Iraq’s finance minister and acting oil minister, Ali Abdul Ameer Allawi, has announced that Iraq will further cut its oil output and reiterated that Iraq remains committed to the OPEC+ deal, according to Reuters.
This announcement comes after Iraq showed poor compliance with output reductions in May. Iraq relies heavily on oil revenues, accounting for more than 90% of the state’s allocated budget. Iraq’s total oil revenue amounted to $112 billion in 2019.
OPEC and its allies are currently mulling over the decision to extend record oil cuts that were approved in April and the organization is expected to hold a meeting soon to discuss this matter.