources, is one of several OPEC+ producers who pledged at the end of November to make voluntary cuts to their crude oil production in the first quarter of 2024. Iraq announced a production cut of 223,000 bpd between January 1 and March 31, 2024.

“Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions,” OPEC said at the time, commenting on the voluntary cuts which Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman also announced.

Currently, Iraq’s crude oil exports are in the range between 3.35 million bpd and 3.4 million bpd, Reuters quoted the Iraqi minister Abdel-Ghani as telling reporters today.

The minister also commented on the nearly year-long halt to crude exports from northern Iraq and its semi-autonomous region of Kurdistan and when these exports could be expected to resume.

“Resumption of exports from the Kurdistan region is linked to the resumption of production from the fields in the region. Talks with the companies operating in the region are on their way to reach a resolution in the near future,” Abdel-Ghani said, as carried by Reuters.

At the end of last month, the international oil companies operating in Kurdistan called on the U.S. Congress for immediate action to help resolve halted crude oil exports from the semi-autonomous region.

The Association of the Petroleum Industry of Kurdistan (APIKUR) has written a letter to Congress in which it says that it “remains committed to the Kurdistan Region and urges the U.S. Congress to support efforts to resume full oil production and exports, essential for regional economic stability and security.”

By Tsvetana Paraskova for Oilprice.com

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About Stu Turley 3040 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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