Iraq is set to face increased scrutiny from OPEC+ as the alliance prepares to assess the country’s supply strategy, following its failure to meet the oil output target established last March.
In March, Iraq produced 4.17 million barrels per day, a decrease of 30,000 barrels per day compared to February, as reported by Bloomberg.
Despite this being Iraq’s lowest production level in a year, it still exceeded its production quota by about 170,000 barrels per day, which was agreed upon by OPEC+ members to curb production levels.
Iraqi Oil Minister Hayan Abdul-Ghani announced last month that the country would scale back its production and exports after surpassing its quota in January and February.
During the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC) held via videoconference, Abdul-Ghani participated and reiterated Iraq’s commitment to reducing output.
The Committee commended Iraq and Kazakhstan for their promises to achieve full compliance and compensate for the excess output.
Countries that exceeded production levels during January, February, and March 2024 are required to submit their compensation plans to the OPEC Secretariat by April 30.
