Iraqi Oil Minister Hayyan Abdul-Ghani resolved a debate that arose on Saturday after comments he made about his country’s refusal to agree to any new cuts in production, when the OPEC+ alliance meets in June.
In remarks to Iraq's state news agency INA, the minister said the country is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets.
On Saturday, both Bloomberg and Reuters reported that Abdul-Ghani stated, at a press conference in Baghdad during the launch of a licensing round for oil and gas exploration, that Iraq would not support extending the reduction in oil production during the upcoming OPEC Plus meeting.
INA quoted the minister as saying that the Ministry of Oil “is keen on the cooperation of member states and working to achieve greater stability in the global oil market by agreeing on voluntary reduction programs.”
A high-level source had previously informed Asharq Al-Awsat that what was reported about Abdul-Ghani was inaccurate, adding that a clarification statement would be issued in this regard.
The members of the OPEC+ alliance are scheduled to meet in early June to decide on oil production during the third quarter of the year. OPEC and its allies, led by Russia, are widely expected to extend current quotas to help boost the oil market.
Iraq has faced difficulties in complying with its target of 4 million barrels per day (bpd) in recent months, which includes a voluntary reduction of 223,000 bpd of oil below production levels for December 2023.
In April, Iraq pumped 4.24 million bpd of crude oil, including 200,000 bpd from the semi-autonomous Kurdistan region, over which the Iraqi federal government says it has no control.
