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Iraq denies non-compliance with OPEC quota

Tawke oil field in Iraq [file photo]
Tawke oil field in Iraq [file photo]

Iraqi Oil Minister Jabbar Al-Luaibi yesterday denied his country’s failure to respect its commitment to the reduced oil production quota set by the Organisation of Petroleum Exporting Countries (OPEC).

“We are committed to our quota in OPEC, with all strength, and Iraq does not accept any accusations against it about not complying with its share,” Al-Luaibi said as a press conference in the ministry.

The minister said there is an OPEC meeting in November, adding that his country supports OPEC’s consensus and unity to preserve the market’s stability.

Iraq, OPEC’s second largest oil producer after Saudi Arabia, began reducing production in early January. Baghdad agreed to cut production by 210,000 barrels per day (bpd), in line with an agreement to reduce production reached by OPEC and its ten non-OPEC partners.

Read: Iraq takes control of borders ahead of Kurdish independence vote

Iraq’s production in August reached 3.216 million barrels per day.

OPEC and its partners are considering extending the reduction agreement to beyond March 2018 when it is due to expire.

Iraq is estimated to have a stockpile of 112 trillion cubic feet of gas.

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