Iraq says won’t agree to renew oil production cuts in upcoming OPEC+ meeting

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BAGHDAD: Iraqi Oil Minister Hayan Abdul Ghani said on Saturday that his country would not agree to renew oil production cuts in the forthcoming OPEC+ meeting, scheduled for early next month in Vienna, reported Xinhua.

Speaking at an oil and gas licensing event in Baghdad, Abdul Ghani stated that Iraq had already made enough voluntary oil production reductions and would not agree to “any renewals” proposed by OPEC+.

OPEC+, comprising the Organisation of the Petroleum Exporting Countries (OPEC), Russia, and other non-OPEC producers, has been pushing for production cuts among its members to stabilise oil prices amid weak global demand.

Iraq said in March that it would extend a voluntary oil production cut, in accordance with a previous agreement with OPEC+, until the second quarter of 2024.

As OPEC’s second-largest oil producer, Iraq boasts over 145 billion barrels of proven oil reserves and approximately 132 trillion cubic feet of proven natural gas reserves.

The country’s economy is heavily dependent on crude oil exports, which constitute over 90 per cent of its revenue. – Bernama, Xinhua

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