Iraq pledges to comply 100% with oil output cut agreement

Iraqi oil minister Luaibi at an energy conference in Baghdad today 2 April

• Iraq plans to reach 5mln bpd oil output capacity before year-end


• global oil supply cuts deal is positive


• Iraq compliance at 98%


• Iraq reiterates commitment to support OPEC/non-OPEC oil supply cut deal


• Iraq will proceed in parallel with exploration plans to increase its reserves by 15bln barrels in 2018 to reach 178bln barrels

In response OPEC head Barkindo says:

• oil market already balancing, stocks level coming down


• Iraq has interest in balancing market


• OPEC/non-OPEC compliance with supply cuts deal encouraging


• OPEC salutes Iraq flexibility helping bring about OPEC/non-OPEC deal

Still looks like that 6-month extension to the deadline that I reported on last Sunday is going to be necessary.

Iraq pledges to comply 100% with oil output cut agreement
Iraq pledges to comply 100% with oil output cut agreement
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