Iraq reaffirms commitment to OPEC+ oil cuts, submits new compensation plan, 23 AUGUST

 Shafaq News/ On Thursday, Iraq's Ministry of Oil confirmed its dedication to the voluntary production cuts agreed upon within the OPEC+ framework.

In a statement, the ministry emphasized its role in stabilizing global oil markets, noting that “it has taken concrete steps to reduce production levels in line with the group's decisions, while addressing excess output from previous months.”

According to the statement, the ministry has also submitted an updated compensation plan to the OPEC Secretariat, outlining “the details and procedures to ensure full compliance with its commitments.”

Iraq, OPEC's second-largest producer, relies on oil exports for more than 92% of its state budget, exporting 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.