Oil confirms its commitment to the OPEC+ agreement and compensates for the surplus in production
Economy News _ Baghdad
The Ministry of Oil, on Monday, confirmed its full commitment to the OPEC+ agreement and the agreed additional reductions, in addition to compensating for the accumulated quantities.
In a statement received by “Economy News”, the ministry indicated that it will take all necessary measures to ensure the implementation of these agreements, including providing an updated plan to compensate for surplus production during the previous period.
The statement explained that this came in a joint phone call between Deputy Prime Minister for Energy Affairs Hayyan Abdul Ghani Abdul Zahra, Saudi Energy Minister Abdulaziz bin Salman Al Saud, and Deputy Prime Minister of the Russian Federation Alexander Novak, in addition to the Secretary-General of OPEC Haitham Al-Ghais.
According to data released by OPEC-approved secondary sources, Iraq’s crude oil production in January 2025 reached 3,999 million barrels per day, a positive indicator that reflects Iraq’s commitment to specific production levels.
The ministry stressed that it will continue its efforts to compensate for the accumulated surplus, taking into account the recent developments related to the receipt by the federal government of oil produced in the Kurdistan Region and the resumption of exports through the Iraqi-Turkish pipeline, while committing to Iraq’s share of the OPEC agreements for voluntary reduction and the required compensation quantities.
In conclusion, the Ministry of Oil stressed the pivotal role of these agreements in stabilizing global oil markets, pointing to the importance of the contribution of OPEC+ member states in supporting this stability.
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