Iraq tells Iran it will stick to commitments on OPEC+ supply cuts: IRNA
Iraq’s oil minister Ihsan Abdul Jabbar Ismail has said that his country would stick to commitments made to an alliance of international oil producers to reduce its supplies to the international markets.
Ismail made the pledge during a phone call with Iranian Oil Minister Bijan Namdar Zanganeh, according to a report by Iran’s official news agency IRNA published on Monday.
The report said that Ismail had ensured Zanganeh, a long-serving delegate to the Organization of Petroleum Exporting Countries (OPEC), that Iraq would maintain its oil exports below 2.8 million barrels per day (bpd) to comply with quotas set by OPEC and allies, a grouping known as OPEC+, in April.
OPEC and allies agreed in a meeting held earlier this month to extend the cuts.
However, Zanganeh had said after the meeting that OPEC members were discontent with the way Iraq had implemented the cuts and had demanded the Arab country to adopt measures in the upcoming months to compensate for its lack of commitment.
Ismail told Zanganeh during the Monday phone call that it would be to benefit of Iraq to comply with the cuts, adding that Baghdad had also asked the semi-autonomous region of Kurdistan to contribute to the reduction in output.
During the phone call, a first between Zanganeh and Ismail since the Iraqi oil minister was appointed in early June, the two sides also discussed ways to increase cooperation between Iran and Iraq in the field of oil and other energy issues.
Iraq relies on Iran for a bulk of the natural gas supplies it consumes in its power plants. The two countries have seen their economic ties expand over the past years despite a series of American sanctions that target Iran's energy sector.
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