Oil confirms its commitment to the OPEC+ agreement: We exported nearly 4 million barrels per day during January
Oil confirms its commitment to the OPEC+ agreement: We exported nearly 4 million barrels per day during January
2025-02-25
The Iraqi Ministry of Oil confirmed, Monday (February 24, 2025), its commitment to the OPEC+ agreement, while indicating that Iraq exported 4 million barrels per day during last January.
The ministry said in a statement that it “affirms its full commitment to the OPEC+ agreement, the additional agreed-upon cuts, and compensation for accumulated quantities,” stressing that “the ministry will take the necessary measures to ensure the implementation of these agreements, including submitting an updated plan to compensate for the surplus production during the previous period.”
She added, “These assurances came during a joint phone call between Deputy Prime Minister for Energy Affairs Hayan Abdulghani Abdul Zahra, Abdulaziz bin Salman Al Saud, Minister of Energy in the Kingdom of Saudi Arabia, Alexander Novak, Deputy Prime Minister of the Russian Federation, and Haitham Al Ghais, Secretary General of OPEC.”
The ministry stated that “Iraq’s crude oil production in January 2025 amounted to 3.999 million barrels per day, which is a positive indicator that reflects Iraq’s commitment to the specified production levels.”
The ministry stressed that “the Iraqi Ministry of Oil will continue its efforts to compensate for the accumulated surplus, taking into account the recent developments expected for the federal government to receive the oil produced in the Kurdistan region and resume exports through the Iraqi-Turkish pipeline while adhering to Iraq’s share stipulated in OPEC agreements for voluntary reduction and the required compensation quantities.”
She pointed out “the pivotal role of these agreements in achieving stability in global oil markets, and the importance of the contribution of OPEC+ member states in supporting this stability.”
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