Iraq Reaffirms Commitment to Oil Production Cap Under OPEC+ Agreements

Baghdad, November 7 (KUNA) -- The Iraqi Ministry of Oil announced on Saturday its commitment to the oil production ceiling stipulated under the OPEC+ agreements, despite having the capacity to raise output to levels far higher. In a statement, the ministry said it had managed to increase oil production levels in October and that Iraq possesses a sustainable maximum production capacity far exceeding its current production ceiling, alongside ongoing plans to develop oil fields and boost production capacities in the coming years. It added that, despite these capabilities, Iraq reaffirms its commitment to the production ceiling set under OPEC+ agreements, which stands at 4.431 million barrels per day, in line with decisions from recent meetings, while continuing its efforts to raise this ceiling next year in proportion to its growing production capabilities. The ministry noted that an assessment of sustainable maximum production capacities is currently underway, conducted by a global consulting firm commissioned by OPEC to evaluate the production capacities of all member countries, expressing Iraq’s hope that the assessment results will contribute to a review of its production ceiling that reflects its true production potential, takes into account its economic specifics, and considers the exceptional circumstances it has endured in recent years. The ministry emphasized that any increase in the production ceiling remains contingent on consensus among OPEC+ member states, as well as developments in global oil market supply and demand, based on the shared goal of achieving balance and stability in oil markets, thereby safeguarding the interests of both producing and consuming countries. (End) A.H.H.