Iraq's Oil Ministry: Committed to OPEC+ and compensation plan

Shafaq News/ On Monday, Iraq’s Oil Ministry reaffirmed its full commitment to the OPEC+ agreement and additional voluntary production cuts, including efforts to compensate for excess output from previous months.

In a statement, the ministry emphasized that it will "take all necessary measures to implement these commitments, including submitting an updated compensation plan for surplus production."

Iraq’s crude oil production in January 2025 reached 3.999 million barrels per day (bpd), an indicator of Iraq’s "adherence to the agreed production levels," according to secondary sources approved by OPEC.

The Oil Ministry also noted that it is working to "compensate for accumulated surplus production," while considering recent developments such as the federal government’s management of oil production in the Kurdistan Region and the resumption of exports via the Iraq-Turkiye pipeline.

"Iraq remains committed to a leading role in OPEC+, reinforcing stability in global oil markets while fulfilling its production obligations," the statement added.

Analysts suggest that Iraq’s adherence to its OPEC+ commitments could "reinforce market confidence," particularly amid ongoing production adjustments by major oil producers.