SULAIMANI (ESTA) — Iraq’s oil exports from its southern ports are stable at 2.7 million barrels per day (bpd) so far in February, Basra Oil Company chief Khalid Hamza said on Wednesday.
Hamza said in a statement that Iraq affirmed its commitment to the OPEC+ oil cut deal, according to Reuters.
OPEC+ producers have been curbing output to support prices and reduce oversupply since January 2017, and cuts a record 9.7 million bpd in mid-2020 as COVID-19 hammered demand for gasoline and aviation fuel.
OPEC+ is now pumping an extra 500,000 bpd in January under a plan to unwind the curbs gradually. Most producers will hold steady in February and Saudi Arabia is cutting output by 1 million bpd next month and March.
Iraqi minister of oil Ihsan Abdul Jabbar said last month that the country had no intention to negotiate with OPEC+ members regarding its oil production share of compensation of overproduction.
