Iraq Affirms Commitment to Compensate for Production Increase

The Iraqi Ministry of Oil confirmed on Thursday its commitment over the next four months to compensate for the increase in crude oil production above the agreed-upon level within the "OPEC+" framework for January. A statement published by the official Iraqi News Agency noted that "the ministry confirms its commitment to compensating for the production increases reported in the secondary sources for January over the next four months, after reviewing them with the secondary sources." "OPEC+" agreed in November to voluntary production cuts totaling 2.2 million barrels per day in the first quarter of this year.