Iraq has reaffirmed its full commitment to the OPEC+ agreement as it prepares for the restart of oil exports from the Kurdistan region, following a nearly two-year halt.
In a press release, the Iraqi oil ministry emphasized its dedication to the OPEC+ deal. “The Iraqi oil ministry affirms its full commitment to the OPEC+ agreement,” the statement said, as reported by the Rudaw news agency.
In January, Iraq produced 3.9 million barrels per day (bpd) of crude oil, showing Iraq’s adherence to the agreed production levels, according to the ministry.
As OPEC’s second-largest producer, after Saudi Arabia, Iraq has committed to maintaining its oil output at 4 million bpd. However, it must make further cuts in the coming months to make up for overproduction in previous months.
Iraq has been the biggest overproducer in the OPEC+ group, alongside Russia and Kazakhstan, who have also exceeded their targets in recent years. To address this, these three OPEC+ members have pledged to make deeper cuts to compensate for past overproduction.
The Iraqi oil ministry reassured that Iraq remains fully committed to OPEC+ pledges, including “voluntary reduction agreements and required compensation amounts.”
Iraq’s Oil Minister, Hayyan Abdul Ghani, stated on Monday that he expects oil exports from Kurdistan to resume in two days, pending approval from Turkey. Once granted, the crude will be transported via pipeline to Turkey’s Mediterranean port of Ceyhan.
Last week, the minister also mentioned that Iraq and Kurdistan aim to finalize the necessary work to restart oil exports by the end of March, after a two-year hiatus caused by a dispute over control of the crude flows.
Exports from Kurdistan have been halted since March 2023, due to disagreements about who should authorize the shipments.
The resumption of exports from Kurdistan could add around 400,000 bpd to global oil supply, though it remains unclear how much of this will be allocated to international markets and how much will be kept for domestic consumption in Iraq.
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