Iraq has renewed its full commitment to the oil production adjustments decisions reached in April 2020 by OPEC Members Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation, noting the importance of team spirit and joint efforts to achieve stability and balance in the global oil market.
Iraq’s Ministry of Oil spokesperson, Assem Jihad, said in a statement, “Despite the economic and financial circumstances that Iraq is facing, the country remains committed to the agreement.”
The spokesperson emphasised that Iraq has remained strong advocate over the years of all efforts that help in restoring stability and balance of the oil market.
He pointed out that Iraq’s efforts in adjusting its oil production during the month of May achieved a reasonable conformity level, as part of its commitment to the decisions reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April, respectively, noting the economic and financial difficulties and technical complications that Iraq has faced, in addition to the country’s commitment to international firms contracted to develop oil fields.
He added that the postponement of dialogue with the Kurdistan Regional Government has also affected Iraq’s conformity.
The spokesperson also stressed that Iraq is in ongoing dialogue with the President of the OPEC Conference and Algeria’s Minister of Energy, HE Mohamed Arkab; OPEC Secretary General, HE Mohammad Sanusi Barkindo; and other oil and energy ministers to discuss oil market developments.
“The main factor affecting the oil market is still active, which is the COVID-19 pandemic,” he noted, adding that it led to economic issues and restrictions in social activities.