‘Iraq is committed to OPEC’s oil output cuts’

Baghdad — Iraq is committed to voluntary oil production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC) and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets, Iraq’s oil minister told the state news agency on Sunday.

The minister’s comments followed his suggestion on Saturday that Iraq had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ producer group at its meeting in early June.

“The oil ministry is keen on the cooperation of member states and working to achieve more stability in the global oil market by agreeing on voluntary reduction programmes,” the state news agency quoted Hayan Abdul Ghani as saying.

Abdul Ghani told reporters on the sidelines of an oil and gas licensing round in Baghdad that OPEC’s voluntary cuts are subject to agreement by its members, adding that Iraq is part of OPEC and would commit to its decisions.

“It is necessary that we adhere to and agree with any decisions made by the organization,” he said.

Sources with the knowledge of the matter have told Reuters that the OPEC+ group – comprising OPEC, Russia and other non-OPEC producers – could extend some voluntary output cuts if demand fails to pick up.

*Moayed Kenany, Nayera Abdallah, editing: Hugh Lawson & David Goodman – Reuters