Iraq Denies Asking OPEC for Exemption From Pact Aimed at Reducing Output

Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo
Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo
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Iraq Denies Asking OPEC for Exemption From Pact Aimed at Reducing Output

Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo
Oil tanks are seen at the gas field of Siba in Basra, Iraq April 25, 2018. REUTERS/Essam Al-Sudani /File Photo

Iraq's Oil Minister Ihsan Abdul Jabbar said that Iraq didn't ask OPEC for exemption from a pact aimed at reducing output.

His statements were made following Iraq’s Finance Minister Ali Abdul Amir Allawi announcing that Iraq is feeling the strain under OPEC+ deal.

"We have reached the limit of our ability and willingness to accept a policy of one-size-fits-all," Iraq's finance minister said at a Chatham House Iraq conference this week. "It has to be more nuanced and it has to be related to the per-capita income of people, the presence of sovereign wealth funds, none of which we have."

Oil prices are expected to reach about USD50 at the beginning of 2021 amid a mild recovery in global demand, the oil minister said.

He added that the commitment of members to the deal would help boost oil prices and Iraq was not seeking exemption “fearing from new retreat in oil prices.”

Under the current OPEC+ agreement, Iraq was required to cut output by more than 1mn b/d in May-July and by 849,000 b/d in August-December from an October 2018 baseline of 4.65mn b/d.

The results of the OPEC+ coalition’s output-cuts deal have been positive and stabilizing for the oil market, given the impact the coronavirus pandemic has had on producers and importers of crude, Jabbar said.

Iraq has exported an average of 2.88 million barrels a day in November. Exports from Basra ports to the south reached 2.77 million barrels a day in November, citing the oil minister.



9 EU Countries Call for Talks on Ending Trade with Israeli Settlements

Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)
Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)
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9 EU Countries Call for Talks on Ending Trade with Israeli Settlements

Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)
Israeli soldiers take aim during a raid in the old town of Nablus city in the occupied West Bank on June 10, 2025. (Photo by Jaafar ASHTIYEH / AFP)

Nine European Union countries have called on the European Commission to come up with proposals on how to discontinue EU trade with Israeli settlements in the occupied Palestinian territories, according to a letter seen by Reuters on Thursday.

The letter, addressed to EU foreign policy chief Kaja Kallas, was signed by foreign ministers from Belgium, Finland, Ireland, Luxembourg, Poland, Portugal, Slovenia, Spain and Sweden.

The EU is Israel's biggest trading partner, accounting about a third of its total goods trade. Two-way goods trade between the bloc and Israel stood at 42.6 billion euros ($48.91 billion) last year, though it was unclear how much of that trade involved settlements.

The ministers pointed to a July 2024 advisory opinion from the International Court of Justice, which said Israel's occupation of Palestinian territories and settlements there are illegal. It said states should take steps to prevent trade or investment relations that help maintain the situation.

"We have not seen a proposal to initiate discussions on how to effectively discontinue trade of goods and services with the illegal settlements," the ministers wrote.

"We need the European Commission to develop proposals for concrete measures to ensure compliance by the Union with the obligations identified by the Court," they added.

Israel's diplomatic mission to the EU did not immediately respond to a request for comment.

Belgian Foreign Minister Maxime Prevot said Europe must ensure trade policy is in line with international law.

"Trade cannot be disconnected from our legal and moral responsibilities," the minister said in a statement to Reuters.

"This is about ensuring that EU policies do not contribute, directly or indirectly, to the perpetuation of an illegal situation," he said.

The ministers' letter comes ahead of a meeting in Brussels on June 23 where EU foreign ministers are set to discuss the bloc's relationship with Israel.

Ministers are expected to receive an assessment on whether Israel is complying with a human rights clause in a pact governing its political and economic ties with Europe, after the bloc decided to review Israel's adherence to the agreement due to the situation in Gaza.