Iraq wants to be exempt from OPEC+ cuts in Q1 2021: report

Source: S&P Global Platts

Iraq is seeking exemptions from OPEC+ cuts in Q1 of 2021 and has discussed the issue with key producers in the 23-member coalition during three consecutive meetings, state-owned al-Sabaah newspaper reported Sept. 1, citing the country’s oil minister.

Ihsan Ismaael said Iraq will continue to trim its output in October through December as per the OPEC+ agreement, the newspaper reported.

The minister said the semi-autonomous Kurdish region has maintained its exports without consulting with the federal government in Iraq.

OPEC’s second-largest oil producer has been among the worst offenders in quota busting this year and had pledged to cut 400,000 b/d in both August and September to make up for overproduction in May through July in a plan endorsed by Saudi Arabia and its key Gulf allies.

The country is under pressure from leading OPEC+ members, especially Saudi Arabia and Russia, to improve its compliance with the cuts, which have been complicated by financial constraints and an independent Kurdish oil policy.

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