Iraq remains committed to OPEC+ output cuts – minister

Iraq’s commitment to the voluntary oil output cuts, as established by the Organisation of the Petroleum Exporting Countries (OPEC+), remains steadfast, as Iraq’s oil minister said in a statement to the state news agency on Sunday, reported by Reuters.

He emphasised Iraq’s eagerness to collaborate with fellow member nations to foster greater stability within the global oil markets.

The minister’s remarks come after his prior indication on Saturday that Iraq had fulfilled its obligations regarding voluntary reductions and would not entertain any additional cuts proposed by the broader OPEC+ coalition at its forthcoming meeting in early June.

Quoting Hayyan Abdul Ghani, the state news agency highlighted the oil ministry’s prioritisation of member-state co-operation and its efforts to achieve market stability through agreed-upon voluntary reduction initiatives.

Speaking to journalists at an oil and gas licensing round in Baghdad, Abdul Ghani stressed that OPEC+ voluntary cuts require consensus among its members, reaffirming Iraq’s commitment to adhere to the organization’s decisions as an integral member.

“It is imperative that we uphold and align with any resolutions adopted by the organization,” he asserted.

Sources familiar with the matter, as reported by Reuters, have suggested that the OPEC+ coalition, comprising OPEC+, Russia, and other non-OPEC+ producers, might consider prolonging certain voluntary output cuts if demand fails to rebound.