Iraq: Voluntary Production Cuts Subject to OPEC Agreements

Iraqi Oil Minister Hayan Abdul-Ghani indicated on Sunday that voluntary oil production cuts are subject to agreements among the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The minister's statements were made to reporters during a special event for a licensing round for oil and gas exploration in Baghdad. This follows his remarks on Saturday, where he stated that Iraq has made sufficient voluntary cuts and will not agree to any additional cuts proposed by the broader OPEC+ group in their upcoming meeting in early June. On Sunday, the minister said, "The voluntary cut of crude oil is subject to the agreement among OPEC countries, and any proposals can be discussed at that time." He added, "We are part of OPEC, and it is essential that we comply and agree with any decisions issued by the organization."