Iraq Wants Exemption From OPEC+ Cuts in Q1 2021

EghtesadOnline: 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, citing the country's oil minister.

News ID: ۷۵۰۸۸۰

03 September 2020

Ihsan Ismaael said Iraq will continue to trim its output in October through December as per the OPEC+ agreement, S&P Global reported on Wednesday.

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 bpd 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.

Finance minister Al Allawi, who used to be acting oil minister, said in June that Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts.