Iraq has reaffirmed its full dedication to the OPEC Declaration of Cooperation (DoC) agreement, stating that it will rectify any excess oil production from the start of 2024, according to a statement from the Oil Ministry.
The ministry's remarks were in response to secondary source estimates, utilized by OPEC+ to monitor member production, indicating that Iraq's crude oil output exceeded the DoC-stipulated quota by 184,000 barrels per day in June 2024.
"Iraq will maintain the required production level under the agreement, which is set at 4 million barrels per day for July and subsequent months, and will also compensate for the overproduction since the beginning of the year during the compensation period extending until the end of September 2025," the Oil Ministry stated in a release.
