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Iraq Rejects More Oil Output Limits at the Upcoming OPEC+ Summit

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Iraq’s oil minister said on Saturday that the country had made enough voluntary oil production cutbacks and would not agree to any more cuts implemented by OPEC+ at its next meeting early next month.

According to sources familiar with the situation, OPEC+, which includes Russia and other non-OPEC producers, may extend some voluntary output cuts if demand does not improve.

When asked by a reporter if Iraq will agree to extend the OPEC+ voluntary cuts at the June 1 meeting, Hayan Abdul Ghani replied, “Iraq has reduced (output) enough and will not agree to any new cut.”

It was unclear if Abdul Ghani meant he opposed an extension of the voluntary reduction — a declaration that contradicted prevailing assumptions that cuts would be rolled over — or simply opposed any further cuts.

He spoke on the sidelines of an oil and gas licensing conference in Baghdad. Iraq has consistently stated that it is committed to the voluntary reduction agreed by OPEC+ in 2023, but it exceeded its output quota by a total of 602,000 barrels per day in the first three months of 2024, according to an OPEC+ statement released on Friday.

The organization stated that Baghdad has committed to compensate with significant output cuts for the remainder of the year.

Also Read: UAE, Russia, and Other Countries Prolong Oil Cutbacks to Increase Prices

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