Iraq has refuted claims that it was seeking an exemption from the OPEC+ reduction pact during Q1 2021 and has reaffirmed its commitment to the deal, according to Reuters.
A spokesman on behalf of the Iraqi oil ministry said in a statement: “The Ministry of Oil would like to categorically deny this baseless statement, and affirm that, to the contrary, Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed to in June.”
It is worth noting that Iraq’s compliance with the current Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, oil cuts was above 100% in August. This is an effort to counterbalance Iraq’s overproduction of 850,000 barrels per day (bbl/d).
Oil Minister Ihsan Abdul Jabbar was reported to say that he had spoken about the exemption to key OPEC oil ministers in three separate meetings.
Members of OPEC+, are currently cutting output by 7.7 million barrels per day (mmbbl/d) to support prices as the coronavirus crisis kills demand.