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Iraq pledges 100% compliance with OPEC+ quota in August: oil minister

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Iraq pledges 100% compliance with OPEC+ quota in August: oil minister

Highlights

Iraq's oil minister affirms commitment in call with Saudi energy minister

Iraq produced above its 3.592 million b/d quota in May and June

Will compensate for non-compliance in July, August and September

Dubai — Iraq has pledged to reach 100% compliance with its OPEC+ quota in August and make up for overproduction in May and June, as OPEC's second largest producer continues to improve its adherence to historic OPEC+ cuts, the country's oil minister said on July 13.

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Iraq affirmed its commitment to the OPEC+ cuts in a call with Saudi energy minister Prince Abdulaziz bin Salman, the two ministers said in a joint statement.

Iraqi oil minister Ihsan Ismaael "confirmed Iraq's firm commitment to the OPEC+ agreement, and added that Iraq would improve further to reach 100 percent by the beginning of next month, and pledged to compensate during the months of July, August and September, for the overproduction in May and June," said the statement.

The Saudi energy minister praised Iraq's compliance in June, which reached nearly 90% according to secondary sources, and voiced his confidence that OPEC's second-largest oil producer would continue to improve its compliance level, the statement added.

Iraq, often a laggard in terms of compliance, produced 3.698 million b/d in June, including flows from the semi-autonomous Kurdish region, a 9% decline from 4.068 million b/d in May, state oil marketer SOMO said on July 11.

Total exports, including those from the Kurdish region, declined 11.4% to 3.218 million b/d, from 3.633 million b/d in May.

Still, Iraq overproduced in June, when its quota was 3.592 million b/d.

Market stability

"The two ministers stressed that efforts by OPEC+ countries towards meeting production cuts, as stated in the agreement, will enhance oil market stability and help accelerate the rebalancing of global oil markets," the joint statement said.

Iraq, which has attracted the ire of OPEC + counterparts for its historic non-compliance, made a big reduction in its output in June to 3.70 million b/d, a nearly five-year low, according to the latest S&P Global Platts OPEC+ production survey.

Exports from Baghdad in June fell to an average 2.816 million b/d, in line with projections made by Ismaael. In May, exports averaged 3.212 million b/d.

Iraq was supposed to trim its production by 1.061 million b/d in June to 3.592 million b/d, in line with the OPEC + cuts.

OPEC and its allies, including Russia, rolled over their collective production cuts through July to help bolster the market as it emerges from the depths of COVID-19.

Under the deal, Angola, Iraq, Kazakhstan and Nigeria committed to compensate for their lack of compliance in May and June with extra cuts for quotas in July, August and September.