Iraq will respect the current supply agreement which has been put in place by OPEC and not take initiative to raise production, the ministry said Sunday in a statement published on its website.
“Iraq does not take an individual decision to increase production to compensate for the shortage of oil supplies, whatever the reasons, because it respects the collective decision of the organization,” it said.
OPEC’s Joint Ministerial Monitoring Committee, the technical committee, is scheduled to meet in Jeddah on May 19, ahead of a full OPEC meeting in Vienna in June.
Iraqi oil output was around 4.57 million b/d in April, which is around 60,000 b/d above the quota it was allocated by OPEC, according to estimates from Platts. Under the agreement, Iraq was supposed to cut its production by 140,000 b/d from an October 2018 base, which would put its target level at 4.512 million b/d.