Iraq: Committed to "OPEC+" Agreement

Iraq's Ministry of Oil confirmed in a statement today, Friday, that Iraq is committed to the "OPEC+" agreement regarding production levels, just two weeks before an important meeting of the oil-producing group. The ministry considered that the increase in oil exports from some OPEC members is "natural" and does not affect the agreed production levels. The statement added, "These increases in export levels sometimes occur due to decreased domestic consumption from season to season." Iraqi Oil Minister Hayan Abdul-Ghani stated that oil exports from the southern fields have increased by 350,000 barrels per day, without specifying a timeframe. The export of approximately 450,000 barrels per day of oil from northern Iraq has been halted since late March due to a dispute with Turkey. The "OPEC+" group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to meet in Vienna on November 26 to determine production policy.