Iraq has reaffirmed its commitment to the OPEC+ agreement, announcing plans to revise its oil production strategy in light of past overproduction. This confirmation was made on Monday by the Iraqi oil ministry.
Discussions were held between Iraq’s Oil Minister, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, Russia’s Deputy Prime Minister Alexander Novak, and OPEC Secretary General Haitham Al-Ghais. Iraq aims to reconcile its accumulated overproduction with the projected oil exports from the Kurdistan Regional Government, as OPEC+ anticipates increasing supply levels in April.
However, significant challenges persist, particularly concerning the suspended oil exports from the Kurdistan region, which are contingent upon Turkey’s approval after a two-year break. Additionally, reports indicate that the U.S. government is pressuring Iraq to resume the Kurdish oil exports or risk facing sanctions, though Iraqi officials have since denied these claims.