The Iraqi Oil Ministry on Saturday reiterated its compliance with the oil output quotas agreed by OPEC oil producers and their partners in April
MOSCOW (Pakistan Point News / Sputnik - 06th June, 2020) The Iraqi Oil Ministry on Saturday reiterated its compliance with the oil output quotas agreed by OPEC oil producers and their partners in April.
"Despite the economic and financial circumstances that Iraq is facing, the country remains committed to the agreement," Assem Jihad, the ministry's spokesman, said in a statement quoted by OPEC.
OPEC countries and their 10 allies, including Russia, were to meet by video on Saturday to discuss outlooks for keeping production curbs in place past June.
Until Friday, Iraq had been reluctant to extend the deal, which took a total of 9.7 million barrels off the market per day starting May.
But Jihad stressed that Iraq continued to advocate for efforts that would restore balance to the oil market. He described the coronavirus pandemic as the "main factor" still weighing on the market.
