Iraq pledges to adhere to OPEC daily export cap of 4.33 million barrels
Iraq’s oil minister says the country will comply with OPEC’s daily export limit of 4.33 million barrels, despite higher current production.
Key Takeaways
AIIraqi Oil Minister Bassem Khudair said the country remains committed to the daily export ceiling set by OPEC at 4.33 million barrels.
In remarks carried by Iraqi media, the minister added that Iraq’s daily oil production has risen to over 5 million barrels. He noted that OPEC has imposed a production capacity limit of 4.33 million barrels per day on Baghdad, while actual output exceeds 5 million barrels.
He continued that discussions with OPEC are ongoing to raise Iraq’s export ceiling, citing the country’s unique circumstances and the challenges it has faced over the past five decades.