Iraq’s oil minister said on Thursday that Iraq will be forced to comply with the OPEC+ agreement 100% in August and September because the producer group has lost patience with the laggards.
"OPEC's tolerance will not last long. Ihsan Abdul Jabbar said at the Zoom seminar that we will be forced to achieve 100% compliance this month and next. "Iraq’s non-compliance means other countries. The non-compliance of the country means that the plunge in oil prices, as happened in March and April, has had an impact on the Iraqi economy. "
The Organization of Petroleum Exporting Countries (OPEC)’s crude oil production increased last month due to the phasing out of additional supply cuts by member states of the Persian Gulf in order to rebalance the market. A Bloomberg survey showed that the producer group’s daily output increased by 900,000 barrels to 23.43 million barrels per day.
After Saudi Arabia and the major Persian Gulf allies withdrew their voluntary production cuts last month, OPEC's Middle East producers’ exports also increased in July.
After Iraq failed to meet its production containment targets in May and June, it came under pressure from Saudi Arabia. Oil tanker tracking data compiled by Bloomberg shows that the country’s daily production fell by only 11,000 barrels last month
Jabbar said: "In the past few months, we have not made a commitment." "Compared with some countries, this is a low level of compliance. Saudi Arabia, Kuwait and the UAE have cut 1 million pounds in succession. To support crude oil prices.
