Iraq committed to OPEC cut deal, but ready to meet any oil demand growth

11:19' PM - Thursday, 27/06/2019

Iraq, which has surpassed its oil output quota under the most recent OPEC/non-OPEC supply cut accord, is committed to the deal, but stands ready to meet any global demand growth, its oil minister said Thursday.

"Iraq as the second-largest producer in OPEC confirms its commitment to the cut agreement," oil minister Thamir al-Ghadhban said at an Iraq oil conference in London. "However, the ministry stays ready to satisfy any growth in global oil demand when the overhang of stocks disappears by maintaining the production capacity and by improving export infrastructure."

The comments come ahead of an OPEC meeting in Vienna scheduled for Monday to discuss the future of the agreement, which is scheduled to expire Sunday. Russia and nine other non-OPEC participants in the 1.2 million b/d cut agreement will join the talks Tuesday.

Iraq's oil ministry reported earlier this month that the country's May crude production rose to 4.595 million b/d, its highest since January 2017 and in excess of its quota of 4.512 million b/d.

Analysts and independent estimates have put Iraqi production at even higher levels than those reported by the ministry. S&P Global Platts' latest survey of OPEC output pegged Iraq's May production at 4.82 million b/d. - Platts -

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