Iraq committed to OPECs limit of 4 million barrels per day
Following its second voluntary cut announced in December, Iraq is also committed to producing no more than 4 million barrels per day (bpd), oil minister Hayan Abdel-Ghani told reporters on Monday.
As of now, Iraq exports between 3.35 million and 3.4 million barrels per day of crude oil.
Iraq's oil exports to the north have been halted due to a dispute between international oil companies operating in Iraqi Kurdistan.
"Resumption of exports from Kurdistan depends on the return of production to the region's fields," Abdel-Ghani said. "Talks are underway with the companies operating in the region towards a resolution soon."
According to Iraq's deputy oil minister for upstream affairs, renegotiating current production-sharing contracts into profit-sharing contracts is essential to resuming northern crude exports.
After an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports between 2014 and 2018, Turkey halted Iraq's 450,000 barrels per day (bpd) of northern exports on March 25 last year.
