Iraq’s output will not exceed 4mln bpd

Iraq is committed to producing no more than 4 million barrels per day (bpd) following the announcement of its second voluntary cut in December. The country is also committed to OPEC+ decisions, according to Reuters citing oil minister Hayan Abdel-Ghani’s remarks on Monday.

According to Abdel-Ghani, Iraq currently exports between 3.35 million and 3.4 million bpd.

The oil minister further stated that negotiations to settle a disagreement that has stopped Iraq’s northern oil exports were moving forward with foreign oil companies operating in Iraqi Kurdistan.

“Resumption of exports from the Kurdistan region is linked to the resumption of production from the fields in the region. Talks with the companies operating in the region are on their way to reach a resolution in the near future,” Abdel-Ghani stated.

In November, Iraq’s deputy oil minister for upstream affairs stated that renewing the contracts for production-sharing would require switching to a profit-sharing arrangement.

On March 25, 2018, Turkey suspended Iraq’s 450,000 barrels per day (bpd) of northern exports in response to an International Chamber of Commerce (ICC) arbitration ruling that mandated Ankara compensate Baghdad for exports that were not authorised between 2014 and 2018.