Iraq fulfils in full the OPEC deal, Jabbar al-Luiebi said

Iraq is committed to implementing in full the agreement on oil production cuts, Iraqi Minister of Oil Jabbar al-Luiebi told reporters on Saturday.

Iraq fulfils in full the OPEC deal, he said answering a reporter’s question.

However, it was still early to discuss extension of the oil production cut deal, he said, adding it will be considered on Sunday.

Iraq is OPEC’s second largest oil producer behind Saudi Arabia. Under the oil cut deal, the country was to curb oil output by 210,000 barrels per day starting from January 1, 2017.

On Sunday, Kuwait City will host a meeting of the committee tasked with monitoring oil production cuts.

OPEC decided at its November 2016 meeting in Vienna to limit production to 32.5 mln barrels per day in the first half of 2017, down 1.2 mln barrels per day from October 2016 production levels, with the possibility of extending this limit for the remainder of the year. In a subsequent meeting on December 10, eleven non-OPEC countries pledged to cut nearly 0.6 mln barrels per day, among them Azerbaijan, Bahrein, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, the Republic of Sudan and South Sudan. Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day in the first half of this year. The signed agreement expires in June. The issue of extending it will be discussed at Sunday’s ministerial meeting on monitoring of oil production cut in Kuwait.

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