Iraq: Committed to Oil Production Ceiling Under OPEC+
Iraq's Ministry of Oil confirms its commitment to the OPEC+ production ceiling and aims to raise it in the future.
Translated by Qiyas from الراي — Original source
The Iraqi Ministry of Oil announced on Saturday its commitment to the oil production ceiling set under 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 last October, noting 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 stipulated 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 pointed out that an evaluation of sustainable maximum production capacities is currently underway, conducted by a global consulting firm commissioned by OPEC to assess the production capacities of all member countries. It expressed Iraq’s hope that the results of this evaluation would contribute to a review of its production ceiling, reflecting its true production potential and taking into account its economic specifics and the exceptional circumstances it endured in recent years.
The ministry emphasized that any increase in the production ceiling remains contingent on agreements among OPEC+ member states, as well as developments in global oil market supply and demand, driven by the shared goal of achieving balance and stability in oil markets, thereby safeguarding the interests of both producing and consuming nations.
