SULAIMANI (ESTA) — Iraq is committed to the OPEC+ decision to raise crude output, the oil ministry said in a statement on Tuesday.
The statement came days after comments by Oil Minister Ihsan Abdul Jabbar that Iraq was pressured to increase its oil production outside the remit of OPEC’s policy on output, according to Reuters.
OPEC+, which groups OPEC and allies led by Russia, agreed last month to another modest monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more.
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.
