Iraq doesn’t expect further OPEC+ production cuts – minister

By Norhan Adel On May 16, 2023

Iraq's oil minister Hayan Abdel-Ghani speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023 — Iraq's oil minister Hayan Abdel-Ghani. Image Credits to Essam Al-Sudani | Reuters

Iraqi Oil Minister Hayan Abdel-Ghani said on Friday that he does not expect OPEC countries to further reduce oil production.“There will be no additional reduction… as for Iraq, we cannot reduce further,” Abdel-Ghani stated in an interview with Reuters.

OPEC+ countries have decided in a sudden move last April to cut the production of around 1.2 million bpd. Voluntary cuts started this May and are scheduled to last till the end of 2023, with Iraq cutting production of 211,000 bpd.

“The second cut… has helped us a lot in the stability of the market and boosting prices,” Abdel-Ghani commented. OPEC members will meet on the third and fourth of June in Vienna to discuss further plans.