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AFP HAIDAR MOHAMMED ALI
Iraqi Oil Minister Ihsan Abdul-Jabbar affirmed his country’s commitment to the decision of “OPEC +” to reduce production and compensate for its share of excess production.
He said, “Iraq is in talks with OPEC and the oil producers allied with it to allow it to postpone compensation for a previous production increase.”
He added, “There is an understanding of the current situation in Iraq and its financial crisis.”
He continued, “The request for a postponement does not mean that Iraq will not comply with its obligations regarding the OPEC + agreement, and that it is committed to reducing its production to maintain the stability of the oil market.”
He pointed out that the Kurdistan Region of Iraq’s failure to adhere to its share of production cuts is “the main reason for the low level of compliance in recent times, amounting to 79%, of the reductions pledged under the OPEC + agreement.”
He said, “The region did not abide by an initial agreement with the central government to reduce its production by 20%, by approximately 80 thousand barrels per day,” adding that “it continued production at 430 thousand barrels per day.”
Source: Agencies
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