Iraq's oil minister Hayan Abdel-Ghani attends the fifth plus and sixth licensing rounds for 30 oil and gas exploration blocks at the Oil Ministry's headquarters in Baghdad, Iraq, May 11, 2024.Thaier Al-Sudani/Reuters
Iraq’s oil minister said that Iraq has made enough voluntary oil production cuts and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries and allies including Russia at its next meeting, slated for June 1.
“We won’t agree on any renewals to cut output in the next OPEC+ meeting,” Hayan Abdul Ghani told reporters on the sidelines of an oil and gas licensing conference in Baghdad.
Iraq has repeatedly said it is committed to voluntary cuts initially announced by OPEC+ in 2023 but pumped over its output quota by a cumulative 602,000 barrels per day in the first three months of 2024, OPEC+ said in a statement on Friday.
The group said that Baghdad had agreed to compensate with additional production cuts over the rest of the year.