Iraq's oil ministry: OPEC+ Maintains Current Oil Production

Shafaq News/ The Iraqi minister of Oil, Hayan Abdul Ghani, announced that the OPEC+ Joint Ministerial Monitoring Committee (JMMC) did not change the group's output policy regarding oil production.

In November 2023, OPEC+ agreed to implement voluntary production cuts amounting to approximately 2.2 million barrels per day (bpd) for the initial quarter of the current year.

On Thursday, OPEC+ key ministers convened for an online meeting. The primary agenda included discussions on the current state of the market and considerations regarding oil output levels.

Ammar al-Anbagi, director-general of Iraq's oil marketing company (SOMO), emphasized that the ministerial panel meeting's decision to maintain existing production levels aims to "enhance stability and balance in global markets, ensuring a steady equilibrium between supply and demand."

Conversely, Iraqi Oil Ministry spokesman Assem Jihad outlined that JMMC will "closely monitor oil market developments in the coming months. This includes evaluating the impact of production adjustments on global markets, assessing market conditions, and addressing challenges and variables that influence supply and demand."

If the voluntary output cuts implemented in the first quarter are reversed, OPEC+ will return 2.2 million bpd to the market starting in April. Despite this adjustment, there would still be a remaining commitment to maintain output cuts amounting to 3.66 million bpd, as agreed upon earlier.

JMMC typically convenes every two months. The upcoming session is scheduled for April 3.