Iraq affirmed its complete commitment to OPEC’s Declaration of Cooperation (DoC) agreement, saying it will compensate for any oil overproduction since the beginning of 2024, the Oil Ministry said in a statement.
The ministry’s comments came in reference to estimates from secondary sources, used by OPEC+ to assess its members’ production, about Iraq’s crude oil production stood above the quota stipulated in the DoC agreement by 184 thousand barrels per day for June 2024.
“Iraq will adhere to the required production level in the agreement, which is 4 million barrels per day for July and the coming months, in addition to compensating for the excess production since the beginning of the year during the compensation period that extends until the end of September 2025,” the Oil Ministry said in a statement.