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Iraq will respect the current supply agreement which has been put in place by OPEC and not take initiative to raise production. the ministry said Sunday in a statement published on its website.
`Iraq does not take an individual decision to increase production to compensate for the shortage of oil supplies. whatever the reasons. because it respects the collective decision of the organization.` it said.
OPEC`s Joint Ministerial Monitoring Committee. the technical committee. is scheduled to meet in Jeddah on May 19. ahead of a full OPEC meeting in Vienna in June.
Iraqi oil output was around 4.57 million b d in April. which is around 60.000 b d above the quota it was allocated by OPEC. according to estimates from Platts. Under the agreement. Iraq was supposed to cut its production by 140.000 b d from an October 2018 base. which would put its target level at 4.512 million b d.
