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The Iraqi Ministry of Oil said on Friday (June 3) the country’s oil production will climb to 4,580,000 barrels per day (bpd) as of July after an agreement with OPEC+, state media reported.
Ministry spokesman Aasem Jehad said per the agreement, Iraq’s rate or production will increase by 71,000 bpd, bringing the total production to 4.580 million bpd in July. The rate is currently at 4.44 million bpd.
Jehad the oil producing countries were closely following developments in the oil market in order to detail the market stability and he clarified the OPEC+ agreement was in regards to production and not export, Iraqi News Agency (INA) said.
The spokesman said no country could compensate for the oil shortfall amid the Russia-Ukraine war except via OPEC+ and stated all of the organization’s members including Russia were focused on maintaining the balance of supply and demand, INA noted.
OPEC and oil-producing allies agreed on Thursday to boost the oil output over July and August due to the difficulties from Russia’s invasion of Ukraine, bringing the cuts brought ono by the COVID-19 pandemic to an end, according to CNBC.
