Ira'q oil minister Abdel-Ghani spoke in an interview over the weekend on what he expects from the Organization of the Oil Exporting Countries and its allies, OPEC+, meeting:
“At the next meeting, which will be held on the 3rd and 4th (of June), there will be no additional reduction, and as for Iraq, we cannot reduce further”
He followed up with a statement to the effect that:
- Iraq is committed to voluntary oil production cuts that started in May and will last until the end of 2023
- Iraq was not asked to make additional such cuts before a June 4 OPEC+ meeting
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The background to this is that in late 2022 OPEC+ agreed to cut production. Then , in early April this year Saudi Arabia and other OPEC+ members announced further oil output cuts of around 1.2 million barrels per day. This sent oil prices higher but they've subsequently covered the gap and subsided further:
