Iraq Will Abide By Obligations Of OPEC+ Deal Once Reached - Oil Minister

Iraq Will Abide by Obligations of OPEC+ Deal Once Reached - Oil Minister

Tehran will abide by obligations under the OPEC+ deal and follow the general consensus of the alliance, Iraq's oil minister Thamir Abbas Ghadhban said on Friday

VIENNA (Pakistan Point News / Sputnik - 06th December, 2019) Tehran will abide by obligations under the OPEC+ deal and follow the general consensus of the alliance, Iraq's oil minister Thamir Abbas Ghadhban said on Friday.

The OPEC+ Ministerial Committee, following a meeting on Thursday, recommended an additional reduction in production under the deal by 500,000 barrels per day in the first quarter of 2020; new quotas for countries have not yet been determined.

"Iraq will abide by obligations under the OPEC+ deal and follow the alliance's general consensus," the minister said when asked whether the reduction would put pressure on Iraq's oil production.

The agreement of OPEC and a number of non-cartel producers on the reduction of oil output has been in force since early 2017. It was repeatedly extended, and its conditions were adjusted. Now, the agreement stipulates a cut of 1.2 million barrels per day from the level of October 2018 and is valid until the end of March 2020. As part of the deal, Russia pledged to reduce oil production by 228,000 barrels per day from the level of October 2018 to 11.421 million barrels per day.