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Iraq committed to OPEC, will not produce more than 4m bpd, minister says

February 12, 2024 at 12:25 pm

A general view of the Gwer Oil Refinery, which is one of the most important industrial facilities processing oil products, in Erbil, Iraq on August 6, 2023 [Ahsan Mohammed Ahmed Ahmed – Anadolu Agency]

Iraq is committed to OPEC decisions and after its second voluntary cut announced in December it is also committed to producing no more than four million barrels per day (bpd), Oil Minister Hayan Abdul-Ghani told reporters today, according to Reuters.

Iraq’s current crude oil exports range between 3.35 million and 3.4 million bpd, he added.

The oil minister said talks with international oil companies operating in Iraqi Kurdistan are making progress towards resolving a dispute which has halted Iraq’s northern oil exports.

“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,” said Abdul-Ghani.

Iraq’s deputy oil minister for upstream affairs said in November that a resumption of northern crude exports depended on re-negotiating current production-sharing contracts to change them to a profit-sharing model.

Turkiye halted Iraq’s 450,000 barrels per day (bpd) of northern exports on 25 March last year after an arbitration ruling by the International Chamber of Commerce (ICC) which ordered Ankara to pay Baghdad damages for unauthorised exports between 2014 and 2018.

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