Minister says Iraq pressured to increase oil output away from OPEC

Men work at Rumaila oilfield in Basra, Iraq, May 11, 2017. (Reuters photo)

SULAIMANI (ESTA) — Iraqi Oil Minister Ihsan Abdul Jabbar said on Saturday the country was pressured to increase oil productions outside the remit of OPEC’s policy on output.

Abdul Jabbar told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages, according to Reuters.

For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.

In March, Iraq exported 3.244 million barrels of oil per day, generating $11.07 billion. It was the highest revenue since 1972, according to the oil ministry.

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