Iraq: We Will Compensate for Any Excess Oil Production Since Early 2024

The Iraqi Ministry of Oil stated in a statement that Iraq reaffirms its full commitment to the OPEC (Organization of the Petroleum Exporting Countries) Declaration of Cooperation and will compensate for any excess in oil production since the beginning of this year. The ministry's statement referenced "secondary source estimates regarding Iraq's production exceeding the agreed quota in the OPEC agreement and its allied countries by 184,000 barrels/day for June 2024." The ministry added that it will adhere to "the required production level in the agreement, set at 4 million barrels per day for July and the following months, in addition to compensating for the excess production since the beginning of the year during the compensation period, which extends until the end of September 2025."