Iraq’s New Oil Minister Affirms Commitment to OPEC+ Deal

Iraq’s new oil minister affirmed the country’s commitment to the OPEC+ deal in a phone call with the Saudi energy minister after failing to comply in the first month of a historic global output cut. Iraq will stick to its quota in June and July and will make further reductions later on, Ihsan Abdul Jabbar said during the phone call, Iraq’s oil ministry said in a statement on June 9.

Abdul Jabbar said Iraq will comply with its quota despite the economic and financial challenges facing the country, according to the statement. OPEC and its allies, including Russia, agreed on June 6 to roll over their 9.6 million b/d in collective production cuts through July, to help bolster the market as it emerges from the depths of the COVID-19 pandemic. Under the deal, Angola, Iraq, Kazakhstan and Nigeria committed to compensate for their lack of compliance in May with extra cuts to put their output below their quotas in July, August and September…

View entirety: S&P Global Platts